Albany is full of legislative failures, but there are a few gems hidden here and there amidst the deadlock our capital is famous for. Solar energy is an important part of a 21st century solution to our energy crisis in New York, the nation and the world. So doing something about it at the macro-level makes sense. Solar power is still expensive, but the state can take action to make the decision easier for property owners with access to a slice of the sky.
From The Times-Union:
Bills adopted by the Legislature this week give income tax credits to homeowners who invest in solar thermal energy systems. Owners of large apartment buildings and other residential property in New York City would get property tax breaks for installing photovoltaic solar electric systems.
"I think many businesses, which have been on the fence about making the solar investment, will immediately reconsider because of this breakthrough," said Shaun Chapman, of the not-for-profit Vote Solar Initiative.The property tax abatement could be worth up to 35 percent of the cost of a photovoltaic system -- which can cost $25,000 or more -- over the course of five years, said Chapman. The abatements could cut property taxes by 8.75 percent through 2011, with a maximum savings of $62,500.
The solar thermal system tax credit -- which is worth $5,000 off income taxes against a system that can cost up to $30,000 -- extends to upstate property owners, said Richard Schrader, state legislative director of the Natural Resources Defense Council. The value of the tax credit is good to be used over a five-year period.
Amazingly, the Assembly and the Senate put bills together on this. So Governor Paterson should have no problem signing the bill when it comes to his desk. This is a great step, if the city and the state could follow through and put photo-voltaic systems on the roofs of their buildings, it would set a great example for those of us in the private sector to make the same commitment. Personally, I have solar-powered lights on the side of my apartment, but unfortunately they only power two little LEDs a piece. If my landlord would cover the top of the building with solar cells.....now that would be great to see.
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