Solar Electric System Costs

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Green and sustainable energies such as photovoltaic (PV) systems offer an array of economic and environmental advantages to citizens around the globe, but how practical and achievable are they for the average family or business in Western New York?  Installing solar panels is a long-term investment in a mature, proven technology that is highly customizable.  Each home owner can create a system that suits their needs and budget. Whether small or large, each solar electric installation gives the homeowner becomes her own electric company.  By generating her own electricity, the homeowner hedges against future increases in electricity rates while saving on present electricity bills. It is like pre-paying the electric bill for the next 20 years at a fixed price for the next twenty years.  In addition, solar panels also offer an instantaneous increase in home value, reduce ones vulnerability to power outages and require little to no maintenance.  Paying for a solar installation has never been easier due to widely available cash incentives, state and federal tax rebates and low interest home equity loans.  In fact, NYSERDA offers cash incentives reaching up to $8,750 for a 5 kilowatt residential system.  New York State also offers home owners a 25% state tax credit along with a 30% federal tax credit towards their PV system installation. Combined these mean the average homeowner pays no more than 35% of the total system cost. With the widely available financial incentives and rebates on both the state and federal level financing a PV system is more attainable than ever before.