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Costs and benefits of installing solar power

Solar Energy--The New Math*

With generous new federal tax credits (formerly capped at $2,000)the solar equation swings in consumers' favor

9,200-Watt System for a large house or small business

Cost $72,670

LIPA Rebate ($3.50/Watt) -$32,200

Cost after rebate $40,470

Federal Tax Credit (30%) -$12,141

Sub total $28,329

NY State Tax Credit (25%)** -$5,000

Final Cost $23,329

Total Savings: $49,341

Annual Estimated Energy Production: 11,008kWh

Average Monthy Savings: $211

Estimated Payback Time: 9.2 years

Annual greenhouse gas reduction: 816 pounds

4,000-Watt System for a small to medium size house

Cost $33,150

LIPA Rebate -$14,000

Cost After Rebate $19,150

Federal Tax Credit -$5,745

Subtotal $13,405

NYState Tax Credit** -$4,788

Final Cost $8,617

Total Savings $24,533

Annual Estimated Energy Production: 4,786 kWh

Average Monthly Savings: $92

Estimated Payback Time: 7.8 years

Annual Greenhouse Gas Reduction: 355 pounds

*Based on customer estimates provided by Eastern Energy Systems, Laurel

** New York State Tax Credit is capped at $5,000.


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