August 16, 2006
Getting Cash from The Sun
In an attempt to encourage its residents to shift to clean and local energy sources, the Town of Southampton will offer cash rebates of $2,500 to the first 20 homeowners or businesses that install solar electric systems of 5 kilowatts or larger on their roofs. The rebate is available retroactively from May 1, 2006 to the end of the year on a first-come-first-serve basis.
In addition to the town's compensation, LIPA is offering a rebate of up to $37,500 and a federal and state income tax credit of up to $7,000. A typical 5 kW system would cost about $37,000 but with the available discounts it would have a net cost of $10,000, or about 30% of the normal cost. If the rate of electricity, currently at 20 cents per kilowatt-hour, doesn't shift, a solar electric system of this type could generate more than $31,000 of electricity over 25 years.
For more information about solar panels, costs and rebates as well as a listing of solar contractors, visit www.RenewableEnergyLongIsland.org or call 537-8282.