For every tax break worth $1 offered to the Trelina Solar Energy Center project, the economic benefits would be $3. According to a recent report, this was the outcome of a cost-benefit analysis performed for Seneca County Industrial Development Agency on a proposed solar facility project. The 80 megawatts planned solar plant would sit on a 450-acre land leased in Packwood and Serven Road and Pre-Emption Street in Waterloo.
NextEra Energy, the Florida-based company behind the Waterloo solar project, has applied for a permit to build and operate a solar facility valued at $128.2 million. The facility would link into the New York Electric and Gas substation at Border City. IDA also held a public hearing on 20th September for the proposed 4.9-megawatt solar project by NY Lodi LLC. The cost-benefit analysis for Trelina and Lodi solar projects indicates that the benefits of property and payroll taxes would be $43.1 million and $9.2 million, respectively. Read on to understand the benefits of solar uptake in Seneca Falls.
Solar energy has proven to be beneficial for the planet. Unlike fossil fuels, solar energy is sustainable, meaning it doesn’t deplete over time. Ideally, the entire planet can use solar energy indefinitely to meet its electricity needs without reducing its availability for future generations. In addition to being renewable, solar power doesn’t pollute the environment like coal or natural gas since it doesn’t emit carbon gases into the air or water sources.
Tax Breaks And Incentives
Installing solar systems in homes is more affordable and accessible than ever before, thanks to cash rebates, federal tax credits, net metering, and performance-based incentives. These tax benefits allow you to cover a substantial amount of the cost of your solar system when you buy it outright. You may even pay for your solar panels within a short period. For instance, the federal tax credit cuts 26% of the total cost of setting up a solar system in your home.
While tax incentives for solar systems are similar across all states, some states have designed special incentives. States with unique tax benefits for solar installation are Rhode Islands, New York, Maryland, Colorado, Connecticut, and New Jersey. For example, as a resident of Seneca in New York, you get to enjoy the NY-Sun Megawatt Block incentive that allows consumers to claim cash rebates based on a dollars-per-watt system.
Economic Savings And Job Creation
On top of tax benefits, solar power can lower your electricity bill significantly. Since the sun is an inexhaustible natural resource, you don’t have to worry about market energy price fluctuations. All you need to do is invest in solar panels and batteries without worrying about additional usage and maintenance costs. The uptake of solar energy also creates opportunities for solar plant developments, resulting in increased job opportunities.
Solar energy is the single most sustainable source of renewable and clean energy. Compared to fossil fuels, solar energy doesn’t involve the emission of greenhouse gases. Moreover, the energy produced from the sun is cost-effective because there are no costs linked to usage and maintenance. Even though you must invest a significant amount of money on solar panels and batteries, you can save a lot of money over time by switching to solar energy.