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Just came across this press release from NYSERDA:


From: NYSERDA Press Office
Sent: Tuesday, April 05, 2011 10:58 AM
To: Dayle E. Zatlin
Subject: NYSERDA Launches New York State’s First Solar Thermal Incentive Program


 
FOR IMMEDIATE RELEASE: April 5, 2011Contact:
Dayle Zatlin
(518) 862-1090, ext. 3359
dez@nyserda.org



 
NYSERDA Launches New York State’s First Solar Thermal Incentive Program to Spur
Replacement of Electric Hot Water Systems with Solar Hot Water Systems
5-Year, $25 Million Program to Help State Move Toward Renewable Energy Goals  
To
help New York State increase its use of renewable energy, the New York
State Energy Research and Development Authority (NYSERDA) has launched
the state’s first incentive program for solar thermal systems, which
produce hot water from solar power.
 

The
5-year, $25 million program provides incentives of up to $4,000 per
site for eligible single- and multi-family residences and up to $25,000
per site for eligible commercial and nonprofit customers who currently
use electricity to produce hot water.
In
addition to the NYSERDA incentives, homeowners, commercial entities and
nonprofit organizations can apply for federal tax incentives, which
cover 30 percent of the cost of an installed solar thermal system, and
New York State tax incentives, which cover 25 percent of the installed
system up to $5,000.
Electric
hot water generally makes up 17 to 20 percent of a homeowner’s monthly
electric bill and less than 10 percent of the monthly bill for the
average commercial building. Solar thermal systems can provide approximately 50 to 80 percent of a homeowner’s hot water needs and generally have a very attractive payback period.
“New
York’s first solar thermal incentive program will help homeowners and
businesses reduce the use of electricity and cut energy costs,” said
Francis J. Murray Jr., President and CEO of NYSERDA.
“Through this program, NYSERDA is working to develop our clean energy
economy, reduce our greenhouse gas emissions and increase our energy
security.”
Program specifics include:
·         Incentives are calculated based on the estimated amount of electricity saved by installing solar thermal equipment.
·         On
average, incentives for a typical residential or commercial system are
expected to cover approximately 15 to 20 percent of the installed cost
of a solar thermal system. The incentives are  paid directly to the
eligible installer and must be passed on, in full, to customers.
·         To
qualify for incentives, equipment and systems must be certified by the
Solar Rating and Certification Corporation. Incentives will be
available only on approved solar thermal systems installed by
NYSERDA-approved solar thermal installers. Solar thermal installer
applications will be accepted through Dec. 31, 2015.
·         Incentives
will be granted first-come, first served, and applications will be
accepted through December 31, 2015 or until the funds are fully
committed, whichever comes first.
As
part of New York’s renewable energy goals, the state’s solar thermal
target is to displace the equivalent of 45.54 megawatts of electrical
use  by the end of 2015.
Funding
for this incentive program has been allocated by the New York State
Public Service Commission through the Renewable Portfolio Standard
(RPS) Program. Incentives are available to electricity distribution
customers of Central Hudson Gas a& Electric Corporation,
Consolidated Edison Company of New York Inc., New York State Electric
& Gas Corporation, Niagara Mohawk Power Corporation, Orange and
Rockland Utilities Inc. and Rochester Gas and Electric Corporation who
contribute to the RPS/Systems Benefits Charge (sometimes referred to as
RPS/SBC on utility electric bills). The
New York State Energy Research and Development Authority offers
objective information and analysis, innovative programs, technical
expertise and funding to help New Yorkers increase energy efficiency,
save money, use renewable energy and reduce their reliance on fossil
fuels. NYSERDA professionals work to protect our environment and create
clean-energy jobs. A public benefit corporation, NYSERDA has been
developing partnerships to advance innovative energy solutions in New
York since 1975.

Fly in the ointment

You have to currently use electricity for DHW