Merlino & Gonzalez - November 2023

Are Solar Panels a Smart Financial Choice?

A Bright Idea for Your Home’s Value and Energy Bills

25% of the solar panel installation cost.

Solar panels often scare homeowners because of their hefty installation costs. But there are plenty of factors (and savings) to consider when deciding whether or not solar panels are right for you. Despite the average cost of installing solar panels ranging from $15,000 to $30,000, the panels support the environment, save you money on energy bills, and even raise the value of your home. Reducing your energy bill to practically nothing is an incredible saving, but you must ensure the cost of installing solar panels doesn’t surpass the savings you’ll see in the long run. Incentives Cut Costs When calculating your costs, you shouldn’t rely on the upfront price tag of your solar panels alone. The state of New York offers numerous incentives and rebates to promote solar energy, and these savings can add up to more than you imagine. These incentives include: • Federal solar tax credit: Declare a tax credit of 30% of the cost of the installed panels on your federal income tax. • New York state tax credit: Claim a credit on New York taxes equal to

Sales tax exemption: Solar panels are exempt from sales tax!

• Property tax exemption: Prevents your home’s tax value from increasing for 15 years to save you on annual property tax. All these savings are available to you and can significantly reduce the cost of solar panels. When considering these incentives and rebates, the upfront cost of solar panels can be much lower than you think! Savings in the Long Run So, is the savings enough to cover your installation expenses? You will need to calculate these tax savings and exemptions, as well as the savings on your energy bill in the long run. If you have a monthly electric bill of around $75, then you’re spending approximately $1,200 a year on your electricity. Now, if your solar panels cost $20,000, but you only paid $9,000 out of pocket due to incentives, you would regain your expenses in savings in just eight years! Solar panels are a fantastic financial investment for any homeowner, but if you’re uncertain about applying for these tax credits, contact your local solar company directly to inquire.

SUDOKU

MICHELE’S RECIPE CORNER

TASTY APPLE PIE

INGREDIENTS

• 3/4 cup granulated sugar • 2 tbsp all-purpose flour • 2 tbsp butter

• 2 9-inch unbaked pie crusts • 6 cups thinly sliced peeled apples • 1 tsp cinnamon

DIRECTIONS

1. Preheat oven to 425 F. 2. Place 1 pie crust in a 9-inch pie plate.

3. In a large bowl, combine apples, cinnamon, sugar, and flour. 4. Spoon mixture into pastry-lined pie plate and dot with butter. 5. Cut remaining crust into 1/2-inch-wide strips, then arrange strips in a lattice design over top of pie. 6. Trim, seal, and flute edges. 7. Bake for 35 minutes or until crust is golden brown and filling is bubbly.

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