How much do solar panels cost in NYC?
Solar installations in NYC are heavily incentivized, and project cost can be reduced by over 60%. The upfront cost for going solar in NYC typically starts around $30,000. Once you’ve claimed your incentives, net project cost is far less, and lifetime savings amount to well over $30,000. The payback period for a typical solar install in NYC is 6-8 years, and annual savings range from $1,500-$2,000 or more.
Do solar panels increase home value?
According to an April 2019 study by Zillow.com, Brooklyn homes with solar systems have a 4.1% higher resale value than comparable homes without solar. This translates into an additional $9,274 for the median valued home nationally. The study found that the solar boost was higher in the New York metro area than the national average, topping out at 5.4% – with the NYC solar premium being 1.8% more than it is statewide. That’s an extra $23,989 in value for solar home owners in the five boroughs.
How much do solar panels cost to own?
For an average system, expected annual utility savings hover around $1,000-$1,500. Owning a system for 25 years yields savings upwards of $30,000.Since most solar systems produce excess energy which is returned back to the grid, Con Edison compensates for this excess energy through a process called Net Metering. With this system, you’re credited at the current retail rate for kilowatt hours sent to the grid by your solar system. Net Metering will only be available for projects interconnected before January 1, 2022. Projects that qualify will continue to receive it for twenty years post interconnection.
