Solar Panel Installation Costs in New York City
How Much Do Solar Panels Cost in NYC?
Solar panel installation costs for the average New York City home typically start at about $30,000 before incentives. New York City has some of the best solar incentives in the country, which can significantly reduce your installation costs, often by around 50% or more. A free consultation with a solar consultant is the best way to get an accurate estimate for your home.
At Brooklyn SolarWorks, our pricing covers everything, including equipment, installation, permitting, and our unparalleled 30-year warranty package. We offer flexible payment options that allow you to purchase your system outright or finance it for $0 down.
New York City Solar Incentives
New York City is one of the best places in the country to install solar panels, thanks to the rich incentives available here.
With state and local solar tax credits and rebates available, around 50% of your project cost is covered. You’ll also qualify for net metering, which allows you to use the electric grid as a virtual battery.
How Much Money Will Solar Panels Save You?
You can expect to save $80,000 or more on your electric bills over the lifespan of your system. Many homeowners save much more than this, especially as the price of electricity rises each year.
Electricity costs in NYC are some of the highest in the country, and they’re increasing fast. Rates have gone up by about 26% since 2020! Solar energy becomes more valuable as electric rates increase, which means your savings are likely to grow.
High electricity prices combined with excellent incentives make solar a safe investment with strong financial returns for New York City homeowners.
What Affects Your Solar System Installation Costs in NYC?
The cost of solar panels for homes in NYC vary because every home is different. At Brooklyn SolarWorks, we custom-design your system based on your roof and energy needs. Here are some of the key factors we consider that impact price.
System Size & Electricity Output
Solar installation pricing is largely determined by how large or small the system is. Larger systems come with a higher price tag because they require more materials and more labor, but may yield greater energy output and savings potential in the long run. Smaller systems, including those for low-electricity homes, may cost less.
We size your system based on how much electricity you use and how many panels can fit on your roof.
In order to provide you with a custom proposal, we’ll analyze your past electric bills and talk to you about any future changes you may be planning that will affect your electricity usage, like a heat pump or an EV charger. This information allows us to design a system that covers your needs for today and the future.
Installation Complexity
Construction isn’t easy in New York City. The complex bureaucracy and strict regulations involved with installing solar here have been a major barrier that stops many contractors from installing solar panels in the city.
At Brooklyn SolarWorks, we built our business to solve these challenges and make solar possible in New York City with custom solutions like our patented solar canopy that lifts panels high above obstacles and fire paths and low-profile tilt racks that are invisible from street level.
We’ve got the process down to a science, but the specific complexities of your project can affect the time and resources it takes to permit and install your system, which impacts the cost of your solar panels.
Panel & Equipment Type
Your home needs a reliable power source that’ll last, so we don’t cut corners by using the cheapest equipment available.
We source panels and equipment that are both high quality and the most compatible with NYC’s building stock and power grid. Your solar system will be built with materials and components from industry-leading suppliers, such as REC, Qcells, JA, SMA, and Enphase.
Solar Panel Financing & Purchase Options
You can choose to buy your solar panels outright or finance them with a solar loan.
Cash Purchase
If you want the fastest return on your investment and highest possible savings over the lifetime of your system, a cash purchase is the best option.
Finance to Own
We offer a variety of financing options that make going solar very affordable, including a $0 down New York State-backed loan.
By financing your system, you can swap your monthly Con Edison bill for a low monthly payment on your solar system, resulting in immediate savings. Once you pay off the loan, the electricity you generate is essentially free.
| Financing | Cash | |
|---|---|---|
| Price BEFORE Incentives | $30,000-$70,000 | $30,000-$70,000 |
| Down Payment | $0 Down | Pay in Full |
| Monthly Payment | $120-$200 | None |
| Lifetime Savings | $80,000+ | $85,000+ |
| Ownership of System | You | You |
| Incentives | $5,000 NYS Tax Credit, 30% NYC PTA | $5,000 NYS Tax Credit, 30% NYC PTA |
| 30 Year Full System Warranty | Yes | Yes |
| Power Production Guarantee | Yes | Yes |
| 24/7 Real-Time System Monitoring | Yes | Yes |
Solar Panel Cost FAQs
Are solar panels worth it in NYC?
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Solar panels for homes in NYC are absolutely worth it! With Con Edison’s electricity rates rising every year – and government incentives covering around 50% of your installation costs – solar is one of the best investments you can make for your home and financial security.
How much money will I save with solar panels?
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NYC homeowners can save upwards of $80,000 over the lifetime of their solar panels. Because of net metering in NYC, the value of your solar power grows as Con Edison rates increase year after year.
Do I qualify for New York tax credits with solar panels?
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Residential solar projects in New York City qualify for the $5,000 New York State Tax Credit and 30% NYC Property Tax Abatement. Some historic neighborhoods in NYC also qualify for an additional 20% Tax Credit from NYS.
Should I buy or lease my solar panels?
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We only offer ownership, as we believe it’s most cost-effective for homeowners in the long run. While it may be a large initial investment, the return you’ll see from owning your system rather than leasing it will be well worth it. Plus, owning your system allows you to claim government tax credits, while solar leases and PPAs do not. And if you ever end up selling your home, dealing with a solar lease can be complex and expensive.
What is the average payback period for solar installations in New York City?
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The average NYC home can see a solar payback period of 5 to 8 years. Your payback time is influenced by many factors, including system cost, electric rates, and financing.
Are there any ongoing maintenance costs associated with solar panels?
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Solar panel maintenance is surprisingly easy. Because there are no moving parts to a solar system, there is not much to actively maintain. But in the event that there’s any damage to your system or connection issues, it’ll be covered by our warranty package.
Does the cost of solar include installation and equipment?
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The contract cost of your solar project is all-inclusive, covering the installation, equipment, permitting, warranty package, and our 24/7 real-time monitoring service after the installation.
Ready to Get Rid of Expensive Electric Bills?
Solar energy isn’t just good for the planet – it’s good for your wallet too.
Schedule a free consultation with one of our solar specialists today to learn more about your options and get a free estimate for your solar installation costs.