Solar Panel Cost Guide in New York City, NY (2024 Update)
- New York City Solar Installation Cost: $9,951
- 25-Year Savings: $24,777
- Payback Period: 7.6 Years
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Average Cost of Solar Panels in New York City
We go over average solar pricing in New York City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New York City, the typical cost of solar panels is 4 per watt.The average New York City homeowner needs a 3.9-kilowatt system, which would cost about $9,951 with the federal tax credit, or $14,230 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more.Many homeowners find going solar is a solid investment. The average homeowner in New York City can save around $32,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized estimate.
Solar savings over time in New York City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,073 |
| 3 years | $-4,318 |
| 5 years | $-563 |
| 7 years | $3,193 |
| 9 years | $6,948 |
| 11 years | $10,703 |
| 13 years | $14,459 |
| 15 years | $18,214 |
| 17 years | $21,969 |
| 19 years | $25,725 |
| 21 years | $29,480 |
| 23 years | $33,235 |
| 25 years | $36,991 |
Top Solar Installers in New York City
When going solar, many homeowners choose to hire a solar company since installing a solar system yourself can be a challenging project. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you’d like to make the switch to solar but still aren’t certain which solar system company to go with, here are our recommendations for providers nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in New York City
Factors that Affect Solar Panel Costs in New York City
For many New York City homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in New York City, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,650.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like New York City, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in New York City, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in New York City is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services at different price points.Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $34,616 | 7.9 years |
| 8 kW | $3.72 | $20,849 | $46,563 | 7.7 years |
| 10 kW | $3.65 | $25,550 | $58,715 | 7.6 years |
| 12 kW | $3.58 | $30,047 | $71,071 | 7.4 years |
| 14 kW | $3.50 | $34,339 | $83,631 | 7.3 years |
| 16 kW | $3.43 | $38,427 | $96,396 | 7.1 years |
| 18 kW | $3.36 | $42,311 | $109,366 | 7.0 years |
| 20 kW | $3.29 | $45,990 | $122,539 | 6.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's New York City, NY Solar Cost FAQs
What is the average cost of installing solar panels in New York City?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in New York City?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Does New York City have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.