14 Best Solar Companies in New York City, NY (Jul 2022 Review)

The Cost and Benefits of Solar in New York City

The cost of installing a solar panel system has decreased greatly over the past few years, but it's still a large investment for most homeowners. The installation cost is just one important factor you should take into account when looking into installing solar panels. How much it'll cost and how much you can save depend on things such as:

• Electricity consumption: The average home in New York City doesn't use much energy, and as a result may not see as many savings on their power bills.
• Incentives: The federal solar investment tax credit currently allows you to reduce your taxes by 26% of the project cost. Your state and even local utility companies may also have incentives and rebates that you can use. Plus, you can save about $32,000 over 20 years on your utility bills, before factoring in incentives.
• Your location: This influences how much sunlight your roof receives, which helps determine how many panels you need.
• Your income and budget: This determines what type of solar panels you can buy.

Because of the cost of solar panels being lower than before as well as several solar incentives, they are a worthwhile investment for the majority of homeowners.

Solar Incentives in New York City

Although installing solar panels is typically a big investment, it can save you a substantial amount of money over several years due to smaller utility bills and government incentives. On top of the federal tax credit incentive, there are also some state- and city-level benefits, which in the majority of cases, can be claimed in addition to the federal incentive, so you can save even more. For detailed information about local incentives, see the table below.

Environmental Impact of Switching to Solar in New York City

One of the best reasons to tap into solar energy is to reduce your dependence on traditional energy sources like burning fossil fuels, which are destructive for the environment. A question many homeowners might be wondering about is how much can they really help preserve the environment by going solar anyway? As reported by the EPA, electricity generation is the second largest source of greenhouse gas emissions and about 62% of our electricity is generated by burning fossil fuels. Switching to a clean energy source like solar power can help bring down that number in a city like New York City that produces a fair amount of carbon dioxide emissions each year. In fact, if you make the switch to solar power, you could look forward to lowering your carbon dioxide emissions by about 50 pounds each year. As you can see, investing in solar has so many other rewards besides saving money. One of the major ones is that you can help save the environment too.