Solar Panel Cost Guide in Manhattan, NY (May 2022)
- Manhattan Solar Installation Cost: $8,514
- 25-Year Savings: $24,826
- Payback Period: 6.4 Years
See cost of a solar system near you:
Updated 4/26/2022
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Average Cost of Solar Panels in Manhattan
We break down average solar pricing in Manhattan.
Although the national average of solar panels is $2.66 per watt, solar panels in Manhattan typically cost about $3. To account for the typical energy usage of the average home in Manhattan, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs about $8,514, or $6,300 after the federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Manhattan homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Manhattan see about $32,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a customized estimate.
Solar savings over time in Manhattan
| Year | Return on Investment |
|---|---|
| 1 years | $-7,180 |
| 3 years | $-4,513 |
| 5 years | $-1,846 |
| 7 years | $821 |
| 9 years | $3,489 |
| 11 years | $6,156 |
| 13 years | $8,823 |
| 15 years | $11,490 |
| 17 years | $14,157 |
| 19 years | $16,825 |
| 21 years | $19,492 |
| 23 years | $22,159 |
| 25 years | $24,826 |
Top Solar Installers in Manhattan
When going solar, many homeowners choose to hire a solar company since handling can be a time-consuming project. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Manhattan:
Best Regional Coverage
Momentum Solar
4.5
Great warranty coverage- Representatives are experts on local policies
- Concierge service ensures steady communication
-
Slightly limited service offerings
Best Technology
Tesla Energy
4.5
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Manhattan
Factors that Affect Solar Panel Costs in Manhattan
The cost of installing a solar system in Manhattan can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment Size
The size of the system you need is one of the largest factors that influences the overall cost of going solar. Because of that, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Manhattan average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid option because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Manhattan, you'll have many options to choose from, but each comes at different price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.07 | $13,622 | $37,636 | 6.6 years |
| 8 kW | $3.01 | $17,813 | $50,530 | 6.5 years |
| 10 kW | $2.95 | $21,830 | $63,599 | 6.4 years |
| 12 kW | $2.89 | $25,672 | $76,843 | 6.3 years |
| 14 kW | $2.83 | $29,340 | $90,261 | 6.1 years |
| 16 kW | $2.77 | $32,832 | $103,854 | 6.0 years |
| 18 kW | $2.71 | $36,150 | $117,622 | 5.9 years |
| 20 kW | $2.66 | $39,294 | $131,564 | 5.7 years |
Solar Incentives in Manhattan
| Name | Residential Solar Tax Credit |
| Incentive Amount | 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year |
| Incentive Max | $5,000 for solar-energy systems |
| Website | Visit here |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | New York City - Property Tax Abatement for Photovoltaic (PV) and Energy Storage equipment |
| Incentive Amount | Installed from August 5, 2008 to December 31, 2010: 8.75% of system expenditures per year for 4 years (total of 35%); Installed from January 1, 2011 to December 31, 2012: 5% of system expenditures per year for 4 years (total of 20%); Installed from January 1, 2013 to December 31, 2013: 2.5% of system expenditures per year for 4 years (total of 10%) Installed from January 1, 2014 to December 31, 2016: 5% of the system expenditures per year for 4 years Installed from January 1, 2017 to December 31, 2018: 5% of the system expenditures per year for 4 years |
| Incentive Max | $62,500 annually or the amount of real property taxes owed during a year |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Real Property Tax Exemption for Green Buildings |
| Incentive Amount | Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business) |
| Incentive Amount | Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are: Residential: Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.30/W Upstate Region: $0.35/W Low-to-Moderate income customers: $0.80/W (up to 10 kW) Small Commercial (Non-Residential):Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.60/W Up State Region: $0.45/W Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW) |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR |
| Website | Visit here |
| More Info | Click here |
| Name | NY Green Bank |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar Sales Tax Exemption |
| Incentive Amount | Upon local authorization, 100% exemption from local sales tax |
| More Info | Click here |
| Name | New York City - Residential Solar Sales Tax Exemption |
| Incentive Amount | 100% local sales tax exemption |
| More Info | Click here |
| Name | Solar Sales Tax Exemption |
| Incentive Amount | 100% exemption from state sales tax |
| Website | Visit here |
| More Info | Click here |
| Name | Energy Conservation Improvements Property Tax Exemption |
| Incentive Amount | 100% of the value added to the residence by the improvements |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar, Wind & Biomass Energy Systems Exemption |
| Incentive Amount | 100% exemption for 15 years (unless local jurisdiction has opted out) |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are numerous companies available in Manhattan, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: An important thing to understand when adopting solar energy 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 secure and what the project timeline is.
Best Regional Coverage
Momentum Solar
4.5
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
4.5
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Manhattan, NY Solar Cost FAQs
What is the average cost of installing solar panels in Manhattan?
The average cost of solar panels in Manhattan is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Manhattan?
You can't get solar panels for free in Manhattan. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Manhattan?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.
