Solar Panel Cost Guide in Manhattan, NY (2023 Update)
- Manhattan Solar Installation Cost: $8,059
- 25-Year Savings: $25,281
- Payback Period: 6.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Manhattan
Let's take a look at the average cost of solar panels in Manhattan.
In Manhattan, solar panels cost about 2.95 per watt on average. To account for the typical energy usage of the average home in Manhattan, most homeowners require a 3.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $8,053, or $11,516 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Manhattan homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $32,000 over 20 years on energy bills.
To get a free quote from a pre-vetted solar installer in Manhattan, you can click the button below.
Solar savings over time in Manhattan
| Year | Return on Investment |
|---|---|
| 1 years | $-7,948 |
| 3 years | $-7,725 |
| 5 years | $-7,503 |
| 7 years | $-7,281 |
| 9 years | $-7,059 |
| 11 years | $-6,836 |
| 13 years | $-6,614 |
| 15 years | $-6,392 |
| 17 years | $-6,170 |
| 19 years | $-5,947 |
| 21 years | $-5,725 |
| 23 years | $-5,503 |
| 25 years | $-5,281 |
Top Solar Installers in Manhattan
Many homeowners opt for a solar installation company since figuring out how to install solar panels on your own can be time-consuming. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
If you'd like to start using solar energy but still aren't sure which solar system company to go with, here are our suggestions 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
See all of the solar companies in Manhattan
Factors that Affect Solar Panel Costs in Manhattan
There are a number of criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need 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 $2,950. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Manhattan average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Manhattan homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Manhattan is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services for different budgets. Additionally, some companies in Manhattan have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $12,886 | $38,372 | 6.3 years |
| 8 kW | $3.01 | $16,850 | $51,493 | 6.2 years |
| 10 kW | $2.95 | $20,650 | $64,779 | 6.0 years |
| 12 kW | $2.89 | $24,284 | $78,230 | 5.9 years |
| 14 kW | $2.83 | $27,754 | $91,847 | 5.8 years |
| 16 kW | $2.77 | $31,058 | $105,629 | 5.7 years |
| 18 kW | $2.71 | $34,196 | $119,576 | 5.6 years |
| 20 kW | $2.66 | $37,170 | $133,688 | 5.4 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should go with, since different companies have different panels.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar installer. Make sure you understand how the installation process works and the project timeline.
- Contract: When reading 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 component breaking or the company going out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.