Solar Panel Cost Guide in Manhattan, NY (Mar 2023)
- Manhattan Solar Installation Cost: $8,053
- 25-Year Savings: $25,286
- Payback Period: 6.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Manhattan
Let's take a look at the average cost of solar in Manhattan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Manhattan, the typical cost of a solar system is 2.95 per watt. To cover the typical energy needs 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.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. Even with the significant initial cost, the average Manhattan homeowner can save around $32,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar installer in Manhattan for a personalized estimate.
Solar savings over time in Manhattan
| Year | Return on Investment |
|---|---|
| 1 years | $-6,720 |
| 3 years | $-4,053 |
| 5 years | $-1,386 |
| 7 years | $1,282 |
| 9 years | $3,949 |
| 11 years | $6,616 |
| 13 years | $9,283 |
| 15 years | $11,950 |
| 17 years | $14,618 |
| 19 years | $17,285 |
| 21 years | $19,952 |
| 23 years | $22,619 |
| 25 years | $25,286 |
Top Solar Installers in Manhattan
When going solar, many homeowners prefer to hire a solar installer since overseeing your solar installation yourself can be a difficult project. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Manhattan: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,950. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Manhattan, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your all-in costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. 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 go with the company that offers the products, warranties and services you want and also fits 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 | $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 company you go with will affect not only your total costs, but also the kinds 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, including:
- Solar Panel Brands: The brand of solar panel you need to get plays a part in which installer you should opt for, since different companies provide different panels.
- Warranty: If you're concerned about the durability of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When looking through your solar company's contract, ask questions 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: Make sure you're on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
How much does it cost to install 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 things like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Manhattan is currently $904,695, so you can look forward to a value of about $37,092 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Manhattan is a worthwhile investment.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.