Solar Panel Cost Guide in New Hyde Park, NY (Sep 2022)

  • New Hyde Park Solar Installation Cost: $7,950
  • 25-Year Savings: $18,077
  • Payback Period: 7.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in New Hyde Park

Let's take a look at the average cost of solar panels in New Hyde Park.

The average cost of a solar system in New Hyde Park is $3 per watt. To cover the typical energy needs of the average home in New Hyde Park, most homeowners require a 3.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $7,950, or $5,883 after the federal solar tax credit of 30% is applied.

These figures are only estimates, and your own solar costs may vary based on the amount of energy your home requires and what company you choose to go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $26,000 over 20 years on utility bills.

To calculate your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in New Hyde Park

Year Return on Investment
1 years $-6,909
3 years $-4,827
5 years $-2,745
7 years $-663
9 years $1,420
11 years $3,502
13 years $5,584
15 years $7,666
17 years $9,748
19 years $11,830
21 years $13,913
23 years $15,995
25 years $18,077

Top Solar Installers in New Hyde Park

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using a solar company can make switching to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be right for you.

Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

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

The Green Panel

★★★★★
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 New Hyde Park

Factors that Affect Solar Panel Costs in New Hyde Park

For many New Hyde Park homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in New Hyde Park, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

The size of the solar system you need is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. The model of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.

Solar Financing Terms

If paying for a solar system out of pocket is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make going solar more accessible for New Hyde Park homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout New Hyde Park, and each can charge varying amounts for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that has 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 $12,886 $27,693 7.9 years
8 kW $3.01 $16,850 $37,255 7.8 years
10 kW $2.95 $20,650 $46,981 7.6 years
12 kW $2.89 $24,284 $56,873 7.5 years
14 kW $2.83 $27,754 $66,930 7.3 years
16 kW $2.77 $31,058 $77,152 7.2 years
18 kW $2.71 $34,196 $87,540 7.0 years
20 kW $2.66 $37,170 $98,092 6.9 years

Solar Incentives in New Hyde Park

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 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 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

Since the kind of solar panels and the company you choose greatly affects your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
  • Solar Panel Brands: Different companies carry various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
  • Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project timeline.
  • Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

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

The Green Panel

★★★★★
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 New Hyde Park, NY Solar Cost FAQs

How much does it cost to install solar panels in New Hyde Park?

The average cost of solar panels in New Hyde Park 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 like the type of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Does New Hyde Park have a net metering program?

Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.

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.

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