Solar Panel Cost Guide in New York City, NY (Mar 2023)
- New York City Solar Installation Cost: $8,033
- 25-Year Savings: $24,786
- Payback Period: 6.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New York City
Find out what the average cost of installing solar panels is in New York City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New York City, the average cost of a solar system is 2.95 per watt. Using this figure, a typical 3.9-kW system would cost about $8,033 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs may look different based on your specific situation and what company you want to go with. With average savings of about $32,000 on utility bills over 20 years, many homeowners in New York City find going solar can be quite rewarding.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in New York City
| Year | Return on Investment |
|---|---|
| 1 years | $-6,720 |
| 3 years | $-4,095 |
| 5 years | $-1,469 |
| 7 years | $1,157 |
| 9 years | $3,782 |
| 11 years | $6,408 |
| 13 years | $9,033 |
| 15 years | $11,659 |
| 17 years | $14,284 |
| 19 years | $16,910 |
| 21 years | $19,535 |
| 23 years | $22,161 |
| 25 years | $24,786 |
Top Solar Installers in New York City
Trying to install solar panels yourself can be a difficult project, which is why getting a solar installer is a good option for many homeowners. Plus, if you're unsure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can install solar panels for you. 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 New York City
Factors that Affect Solar Panel Costs in New York City
There are several criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of solar panels in New York City, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in New York City, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make switching to solar energy more accessible for New York City homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in New York City, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also fit into 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 | $37,673 | 6.4 years |
| 8 kW | $3.01 | $16,850 | $50,561 | 6.2 years |
| 10 kW | $2.95 | $20,650 | $63,615 | 6.1 years |
| 12 kW | $2.89 | $24,284 | $76,833 | 6.0 years |
| 14 kW | $2.83 | $27,754 | $90,217 | 5.9 years |
| 16 kW | $2.77 | $31,058 | $103,766 | 5.8 years |
| 18 kW | $2.71 | $34,196 | $117,480 | 5.6 years |
| 20 kW | $2.66 | $37,170 | $131,359 | 5.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 New York City, NY Solar Cost FAQs
What is the average cost of installing solar panels in New York City?
The average cost of solar panels in New York City 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 kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in New York City?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
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 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.