Solar power in New York, New York
There are two major incentives available for residents of New York City:
- New York State’s Solar Equipment Tax Credit which may allow you to claim up to 25% or $5,000 of your costs as credits against your state raxes, including the option to roll over any remainder to subsequent years.
- The Megawatt Block incentives which rebates which may apply to the up-front cost of a solar system.
Furthermore, New York State has a net metering system where the export of excess energy from your solar system will directly offset power used at other times of the day or year, allowing you to reap the entire benefits of any solar power you generate.
And then there's the federal tax credit, which works to further reduce the cost of your system by 26% in 2020 (and 22% if you use it in 2021).
The average cost of installing residential solar panels in New York,
New York in 2024 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in New York, NY
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in New York is only 603kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The New York solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our New York solar savings calculator can do this because it contains a database of the electric rates charged by Consolidated Edison Co-NY Inc
How much can solar panels save you in New York
What does the cost of a real solar system look like?
Facts about installing a 7.67kW solar system in New York, NY
This system would offset 100% of your energy usage if your typical monthly bill is $318, however your situation may vary so try our New York solar calculator to get a result tailored to you.
$8,219
Net cost of system
2 Years 1 Month
Average payback time
9,399 kWh
Annual power production
3¢/kWh
Levelized cost of solar energy
72¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 7.67kW system
Life-time savings on this system over the next 25 years
$158,119
(Prices shown after repayments of capital)
3
Solar companies in New York, NY that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in New York
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,460 | $6,977 |
| 4kw | $8,495 | $9,175 |
| 5kw | $10,434 | $11,269 |
| 6kw | $12,343 | $13,331 |
| 7kw | $14,141 | $15,273 |
| 8kw | $15,925 | $17,199 |
| 9kw | $17,582 | $18,989 |
| 10kw | $19,240 | $20,779 |
Find out what system size you need for your home
Going solar in New York
Check out all of the ways energy providers of New York can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Residential Solar State Tax Credit | State | Personal Tax Credit |
| Property Tax Exemption | State | Property Tax Incentive |
| Solar Sales Tax Exemption | State | Sales Tax Incentive |
| Value of Distributed Energy Resources - Phase One Net Metering | State | Net Metering |
| NY-Sun Smart Energy Loan | State | Loan Program |
| NY-Sun Megawatt Block Program - Con Edison - Block 8 | Utility | Rebate Program |
| NY-Sun Megawatt Block Program - Con Edison Region - Block 8 | Utility | Rebate Program |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
