New York has become a national leader for solar energy generation. Recent data shows the state ranks 10th in the nation in solar energy and generates an impressive 2.5 percent of the nation’s solar power. Like many states, New York has seen an impressive increase in solar panel installations over the past several years.
Are you considering investing in solar panels for your New York home? Keep reading to learn how much solar panels cost in New York, how to decide if they’re right for you, and how to begin generating solar power for your home.
New York solar panel cost
The average solar system costs between $3 and $5 per watt, with the average residential system having a price tag of between $15,000 and $25,000. Luckily, when you account for the tax credits available, the average out-of-pocket cost ranges from $11,700 to $19,500. Keep in mind, however, that the price of your system will depend on factors such as its size, components, configuration, and more.
Luckily, the money you spend on solar panels is an investment with a financial return. Despite the high price tag, the average time to recover your initial solar investment ranges from just six to nine years.
Why choose New York solar power?
Lower energy costs
One of the greatest benefits of installing solar panels on your home is the money you can save on your energy bill. When your home is running on solar energy, you aren’t paying to use electricity from the traditional grid. Depending on your monthly electricity bill, you can expect to save hundreds — or even thousands — of dollars on electricity. Solar panels also increase the value of your home, which can help you recover your investment down the road.
Establish energy independence
Another perk of installing solar panels on your home is the opportunity to establish energy independence. When you’re energy independent, you aren’t reliant on the traditional energy grid for your electricity. One benefit of this is that you aren’t vulnerable to price spikes when energy demand increases and wholesale energy prices go up. It also means you don’t have to worry about power outages since you can power your own home with solar energy. To increase your energy independence further, complete your system with a solar battery to store electricity for later.
Installing solar panels on your home is also environmentally friendly. Traditional electricity generation emits greenhouse gasses like carbon dioxide into the air, which then pollute the air and water and contribute to climate change. Luckily, solar power doesn’t have the same negative environmental impacts. By installing a solar system on your home, you can reduce your home’s carbon footprint and do your part to fight climate change.
New York solar panel incentives or rebates
Federal, state, and local governments have put initiatives in place to incentivize homeowners to invest in solar energy. First, the federal government offers a 26 percent solar tax credit for consumers who install solar panels on their homes. The tax credit is scheduled to be smaller in future years, so you’ll see the best savings by investing in solar power earlier rather than later.
New York also has plenty of initiatives in place to help you save money. First, the state offers a solar tax credit that allows you to reduce your tax bill by up to $5,000 or 25 percent. The state also has a net metering program, which allows homeowners to receive credits on their utility bills for any extra energy they produce and send back to the grid.
Should I buy or lease my solar panels?
When you decide to install solar panels on your home, you’ll have the choice to either buy or lease your panels. While both options have some benefits, buying your panels offers the best financial payoff in the long run.
When you buy your solar panels, you qualify for tax credits at both the federal and state level. These credits aren’t available to those who lease their panels. Solar panels can also increase the resale value by $15,000, which allows you to recover your investment when you sell your home. But that doesn’t apply to those who lease their system. Finally, when you lease your solar panels, you’ll have a monthly payment for as long as you have the system. But when you buy your panels, you’ll eventually pay them off and then your savings will only be greater.
While leasing solar panels isn’t the most cost-effective option, it can still be the right choice for some people. First, solar panel leases can be a great option for those who rent their homes and can’t make permanent changes. Leasing solar panels also make solar power more accessible to those who can’t afford the significant upfront cost.
Leasing solar panels isn’t the only other option. Community solar systems allow residents to enjoy the perks of solar power without making the upfront investment themselves. In fact, New York has invested heavily in community solar over the past several years, making them easily accessible.
New York solar panel companies
New York residents have plenty of options to choose from for solar energy services. The good news is that it makes it easy for you to find a company that really meets your needs. Before choosing a solar provider, be sure to use SaveOnEnergy’s solar power resources to learn more about solar energy. The more research you do upfront, the more comfortable you’ll feel when it’s finally time to choose your solar panel installer.
The history of solar power in New York
New York has invested heavily in solar energy, and those investments have paid off. The state introduced its first solar initiative in 1977 with the passage of its solar property tax exemption, allowing homeowners to install solar panels without paying more in taxes for the increased value to their home. Two decades later, the state created its current tax credit that allows homeowners to receive a tax credit when they buy solar panels.
There’s no doubt that New York has become a national leader in solar energy. In 2021, the state ranks 10th in the nation for solar energy generation. The state produces 447 thousand megawatt-hours of power, which makes up 2.6 percent of the state’s total electricity generation. New York’s investment in solar installations include residential, commercial, community, and utility customers.
Important solar installation factors to consider
Installing solar panels on your home can be an excellent investment, but according to the Department of Energy, there are a few things to consider.
- Solar panels are most effective on south-facing roofs with angles ranging from 15 to 40 degrees. They’re also most suitable on roofs in good condition that won’t need to be replaced anytime soon.
- Solar panels allow you to power your home with sunshine, meaning they’re most effective when they get a lot of direct sunlight. Before installing solar panels, be sure they’re a good fit for your home’s environment.
- Some homeowners associations and other neighborhood organizations have restrictions around the installation of solar panels. Before making such a large purchase, look into whether upfront approval is needed.
Solar power FAQs
How much would solar cost in New York?
The cost of solar panels depends on many factors, but in general, you can expect to pay between $11,700 and $19,500 after tax credits.
Is solar power a good investment in New York?
Solar power can be an excellent investment, but it’s important to consider your specific situation. If your home doesn’t get a lot of sunshine or you have low energy usage, then it might not be right for you.
How much could I save by investing in solar?
New York residents pay an average of $114.59 per month for electricity. As a result, most homeowners have the potential to save more than $1,300 per year by installing solar panels.
Where can I find a good solar panel installer in New York?
There are several great solar installers to choose from in New York, meaning you’ll have an easy time finding one that meets your needs. Be sure to thoroughly research your options and read customer reviews before choosing a company.
How does solar power help the environment?
Solar energy doesn’t emit carbon dioxide into the atmosphere in the same way that traditional electricity generation does. As a result, switching to a renewable resource like solar energy allows you to power your home with a smaller carbon footprint.