Solar Panel Installation Cost Nyc

That s a good sized savings.

Solar panel installation cost nyc. With energy prices on the rise this may be the perfect time. Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8. Solar power systems are very custom based on the home roof type shading and utility. Assume a 20 kw photovoltaic array will be used in a multi tenant residential building.

Solar panel system price will vary depending on the building s energy needs location and system size. The average cost of a solar installation in new york is 15 137 making new york one of the best states for homeowners installing solar. New york residents who install rooftop solar equipment are eligible for the federal renewable energy tax credit which is equal to 30 percent of the cost of a pv solar system for systems in service by the end of 2019 with the credit decreasing through 2021. The tax credit is capped at 5 000.

If you live in new york city you can take advantage of the new york state tax credit which is equal to 25 of the costs of you solar panel installation. The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs. This is higher than the average price of residential solar power systems across the united states which is currently 2 64 per watt. In new york solar projects typically run between 3 00 and 4 50 per watt depending on preference and energy needs.

The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. Solar panel cost data new york 2020 updated. With the rebate of 400 kw the price is reduced to. As of sep 2020 the average cost of solar panels in new york is 2 86 per watt making a typical 6000 watt 6 kw solar system 12 716 after claiming the 26 federal solar tax credit now available.

The following example illustrates how lucrative solar power can be in new york. Installing a solar panel system costs an average of 23 597 and dropping most homeowners pay between 16 532 and 30 820 expect to pay 2 50 to 3 50 per watt with most systems in the 3kw to 10kw range until the end of 2020 you can deduct 26 of the installation costs with the federal investment tax credit itc. Cost varies based on regional incentives system size aesthetic preferences energy needs and local codes among other factors. Installation of panels for the average 5kw system ranges from 11 100 22 400.

Assuming an installed cost of 3000 per kilowatt the total price is 60 000. New york solar tax credit. As of september 2020 the average solar panel cost in new york is 2 91 w given a solar panel system size of 5 kilowatts kw an average solar installation in new york ranges in cost from 12 368 to 16 732 with the average gross price for solar in new york coming in at 14 550 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the.