The Costs of Solar Panels in NY
High electricity costs and progressive NY solar incentives make New York State one of the best states in America for solar-powered systems. But how much do solar panels cost in New York?
Maybe cheaper than you may think! The cost of solar panels in New York State has decreased 53% in the last 10 years. This is in large part because New York has many solar incentives & local solar programs to help residents install solar panels, for less!
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How Much Do Solar Panels Cost In NY State?
The cost of solar panels has dropped more than 50% in the last ten years, making it a much more affordable option. However, the total cost of installing solar in New York depends on a variety of factors, including the size of your system and the type of equipment used.
On average, a 5 kW (kilowatt) solar system in NY can range from $12,000 to $16,000 before any incentives or rebates are applied. While this may seem like a significant investment, there are several incentives and rebates available that can help make installing solar more affordable.
Solar Incentives NY
In addition to the falling cost of solar panels, state and federal solar incentives are available to help reduce the overall cost of installing a solar system. Let's go through some of the solar incentives available to help you reduce the costs of solar!
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Federal Tax Credit in New York
The Residential Renewable Energy Tax Credit is a federal tax credit offered to homeowners who install solar. This credit is a dollar-for-dollar reduction of your tax liability and can be applied to 30% of the cost of installing solar.
NY State Tax Credit
New York offers a personal tax credit worth 25% of the total cost of the system. However, users are limited to only $5,000 of NY state tax reduction. This is not to be confused with the Federal Tax Credit that is also available to New York residents.
Net Energy Metering
Net metering allows customers to sell their excess energy back to the grid, receiving a credit on their electric bill for any excess
energy.
Solar Rebates In New York State
The Megawatt Block Incentive provides a dollar-per-watt rebate for homeowners that install solar panels in New York. It varies
based on the size of the system and your location within the state, ranging from $0.20/watt to $0.50/watt.
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Getting Started with Solar in New York
Installing solar on your home isn’t just a great way to reduce your energy bills, but it can also be an investment in the future. With falling costs and significant solar incentives in NY, now is the best time to invest in solar.
By taking advantage of the state and NY solar incentives available, you can reduce the overall cost of your installation and start saving money immediately. With the proper planning, going solar in New York can be an investment that pays off for years to come.
Solar Companies in New York
At EcoGen America, we are dedicated to helping New York residents enjoy the many benefits of renewable energy. Our team of NY State solar experts will work with you to evaluate your energy options, create a custom solar system for your home, and ensure the installation process goes smoothly.
Contact us today for a free solar estimate to find the best Solar Panel System for your home!
Get started with your NY Solar Savings quote!
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The cost of solar panels has dropped more than 50% in the last ten years, making solar much more affordable in NY. On average, a 5 kW (kilowatt) solar system in NY can range from $12,000 to $16,000 with the proper NY solar incentives applied. Learn more about New York Solar Incentives!
The solar payback period is the time in which it takes for solar panels to pay for themselves, with the amount you save each month with reduced electricity bills. In New York, the average solar payback period is 8-10 years. Learn how to reduce your solar payback period with NY solar incentives!
Want to see how much you could save with solar in New York?
Use our Free Solar Savings Calculator to see your potential savings by switching to solar.