The Costs of Solar Panels in New York
Updated August 29, 2024 | 7 min read
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!
How We Gather Our Cost Data
We take a data-driven approach to the collection and analysis of solar costs to provide our readers with the most accurate information. Our methodology incorporates data from a variety of trustworthy sources including:
- Primary Sources: Every year we survey over 100 New York homeowners with solar panels to analyze pricing data based on direct consumer experience.
- Trusted Resources: We leverage verified datasets and industry reports from authoritative sources including:
- U.S. Department of Energy (DOE)
- National Renewable Energy Laboratory (NREL)
- U.S. Energy Information Administration (EIA)
- Solar Energy Industries Association (SEIA)
- Expert Insights: We regularly consult with dozens of experienced solar professionals across the nation who are familiar with the latest trends, equipment and solar energy pricing in local markets.
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Why Trust EcoGen?
At EcoGen America, we take pride in the credibility of our information and ensure its accuracy by cross-referencing our data with esteemed institutions such as the U.S. Department of Energy (DOE), the Solar Energy Industries Association (SEIA), and the National Renewable Energy Laboratory (NREL). Our rigorous validation process underscores our commitment to delivering trustworthy and up-to-date solar content with editorial integrity. Our partners do not direct our editorial content. Learn more
