Are Solar Panels Worth it in New York
Updated August 29, 2024 | 7 min read
For years, New York has ranked as one of the top states to go solar in the United States, and over the next five years, it’s ranked as the 6th most promising state for solar growth potential.
Beyond its nation-leading status, The Empire State also has many NY state solar incentives & local solar programs for residents. It’s no wonder why New York has quickly become one of the top places to go solar!
Find out if you qualify for New York savings programs!
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The Cost of Solar Panels in New York
Did you know the cost of solar has plummeted by 53% over the last ten years? As the value of solar continues to rise and prices continue to fall, more & more homeowners are converting to solar energy. On average, New Yorkers paid between $10,826 to $13,232 for their solar panel system with an average cost per watt range of $2.58 to $3.15.
See Also: The Cost of Solar Panels in NY
Solar Incentives NY
You can earn additional savings by claiming the federal solar tax credit, which shaves off 30% of the sticker price of a solar power system. New York also has a couple of state incentive programs, which include:
- Net Energy Metering gives you full retail rate credit for the electricity your solar panels send back to the grid. Most utility companies credit the amount to your next bill at the retail rate, which can add up to a lot of savings.
- NY Sun-PV Incentive Program gives residents rebates of $300 to $350 per kW on any solar installation up to 25kW. As solar goals are met, the amount of people who will receive this rebate is dropping, so act fast!
- Low Income NY-Sun PV gives households with low to moderate incomes discounts on solar. For instance, a family of four making less than $84,560 could save $800 per kW.
- New York Solar Tax Credit in addition to the federal tax credit, some people also qualify for a 25% New York tax credit. It caps at $5,000, so any system above $20,000 will get the same amount regardless of their higher installation costs.
To make the case more concrete, an average 6000-watt (6 kW) solar panel system would cost, if you only claim a 30% federal tax credit, around $12,029 and $2.86 per watt. That means New Yorkers will pay less than the national average for solar power systems across the nation, which is currently $3.00 per watt before we even consider state incentive policies.
Find out if you qualify for New York savings programs!
Please enter a zip code
Financial Benefits of Solar in New York?
Most people don’t realize that going solar isn’t a sacrifice: it’s a very savvy investment. You can save a lot of money by going solar. According to a SolarReviews payback report, over the next 25 years, if you install a typical solar panel system on an average New York home right now (in cash), your system will pay itself off in around 5.6 years and you’ll have completely avoided around $75,242 in utility power bills.
More than that, while the average system will cost $25,487, you can claim up to $11,625 back in incentives and rebates. That means your discounted $13,860 solar panel system will pay itself off, save you $75,224, and generate pure profit over the next 25 years. It’s an investment that promises great returns, and you’ll be helping your country transition to renewable energy.
See Also: How To Get Free Solar Panels Installed in New York
How Does Going Solar Help the Environment?
The United States is currently stuck in a non-renewable energy crisis. Our energy infrastructure is based on fossil-fuel burning units — even if you buy an electric car, chances are, you’re simply displacing your fossil-fuel burning “up the chain.” That is, when you plug your car in to recharge, your energy provider will simply burn fossil fuels to fill up your car.
The transition to renewable energy is essential to safeguard the environment and the health of your nation and world for future generations. Going solar is one-way residents are choosing to make things a little bit better rather than a bit worse. When you produce energy using the sun, any output you don’t use can go right back into the grid, giving someone else that power without burning any fossil fuels.
That’s the key thing to know about going solar: it isn’t just a remarkable personal investment, it’s also an essential environmental one. Ready to start?
Getting Started with Solar in NY State
There’s a clear answer to “Are Solar Panels Worth it in NY” and it’s “Yes!” By installing a solar panel system and taking advantage of federal and New York State incentive programs, you can help the environment and your financial future. Want to learn more? Let us do the heavy lifting. Contact EcoGen America to start saving with solar today!
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