Many people are surprised to learn that New York state is actually one of the best states in the US to go solar. High electric prices, great incentives, and net metering are three of the main reasons for the Empire State being a great place to switch to solar!
The average of prices paid by homeowners for PURCHASED, not leased, solar systems after rebates and incentives are factored in the first half of 2016 in NY state.
The size of solar systems is measured in watts, or kilowatts (kW), which is a measurement of power generating capacity.
The increase in the average size of home solar installations in NY since 2016.
We’ve crunched the data in New York state in our Home Solar Panel Cost Index, and determined how much homeowners are actually paying for solar in each part of the state when purchasing their panels (not leasing) with cash or a loan.
Interested in seeing how much homeowners have been paying for solar panels cost in your area of New York state? We include a summary of the full purchase price of solar and the per KW (kilowatt) installed cost below – which should help give you an idea of how much you should expect to pay to go solar in your area. If an installer is bidding above the average, it’s probably a bad deal.
The Cost of Solar, Pre-Incentives, Has Dropped 2% in New York Since 2016
Prices for solar before state and federal rebates have dropped significantly in New York state since 2016, with prices dropping by 42% on the average KW of installed home solar in New York.
New Yorkers are Installing Larger Solar Installations
Since 2016, the average homeowner is buying larger and larger-sized solar systems across New York State. The average size of a home solar installation in NY has increased by 53% since 2016 in New York.
To determine the right size for your home solar system, consider using a solar panel size calculator.
The cost of electricity across New York state has increased roughly 30% since 2005, with many areas seeing even higher price increases. You can learn more about the prices of residential electricity in New York here.
This makes solar an ideal investment in New York – solar allows you to lock in electricity prices at a set level for the life of the panels, protecting you from residential prices increases.
New York has two main financial incentive programs for solar
– The NY-Sun program, which provides direct cash rebates to reduce the cost of solar – frequently offsetting thousands of dollars of cost for homeowners. Learn more about NY-Sun here.
– The New York State Residential Solar Tax Credit, which is a New York State income tax credit for up to 25% of the system cost, up to $5,000. Learn more about the credit here.
In addition, all systems in the US qualify for the federal Renewable Energy Tax Credit, which provides a 30% federal income tax credit for solar installations. Learn more about the federal credit here.
The ability to sell any excess power your solar panels produce back to the grid is called net metering, and it is available in New York. On especially sunny days, homeowners can receive significant credits on their energy bill due to net metering, and this increases the potential savings from solar significantly. Learn more about net metering in New York here.
Want to learn more about the variable costs of solar and the Home Solar Panel Cost Index? Learn more here.