How Much Do Solar Panels Cost In New York In 2024? – Forbes Home – Forbes
New York solar panels cost between $2.68 and $3.62 per watt, or an average of $17,150 for the average system. Keep in mind that this wide range accounts for the multiple New York tax incentives and discount programs that assist mid to low-income households as well as the federal Investment Tax Credit (ITC) which offers a 30% tax incentive through 2032 and decreasing exemptions after that through 2035.
Cost by System Size
New York solar systems range between 5 kW and 7 kW on average, totaling to solar panel costs between $13,400 and $25,340, based on the numbers above. Remember that the system size will also affect the cost of labor, permits and access to incentives.
Cost by Solar Panel System
Homeowners have access to quickly developing solar technology that varies in longevity, efficiency, weight and installation methods. You will primarily choose from monocrystalline, polycrystalline and thin-film solar panels. Here are some things to know about each variety. Keep in mind that prices do not include installation costs.
- Monocrystalline solar panels cost between $1 and $1.50 per watt, are highly efficient, durable and last up to 30 years.
- Polycrystalline solar panels cost between $0.70 and $1 per watt and are slightly less efficient and durable. They also last up to 30 years.
- Thin-film solar panels cost between $0.70 and $1.20 per watt, are more flexible, require more space and are not as efficient or durable. They last up to 20 years.
Cost by Solar Panel Brand
New Yorkers have access to some of the top solar companies and solar panel brands in the country. On average, solar panel brands charge between $2.74 and $3.30 per watt before the various tax rebates and exemptions that can significantly bring down the cost. SunPower, Panasonic and REC Solar products cost a bit more than competitors, though they also come with high reviews and a variety of products.
Cost by Solar Installation Company
When considering the top solar companies in the country that also offer installation in New York, you’ll see a lot of overlap. SunPower, for example, costs an average of $19,800 for a 6 kW system while Palmetto Solar costs around $17,940 for the same. Keep in mind that upfront costs may balance out with factors such as lifespan, efficiency and financing programs.
Permitting and Interconnecting Costs
Permits and hookup costs vary from city to city in New York. On average, you’ll pay between $50 and $250 for the permit and then between $8 and $10 per $1,000 spent on the system. Permit approval may require approval of the installation team, the construction plan and local historical home boards or HOAs.
