Check out the possible returns from the two best ways to go solar in New York:
Solar loans are now available with interest rates as low as 4%. You can get solar panels for no money down and pay over the next 15 years. Your loan payments will be equal to about what you save every month on your electric bill. The loan payments are so low because you can get a $2,000 NY-SUN rebate off the initial cost of the system.
At the end of the first year, you get the Federal solar tax credit, equal to 30% of the cost of the system (about $3,500 for a typical system). That’s a huge amount of money in your pocket right away!
On top of that, you get a New York solar tax credit of 25% (max $5,000). Those incentives mean a solar system in New York is over 60% paid off by a year after you turn it on.
Every home is unique, and your savings may be different based on your roof size and unique needs. To get a custom estimate of your solar savings, click on the button below!
A typical home in New York needs a 5-kilowatt (kW) solar system to produce about 80% of its energy needs per year. That’s about $995 worth of savings every year—enough to pay back the initial cost of installing a system in just 9 years.
You put down $17,500, then get a rebate of $2,000 right away. Over the course of a year, you save $995 on electricity, and get two tax breaks, worth $8,525 off your tax bill. After all those incentives, the 1st-year cost of that 5-kW system is just $5,981.
Modern solar panels come with a 25-year warranty, which ensures you’ll keep saving for long into the future. That warranty is a promise that the panels will operate above 80% efficiency by the end of the 25-year period. In our calculations, we assume a standard 0.7% per year decrease in panel output, which is standard for the industry. Most quality solar panels should last for much longer than 25 years, extending your savings for another decade into the future.
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Keep in mind, the numbers above are based on an average home in New York. If you’re ready for a custom quote for a solar ppa, loan, or purchase, our network of experts are on call to assist you. Simply sign up for personalized assistance on our special solar deals page.