Solar Panels in New York City: An Overview
All Data As of March 31st 2017
- Average Residential Solar System Size in New York City 5.85 Kilowatts
- Average Cost of Purchased Solar System in New York City: $28,192 BEFORE incentives ($19,735 AFTER federal incentives)
- Average Cost Per Watt of Purchased Solar System in New York City: $4.99 BEFORE incentives ($3.49 AFTER federal incentives)
Cost of Solar Panels in New York City
In addition, it is important to look at pricing distributions vs. averages or medians if you want to understand what a good deal is on a solar system. Also, in general larger solar systems will cost less per kilowatt as there are certain fixed costs associated with an installation.
The average cost per watt of a solar panels in New York City is $4.99 per watt (before incentives) and 25% of consumers paid less than $4.15 per watt. So if you are looking to get the best price for a solar system in New York City and have an average sized system, you should find an installer below $4.25 per watt.
Solar Financing and Installation Trends in New York City
Residential solar installations have increased significantly in New York City, although growth slowed in 2016. From 2011 to 2016, installations have increased from 65 to 3,200. The slowdown in installation activity and installer turmoil, has created a buying opportunity for consumers. In Q1-2017, solar installations increased 226% from Q1-2016 in New York City.
Solar Trends in New York City: June 2017 Update
New York City solar permits increased 26% to 249 in June from 197 in June 2016 and decreased 19% from May 2017 (YTD increase of 2%).
Solar Financing in New York City
In 2016, 28% of consumers purchased their solar system either with cash or a loan vs. and 72% used a lease or power purchase agreement (PPA) structure. Refer to our lease vs. buy guide to understand the implications of solar financing options. The percentage of consumers that purchased their solar system in New York City has increased in 2016 due to an increasing number of low-cost solar loans.
Top Solar Companies in New York City
Choosing a solar installer is arguably the most important step of going solar and we recommend reading our guide on how to choose a solar company. In New York City in 2016, approximately 75% of consumers chose a local installer vs. 25% that chose a national installer (SolarCity, Vivint or Sunrun).