Solar Panel Cost Guide in Manhattan, NY (2024 Update)
- Manhattan Solar Installation Cost: $9,971
- 25-Year Savings: $25,281
- Payback Period: 7.5 Years
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Average Cost of Solar Panels in Manhattan
Here’s how much it might cost to install solar panels in Manhattan.
In Manhattan, solar panels cost about 4 per watt on average.To account for the typical energy usage of the average home in Manhattan, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs about $9,971, or $14,259 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Manhattan homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find adopting solar power is a sound investment. The average homeowner in Manhattan can save about $32,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Manhattan that can help you get a more accurate cost estimate for your home.
Solar savings over time in Manhattan
| Year | Return on Investment |
|---|---|
| 1 years | $-8,091 |
| 3 years | $-4,332 |
| 5 years | $-573 |
| 7 years | $3,187 |
| 9 years | $6,946 |
| 11 years | $10,705 |
| 13 years | $14,465 |
| 15 years | $18,224 |
| 17 years | $21,984 |
| 19 years | $25,743 |
| 21 years | $29,502 |
| 23 years | $33,262 |
| 25 years | $37,021 |
Top Solar Installers in Manhattan
Many homeowners opt for a solar installer since installing solar panels by yourself can be a lot of work. In addition, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Manhattan
Factors that Affect Solar Panel Costs in Manhattan
The cost of installing a solar system in Manhattan can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Manhattan to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating in Manhattan, and each can charge different amounts for labor and equipment.Additionally, some companies in Manhattan know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $35,314 | 7.8 years |
| 8 kW | $3.72 | $20,849 | $47,494 | 7.6 years |
| 10 kW | $3.65 | $25,550 | $59,879 | 7.5 years |
| 12 kW | $3.58 | $30,047 | $72,468 | 7.3 years |
| 14 kW | $3.50 | $34,339 | $85,261 | 7.2 years |
| 16 kW | $3.43 | $38,427 | $98,259 | 7.0 years |
| 18 kW | $3.36 | $42,311 | $111,461 | 6.9 years |
| 20 kW | $3.29 | $45,990 | $124,868 | 6.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Manhattan, NY Solar Cost FAQs
What is the average cost of installing solar panels in Manhattan?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Manhattan?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Manhattan is currently $585,751, so you could be looking at a value of about $24,016 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Manhattan is a fruitful investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.