In the first quarter of 2022, New York was ranked 11th in the nation in terms of solar energy, with around 3,586 MW installed and enough solar installed to power almost 593,700 homes. The state has a considerable amount of solar potential and is usually one of the top 10 markets in the US. Many homeowners are considering going solar owing to the fact that prices for this type of energy have fallen by 50% over the past decade. If you are thinking about making an investment in panel installation, read on to discover the costs and benefits of embracing this eco-friendly means of generating energy.
The Costs of Installing Solar in New York
The price drop is a big incentive when it comes to going solar, but it is important to know that the price per watt of solar energy varies considerably from state to state. In New York, an average solar system will set you back between $10,000 and $25,000 (or between $2.92 and $4.20 per watt). This is far from a hefty price considering the fact that in states like Arizona, where panels proliferate, prices are similar (working out to approximately $2.61 per watt). The national average, meanwhile, stands at around $2.66
Causes for Variations in Cost
Costs vary depending on factors such as the roof space and orientation of a home. For instance, roofs with a south-facing orientation produce more electricity than those facing the east or west, and they require fewer panels. Landscaping is another key consideration. Tall trees can cause the shade to fall upon the roof, once again affecting the amount of energy that panels can produce. In the case of heavily shaded homes, more panels may be required to produce the required energy for a home. Finally, patterns vary in wattage, with higher-wattage varieties.
Long-Term Cost Savings
On average, US solar customers save around $1,500 a year by going solar or $37,500 over the course of 25 years. Although companies offer various types of financing, many families opt to sign power purchase agreements. The latter is an agreement between the solar developer and the consumer, under which the developer assumes all costs of panels and installation. The developer pays for all maintenance costs. The homeowner, meanwhile, pays a competitive price for energy. The developer essentially supplies residual energy to the grid. This type of agreement is catered to homeowners who want to embrace a more sustainable way of living but cannot foot the bill for up-front expenses. Once solar panels are installed, there is a steep reduction in the home’s monthly energy bill.
Solar prices have dropped considerably over the past decade. In New York, homeowners pay a fair price per watt, though costs vary depending on a home’s orientation and factors such as shading. Homeowners wishing to reduce the cost of going solar can look into power purchase agreements, providing them with the benefits of a small electricity bill and a much tinier carbon footprint.