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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Manhattan

Here’s how much it might cost to install solar panels in Manhattan.

The national average cost of solar panels is $2.66 per watt, but in Manhattan it’s 4 per watt.Using this figure, a typical 3.9-kW system would cost about $9,971 before the 0 federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Manhattan homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $32,000 in savings on utility bills over 20 years.

To see your potential ROI and connect with a local solar company, click the button below.

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

Although you can install solar panels yourself, it involves extra time and knowledge. For that reason, the majority of homeowners choose to hire a solar panel installer. Another perk of using a solar installer is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.

There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Manhattan

Factors that Affect Solar Panel Costs in Manhattan

There are many factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The model of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.

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. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest.Though solar loans make adopting solar energy more accessible for Manhattan homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Manhattan is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.

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 kind of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:

  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
  • Solar Panel Brands: Different companies will offer different brands and models of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
  • Warranty: If you’re worried about the longevity of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Manhattan, NY Solar Cost FAQs

What is the average cost of installing solar panels in Manhattan?

The average cost of solar panels in Manhattan is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Manhattan?

Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.

Do solar panels increase your home value?

Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

What solar power system size is right for my home?

To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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.

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