There are several steps to estimate your solar cost Nyack NY. On average, residential 5kW systems cost about $20,000 in the Nyack area. If you are eligible for incentives and tax credits, you may end up paying over $5,000 less. Of course, your solar panel system also works to reduce your electric costs once it is connected to the grid. In this way, your solar panel investment pays for itself over time. With so many different factors involved, property owners need to know how to get an accurate estimate of their New York residential solar system costs. This way, you can understand what factors impact your installation price and how your investment pays off in the long-term. Read on to learn more about how to estimate your solar cost Nyack NY.
Evaluate Your Sun Exposure
First, you should evaluate your sun exposure to get a true estimate solar panel cost estimate Nyack New York. Naturally, rooftop solar systems with higher sun exposure can generate more energy. This is crucial to reduce monthly utility bills. Indeed, a highly efficient energy system allows you to keep utilizing the sun’s energy, rather than pulling power from the grid. Importantly, there are several factors that affect your system’s sun exposure. For example, your roof orientation, amount of shade, and roof type can all impact your solar system’s output. To get the best estimate of your home’s sun exposure, you should contact your local solar company for a site evaluation. During this visit, they can assess your rooftop to see if your solar array will have enough sunlight to generate continuous power. Definitely, evaluate your sun exposure to estimate your solar costs Nyack.
Consider Your System Size
Next, consider your system size to determine your solar cost estimate Nyack NY. Naturally, larger solar installations tend to have a higher initial cost because there are more panels in the array. Simultaneously, they usually have a lower cost per watt because they can be purchased in bulk. For example, an average 4kW residential system costs about $3.10 per watt, with an average system cost of roughly $9,000 before incentives. On the other hand, a 10 kW system costs about $2.75 per watt, with an average installation cost of $20,000. Typically, your system size depends on your energy needs. Thus, solar contractors and cost estimators may use your utility bill to calculate your home’s ideal solar system size. Absolutely, consider your system size to estimate Nyack solar costs.
Factor In The Federal ITC
In addition, you should factor in the federal investment tax credit when calculating your solar installation cost estimate Nyack. With this incentive program, you can earn a 26% tax credit for your solar installation cost. Notably, this can lower your solar cost by thousands of dollars. For example, a 6kW system might cost $17,200. Once you factor in the federal ITC, the installation price significantly decreases to about 12,600. With over $4,000 in potential savings this is a great program to lower your solar expenses. Importantly, you must finance your solar system through a solar loan, cash, or similar method. Customers who pay through a solar lease are not eligible for these savings. Certainly, factor in the federal ITC and other solar energy tax incentives New York State to get a more accurate estimate for your green electricity system.
Look For NYS Incentives
Moreover, you should also look for New York State solar incentive programs when estimating your solar costs in Nyack. Indeed, New York offers several lucrative incentive programs to lower your installation costs. For example, the NY-Sun Megawatt (MW) Block Program offers up to $1,000 for every kilowatt (kW) of solar installed on your home’s rooftop. In addition, the NY State Solar Energy System Tax Credit provides a 25% solar tax credit if you purchase your home solar system. With this incentive program, you can save up to $5,000 in state tax reductions. Undoubtedly, look for NYS solar incentives when estimating your solar expenses in Nyack.
Account For Solar Panel ROI
Furthermore, you should account for your solar panel return on investment (ROI) to estimate the true cost of switching to solar in Nyack. To find out how long it takes for your solar panel investment to pay off, look at your estimated installation cost. Importantly, you should look at this after incentives are applied. Then, figure out the amount you will save on your monthly energy bills. Ideally, you should calculate this value for the full year. Then, divide your installation price by your savings. If your system costs $20,000, and you save $2,500 per year on energy bills, your solar system will pay for itself in about 8 years. Then, you can continue to stack your savings throughout your solar system’s lifespan. Surely, account for solar panel ROI New York to get a more accurate cost estimate.
There are several steps to estimate your solar cost Nyack NY. First, you should evaluate your sun exposure. Next, consider the system size you need to meet your energy consumption needs. In addition, factor in the federal ITC to see your true installation cost. Moreover, look for NYS incentives to understand your savings. Furthermore, account for solar panel ROI to see how your investment pays for itself over time. Follow these steps to estimate your solar cost Nyack NY.