Solar power in Brooklyn, New York
Many Brooklyn residents paying upwards of $250 per month for power are looking towards solar as a solution to expensive energy bills. Luckily federal, state and utility incentives has made solar more affordable than ever for New Yorkers.
What solar incentives do Coned offer in Brooklyn?
Con Edison is currently in the second to last tier of their residential solar rebate program. The current incentive is $300/kW of installed solar. A typical 6kW system under this incentive would be eligible for a $1,800 rebate. If you also qualify for the NY-Affordable solar program your Coned rebate doubles, this means you’d be eligible for a rebate of $3,600!
This incentive is likely to reach full capacity and expire within the next few months, the expression “time is money” has never been more accurate.
Alongside their generous rebate program, Coned also offer another incentive called net metering.
What is net metering and how does it affect my return on investment?
It is likely that at times your solar system will produce more energy than your home needs, this excess is sent to the grid and net metering requires Coned to compensate you at the retail power rate for each kWh you send them.
When your solar system isn’t producing enough energy for your home such as at night, your home will still draw energy from the grid as normal. The excess solar generation from the day is netted against your usage on a 1 to 1 ratio, this is how a solar system wipes out or significantly reduces your power bill. Net metering is the core reason solar power is economic.
What if my solar system sends more energy to the grid than I consume in a month?
If your solar system exports more energy to the grid than you consumed within a month the excess credit will be carried over to the next months bill still at full retail value. At the end of the yearly billing cycle any unused credits will be valued at the avoided-cost rate (about 3¢-4¢) per kWh and paid directly into your account.
Am I eligible for the New York state tax credit?
If you pay income taxes to the state you may claim 25% of the cost of your solar system as a deduction to your state taxes. This incentive is capped at $5,000 and only available for systems under 25kW in size.
Can I receive the 30% federal solar tax credit?
If you pay federal taxes you may elect to claim 30% of your system cost as a deduction to your federal income tax liability under the 30% federal ITC.
What if I have less taxes due than 25 or 30 percent of my system cost?
If you don’t owe as much in taxes as your applicable tax credit you may elect to claim both incentives over several tax periods, the state tax credit can be claimed over 5 years and the federal tax credit up to 10 years.
How much do solar panels cost in Brooklyn?
After the Coned rebate the cost would be brought down to $18,600.
After claiming a state tax credit for 25% of the remaining balance the cost would be $13,950. Finally after claiming 30% of the remaining cost as a federal income tax credit the final cost of a 6kW solar system in Brooklyn is $9,765.
Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator for Brooklyn to find out:
- How many solar panels you need to cover your power bill;
- How suitable your house is for solar;
- What incentives your house may be eligible for;
- The cost of solar panel installation in Brooklyn and whether you are eligible for zero down solar deals; and
- Your likely payback period and return on investment from installing solar
Estimate your solar savings
The average cost of installing residential solar panels in Brooklyn, New York in 2020 is $2.78 per watt. The average system size in the US is 6 kilowatts, which means the average price of a solar system in Brooklyn, NY is $13,900. (before claiming 26% tax credit and other rebates)
What does the cost of a real solar system look like?
Facts about installing a 6kW solar system in Brooklyn, NY
This system would offset 100% of your energy usage if your typical monthly bill is $233, however your situation may vary so try our Brooklyn solar calculator to get a result tailored to you.
Net cost of system
Cash - after 26% solar tax credit
2 Years 3 Months
Average payback time
Annual power production
levilized cost of solar energy
If you don't get solar
The forecast average utility price over the next 25 years
Cash flow graph based on cash purchase of this 6kW system
Life-time savings on this system over the next 25 years
(Prices shown after repayments of capital)
Solar companies in Brooklyn, NY that provide pricing through the Solar-Estimate marketplace
Average total cost of solar panel installation in New York
|System Size||Cash purchase
After 26% solar tax credit
After 26% solar tax credit
Going solar in New York
Check out all of the ways energy providers of New York can help you be more energy efficient and save money.
The following programs are available:
|Residential Renewable Energy Tax Credit||Federal||Personal Tax Credit|
|Residential Solar State Tax Credit||State||Personal Tax Credit|
|Property Tax Exemption||State||Property Tax Incentive|
|Solar Sales Tax Exemption||State||Sales Tax Incentive|
|Value of Distributed Energy Resources - Phase One Net Metering||State||Net Metering|
|NY-Sun Smart Energy Loan||State||Loan Program|
|NY-Sun Megawatt Block Program - Con Edison - Block 8||Utility||Rebate Program|
|NY-Sun Megawatt Block Program - Con Edison Region - Block 8||Utility||Rebate Program|
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.