Are you a homeowner in New York City considering installing solar panels? You’re not alone. With rising energy costs and growing environmental concerns, more and more NYC residents are turning to solar power to save money and reduce their carbon footprint. But beyond the immediate benefits of lower utility bills and a greener lifestyle, there’s another compelling reason to go solar: increased home value.
- According to a 2019 Zillow study, homes with solar panels in NYC sell for 5.4% more on average than comparable homes without solar.
- For the median-valued home in NYC, that translates to an additional $37,800 in value.
- Installing solar panels on a $700,000 home could potentially increase its value to $737,800.
Solar Panels Can Boost Your Home’s Value by $37,800 or More
Let’s put that in perspective. If you own a home worth $700,000 (the median sales price in NYC), installing solar panels could potentially increase its value to $737,800. That’s a significant return on investment, especially considering the long-term energy savings you’ll enjoy as well.
How Much Can You Save on Energy Bills with Solar?
Speaking of savings, let’s talk numbers. On average, solar customers see a 10% to 40% reduction in their monthly electric bills after going solar. For a typical NYC household, that could mean hundreds of dollars in savings each year.
Imagine being able to keep your home comfortable year-round without dreading the arrival of your utility bill. With solar panels, you can enjoy the peace of mind that comes with generating your own clean, affordable energy.
“Going solar was a no-brainer for us. Not only are we saving money every month, but our home value has increased significantly. It’s a win-win.” – Mrs. Sarah and Mr. David, Queens homeowner
Maximize Your Savings with Solar Incentives and Tax Credits
While the upfront cost of solar panel installation may seem daunting, there are numerous incentives and tax credits available to make going solar more affordable than ever. Here are some key programs to be aware of:
Federal Solar Tax Credit: Homeowners can claim a 30% tax credit on the cost of their solar panel system. There’s no cap on its value, and the credit can be rolled over to future years if you can’t use it all in one tax year.
New York State Solar Tax Credit: NYS offers a 25% tax credit on solar installations, up to $5,000. This can be combined with the federal credit for even greater savings.
NY-Sun Program: This NYSERDA initiative provides rebates of $0.20 to $0.80 per watt for residential solar projects, depending on the size and location.
NYC Property Tax Abatement: Qualifying solar panel systems installed in NYC are exempt from property tax increases associated with the added home value for 4 years. This can add up to $62,500 in savings for a typical 5 kW system.
By taking advantage of these incentives, you can significantly reduce the effective cost of your solar panel installation while still reaping the rewards of increased home value and lower energy bills.
“The NY-Sun rebate and tax credits were a major factor in our decision to go solar. They made the upfront investment much more manageable.” – Mr. & Mrs. Bain, Queens homeowner
Want to learn more about solar incentives and calculate your potential savings? Check out The Ultimate Guide to Maximizing Solar Tax Credits in New York
The Environmental Benefits of Solar Energy
Of course, the benefits of solar go beyond just financial savings. By choosing renewable energy, you’re also making a positive impact on the environment. Solar power generates zero emissions, helping to reduce air pollution and combat climate change.
In fact, the average residential solar panel system offsets the equivalent of burning over 5,000 pounds of coal or driving 12,000 miles in a car each year. That’s a significant contribution to a greener, healthier planet.
Frequently Asked Questions About Solar Panels and Home Value
Q: Do I need to own my solar panels to see an increase in home value? A: No, even homes with leased solar panels can see a premium at time of sale. The lease can typically be transferred to the new owner.
Q: How long do solar panels last? A: Most solar panels are warrantied for 25-30 years and can continue producing energy for decades beyond that. Like any home feature, solar panels will gradually become less efficient over time.
Q: Are there any low-income solar programs available? A: Yes, there are several government-backed initiatives to help make solar accessible to low and moderate income households. These include community solar projects, solar leasing, and special financing options.
“We believe that everyone should have access to the benefits of clean energy, regardless of their income level. That’s why we’re proud to participate in New York’s low-income solar programs.” – Patriot Energy Solutions spokesperson
Don’t wait – join the growing number of New York City homeowners who are enjoying the financial and environmental rewards of solar power!
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Why choose Patriot Energy solutions?
Experienced solar expert.
With over a decade of expertise in solar, we confidently established in 2014 and have successfully installed near 2000 houses in Long Island and New York City.
Licensed & Certified
As NABCEP PVIP certified experts, we are recognized as one of the top solar installation companies in NYC and Long Island. Our passion for sustainable energy and commitment to excellence deliver top-notch solar solutions. With years of experience and industry knowledge, we help homeowners and businesses harness solar power effectively. Trust us to achieve your solar goals.
Solar Solutions for all roofs
At Patriot Energy, we offer high-quality rooftop solutions for all types of roofs. As a leading rooftop canopy company in New York, we provide top-notch service and unparalleled craftsmanship. Contact us today to create the perfect rooftop solution for your property.
Empower Your Savings with Inspiring Solar Bills from Our Happy Customers
Our customers have seen remarkable results by switching to solar energy. Two recent examples include PSEG and ConEdision bills which show 100% usage coverage and hundreds of dollars in savings. We are proud to offer reliable and efficient solar solutions to our clients.
Mrs. Hoyes
installed a 6kw solar panel system in Brooklyn in the year 2021.
