Electricity Cost in New York: 2023 Electric Rates | EnergySage

Electric bill savings with solar in New York

Solar saves you money by reducing or eliminating your monthly electric bill. The amount that you can save with solar in New York is based on two factors: how much you spend on electricity now and how much of your electric bill you can offset with solar.

Based on the intensity and amount of sunlight hours in New York, the average electricity customer in New York will need a 10.6 kilowatt (kW) solar panel system to offset 100% of their annual electricity consumption of 12,636 kWh per year. On the EnergySage Marketplace, solar shoppers in New York pay an average of $33,000 for a 10.6 kW solar panel system prior to

incentives.

The savings from offsetting 100% of an electric bill with solar can add up fast!
Assuming an 0.7% annual increase in electricity prices and that you install your system with a $0-down loan,
you can expect to save $2,700 in your first year,
$13,500 over five years, $27,500 over 10 years,
and $57,000 over 20 years on electric bills in New York.
Over your system’s lifetime you’ll save more by financing your solar system with a cash purchase,
but you won’t start saving in year one. Learn more about how to finance your solar panel system.