Is New York Ready for Solar Power?

The quantity of residential solar projects begun in the five boroughs of New York has ascended to more than 5,300 in 2016, up from 186 in 2011, as indicated by state officials, and there are another 1,900 proposals in the pipeline.

The solar boom has been instigated by a 70% drop in installation costs in recent years, according to figures from the Solar Energy Industries Association, along with other financial incentives and the streamlining of the governmental approval processes. Read More

Cost of Installing Solar Panels

The apparent cost of installing solar panels on a single-family house runs between $20,000 and $50,000; however, government, state, and city incentives, along with tax credits, can cut that expense in half.

A large portion of the city’s existing solar projects are on single-family houses on Staten Island, but townhouse owners in Brooklyn are getting on board, and proprietors of flat-roofed buildings in the Bronx and Queens are even beginning to consider ways of harnessing the sun’s power.

The solar industry itself has rushed ahead

According to the city’s Economic Development Corporation, five solar installers were working in the five boroughs in 2005, but by 2015, the number had expanded to around 55 companies, employing around 2,700 laborers.

Solar energy was considered a niche market in New York in 2009, but now significant governmental incentives have made solar installation much more reasonable.

Solar panels require replacement eventually

Solar panels sometimes do short-circuit, requiring replacement. However, most solar panels carry a 25-year manufacturer’s guarantee, and normally they require little maintenance.

In the world’s richest country, New York wasn’t a solar city

It is hard to understand why the US, the wealthiest nation on the planet, lagged behind the rest of the world, not just on solar but on many other energy-saving technologies.

Solar power first took off in Staten Island, Long Island, and Westchester County, to a great extent because many people in those communities own homes with large, pitched rooftops that face south, ideal conditions for creating the most kilowatts.

It hasn’t been that simple for property owners in more developed areas, where shade from neighboring building restricts sunlight, and numerous solar installers are not keen on setting up systems on small, flat rooftops.

After spending $1.7 million to install solar systems on nine rental buildings in the Bronx, Brooklyn, and Queens, Daniel Benedict–the founder of Benedict Realty Group–calculated that the investment will pay for itself in around five years.

Daniel Benedict said, “Solar is great for long-term owners. I’m saving 70% on my annual electricity bill.”

Now that other New Yorker’s are going solar in a big way, consider investing today in solar panels to start building future savings.