According to a recent study from SmartAsset, New York is one of the top ten states in the country where solar pays off the most. New York is ranked in seventh place in the study, with energy consumers expected to save $34,170 over a twenty-year period—based on the criteria used in the study.
With the exceptions of California and Michigan, two popular solar locations, the top ten is dominated by states in the Northeastern United States. The full report outlines the average twenty-year savings for all 48 contiguous states, as well as the District of Columbia, and you can find the top ten states for solar savings below:
- Rhode Island
- Connecticut
- Massachusetts
- California
- New Hampshire
- Vermont
- New York
- Maine
- Michigan
- New Jersey
The study is based on average residential electricity prices in each state between August 2019 and July 2020, as well as the average installation cost in each state. Using this data, the study calculates average solar savings over a twenty-year period for a six kilowatt solar system in each state.
The image below, courtesy of SmartAsset, shows the top ten states where solar power pays off the most and the estimated solar savings for each state over a twenty-year period. Looking at the map, you can see just how popular the Northeastern United States is when it comes to solar energy and solar uptake.
Why You Should Go Solar in New York
With some of the highest utility rates in the country, alongside some of the best renewable energy incentives on the market, New York is a prime solar location for residential, commercial, industrial, and community solar projects—including solar farm land leases.
A number of different factors influence solar uptake across the country, but, as you might expect, cost and savings are two of the most important. Across all seven Northeastern states featured in the top ten list, average electricity prices were over 30% higher than the national average. Additionally, the average installation price for a six kilowatt system was between $12,000 and $13,000 (after the federal investment tax credit had been applied.)
If electricity rates are high, and solar costs are reasonable, then energy consumers will be more likely to install solar panels as they will see the biggest possible savings and the greatest return on their investment. This is certainly true of New York, and with utility rates trending upwards, going solar is a way to safeguard against increasing electricity costs.
New York Solar Farms & Land Leases
Installing panels on your roof isn’t the only way to benefit from solar energy. Developers like YSG are seeking suitable, unused land to develop solar projects across the United States. These projects, commonly referred to as solar farms, offer an alternative revenue stream for landowners. The developer will pay an agreed rental price, generally paid annually on a per-acre basis, to secure the use of your land as a host site for solar panels. New York is a prime location for solar farms thanks to the ambitious renewable energy targets outlined in the state’s climate legislation. With this statewide commitment to renewable energy, suitable locations for solar farm land leases are more in demand than ever before and you, as a landowner, could stand to see a huge profit. To learn more about solar farm land leases and find out how much you could make leasing your land for a solar farm, check out some of our most popular solar farm articles below.
- How Much Money Can a Solar Farm Make?
- Starting Your Own Solar Farm
- Thinking of Leasing Your Land? Consider a Solar Farm
- How Long Does it Take to Construct a Solar Farm?
- Solar Land Leasing: Lease Rates & Taxes
These are just some of our most popular articles, but there are plenty more available on the YSG Solar blog if you’d like to continue reading about solar farms and leasing your land for solar.
Want to go solar in New York? YSG Solar has been working in the NY solar market for over ten years. We are vastly experienced in residential, commercial, and community solar projects, ensuring the biggest savings and best return on investment for every customer. To get started, send us an email or call at 212.389.9215 today.
YSG Solar is a project development vehicle responsible for commoditizing energy infrastructure projects. We work with long-term owners and operators to provide clean energy assets with stable, predictable cash flows. YSG's market focus is distributed generation and utility-scale projects located within North America.
Sources:
https://smartasset.com/checking-account/are-solar-panels-worth-it
https://dr5dymrsxhdzh.cloudfront.net/blog/images/a8bc71e64/2020/10/2-map-solar-payoff.png
Featured Photo by Priyanka Puvvada on Unsplash.
