That cost can be broken down into seven categories:
This is a function of the number of employee hours it will take to build the array multiplied by the cost of each hour. Using the above median, estimated labor costs are: $7,628.50
The cost of solar modules has fallen significantly over the past decade, by around 90%; however, they still represent the single most expense part of the installation. Using the above median, estimated array costs are: $9,154.20
The inverters, whether micro inverters or string inverters, represent the second most expensive equipment expense behind the modules. Using the above median, estimated inverter costs are: $6,102.80
The conduit, wire, cables, racking, breakers, and combiner boxes. Using the above median, estimated balance of system costs are: $4,577.10.
Administrative hours and fees related to preparing and filing permits with the local municipal government, the utility company, and NYSERDA. Using the above median, estimated permitting costs are: $1,830.84.
Administrative hours and fees related to scheduling and completing electrical and building inspections as necessary. Using the above median, estimated inspection costs are: $1,220.56.
Our base pricing is based on a standard, composite shingle roof in good condition of average slope, a functioning, standard size main electrical panel, and a house no more than two stories in height. Steep slopes, electrical service upgrades, heights greater than two stories, tiles, slate or other hard materials will result in higher prices.
Since 2014, NYSERDA has directly subsidized solar installations through direct payments to solar installers, which are passed on to customers via upfront discounts. The current subsidy level is $.20/wDC. This means that for every DC watt of installed solar NYSERDA will pay you $0.20. Solar systems are denominated in kW DC; $.20 per watt translates into $200 per kW. A 10kW system would therefore receive a $200 subsidy. Note that NYSERDA funding blocks are finite and have historically stepped down. Rivertown Solar will file for this incentive on your behalf (this may be considered taxable income).
This is a dollar-for-dollar reduction on the amount of NYS income taxes you would otherwise owe. Currently, it is equal to 25% of the cost of the solar system and capped at $5,000. So if your solar system costs $25,000, you claim that expense on your taxes, which results in $5,000 of tax savings. You can find the form you need to fill out to receive this credit here.*
This is a dollar-for-dollar reduction on the amount of Federal income taxes you would otherwise owe. Currently, this is equal to 30% of project costs if you pay taxes on your utility incentive. So if your solar system costs $30,000, you claim that expense on your taxes, which results in $10,000 of tax savings. Note that if your NY-Sun incentive is treated as taxable, you’re cost basis for this credit is the full amount; otherwise, you must deduct the NY-Sun credit from your cost basis, example: ($30,000 - $2,000) .3 = $8,400. You can find the form you need to fill out to receive this credit here.
This is a bonus federal tax credit equal to 10 percent of project costs available to individuals living in low-income areas as defined by the New Markets Tax Credit. Check your neighborhoods eligibility here.
This is a bonus federal tax credit equal to 10 percent of project costs; it will become available once solar module manufacturers move a significant portion of their operations to the United States (currently in progress). At that point, we may be able to build your solar system using the required proportion of domestically produced components, thereby making your project eligible for this credit.