The price of solar panels over time comes into perspective when you consider how much we pay for electricity in New York.
Electricity here is expensive. We pay a higher price per kWh in NYC than anywhere else in the nation except Hawaii. If you’re in Long Island, the suburbs around the city, or up into the Hudson Valley, the rates are still ridiculous.
- For commercial properties, the average utility company price per kWh in NYC is 11.55¢
- For residential properties, the average utility company price per kWh in NYC is 23.21¢
For homes, the average price per kWh in NYC is 95.37% higher than the national average.
What’s the deal here? Are we paying more because we place more demand on the grid? Not exactly. New York ranks 21st in the nation for average monthly commercial consumption and 46th for residential consumption.
The high cost is due to several factors. The cost of generation, the population density, the old and inefficient grid, and the greed of the big electric companies all contribute to the average price per kWh in NYC.
The sad truth here is that the average price per kWh in NYC isn’t going down. In fact, the price per kWh in NYC is only likely to increase over time as the population grows and the grid gets even older.
Protect yourself from inflating electric utility prices. Get your free estimate for solar panel system cost and see how affordable it can be when you generate power from your rooftop.