Solar Panel Cost Guide in Bristol, RI (2023 Update)
- Bristol Solar Installation Cost: $8,145
- 25-Year Savings: $13,802
- Payback Period: 9.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bristol
Let's have a look at the average cost of solar in Bristol.
While the national average of solar panels is $2.66 per watt, solar panels in Bristol typically cost around 2.84. The average Bristol homeowner needs a 4.1-kilowatt system, which would cost about $8,151 with the federal tax credit, or $11,656 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Bristol homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $20,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar company in Bristol for a quote for your home.
Solar savings over time in Bristol
| Year | Return on Investment |
|---|---|
| 1 years | $-6,614 |
| 3 years | $-3,552 |
| 5 years | $-490 |
| 7 years | $2,572 |
| 9 years | $5,634 |
| 11 years | $8,696 |
| 13 years | $11,758 |
| 15 years | $14,820 |
| 17 years | $17,882 |
| 19 years | $20,945 |
| 21 years | $24,007 |
| 23 years | $27,069 |
| 25 years | $30,131 |
Top Solar Installers in Bristol
Installing solar panels on your own can be a challenging project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers offer can be valuable as well, especially if you don't quite know what kind of solar equipment would be right for your home.
If you're looking for a solar installer in Bristol, we've put together a list of our top suggestions here:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Bristol
Factors that Affect Solar Panel Costs in Bristol
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Bristol: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,840. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Bristol, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Bristol to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Bristol is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, you'll have many options for solar installers that provide a range of services at different price points. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.95 | $12,405 | $19,735 | 9.6 years |
| 8 kW | $2.90 | $16,222 | $26,631 | 9.5 years |
| 10 kW | $2.84 | $19,880 | $33,687 | 9.3 years |
| 12 kW | $2.78 | $23,379 | $40,901 | 9.1 years |
| 14 kW | $2.73 | $26,719 | $48,275 | 8.9 years |
| 16 kW | $2.67 | $29,900 | $55,807 | 8.7 years |
| 18 kW | $2.61 | $32,921 | $63,499 | 8.5 years |
| 20 kW | $2.56 | $35,784 | $71,349 | 8.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Bristol, RI Solar Cost FAQs
What is the average cost of installing solar panels in Bristol?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Bristol?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Bristol?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.