Solar Panel Cost Guide in Coventry, RI (Aug 2022)
- Coventry Solar Installation Cost: $8,554
- 25-Year Savings: $13,393
- Payback Period: 9.7 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Coventry
Let's have a look at the average cost of solar in Coventry.
While the national average of solar panels is $2.66 per watt, solar panels in Coventry generally cost around $3. Since a 4.1-kW system is needed to cover the energy usage of a typical home in Coventry, the average price of going solar will be about $8,554 before claiming the federal solar tax credit.
Bear in mind that the figures above are only estimates based on the average Coventry homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the large initial cost, the average Coventry homeowner can save around $20,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To get a free quote from a pre-vetted solar installation company in Coventry, you can click the button below.
Solar savings over time in Coventry
| Year | Return on Investment |
|---|---|
| 1 years | $-7,676 |
| 3 years | $-5,920 |
| 5 years | $-4,164 |
| 7 years | $-2,408 |
| 9 years | $-653 |
| 11 years | $1,103 |
| 13 years | $2,859 |
| 15 years | $4,615 |
| 17 years | $6,370 |
| 19 years | $8,126 |
| 21 years | $9,882 |
| 23 years | $11,637 |
| 25 years | $13,393 |
Top Solar Installers in Coventry
Trying to install solar panels yourself can be a difficult project, which is why getting a solar installer is a good option for many homeowners. Another perk of utilizing a solar installer is that they can help you maximize your return of investment by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you're looking for a solar installer in Coventry, we've compiled a list of our top suggestions here:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Coventry
Factors that Affect Solar Panel Costs in Coventry
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Coventry: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment Size
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Coventry. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Coventry to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Coventry, you'll have many options to choose from, but each comes at various price points for labor and equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $13,114 | $19,227 | 10.1 years |
| 8 kW | $2.90 | $17,149 | $25,972 | 9.9 years |
| 10 kW | $2.84 | $21,016 | $32,885 | 9.7 years |
| 12 kW | $2.78 | $24,715 | $39,967 | 9.6 years |
| 14 kW | $2.73 | $28,246 | $47,216 | 9.4 years |
| 16 kW | $2.67 | $31,608 | $54,634 | 9.2 years |
| 18 kW | $2.61 | $34,802 | $62,220 | 9.0 years |
| 20 kW | $2.56 | $37,829 | $69,974 | 8.8 years |
Solar Incentives in Coventry
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Rhode Island C-PACE program |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Products Sales and Use Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| Website | Visit here |
| More Info | Click here |
| Name | Small Scale Solar Grants (Commerce RI) |
| Incentive Amount | Solar PV Direct Ownership: $1.05/W Third Party Ownership: $0.70/W Solar Domestic Hot Water Heating Direct Ownership: 25% of project contract price Third Party Ownership: 10% of total contract price |
| Incentive Max | Solar PV Direct Ownership: $10,000 per project, $200,000 per application Third Party Ownership: $5,000 per project, $100,000 per application Solar Domestic Hot Water Heating Direct Ownership: $5,000 per project< br/>Third Party Ownership: $2,000 per project |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | Varies (local option) |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Equipment |
| Incentive Amount | 100% exemption from property taxes |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Growth Program |
| Incentive Amount | Incentives will vary depending on the type of resource, the size of the system, and the geographic load zone area of the installation. Solar is grouped into four categories based on size: Small scale solar projects: up to 25kW Medium scale solar projects: 25kW to 250 kW Commercial scale solar projects: 250 kW to 1 MW Large scale solar projects: 1 MW to 5 MW Wind is grouped into two categories based on size: Medium: 1.5 MW- 3 MW Large: 3 MW- 5 MW Anaerobic Digestion Medium: 150 kW- 500 kW Large: 501 kW- 1,000 kW Small Scale Hydropower Small: 10kW - 250 kW Medium: 251 kW- 1,000 kW |
| Incentive Max | Varies with system size, technology and geographic load zone. |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly influence your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Coventry, RI Solar Cost FAQs
What is the average cost of installing solar panels in Coventry?
The average cost of solar panels in Coventry is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Coventry?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on electricity bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Coventry, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.
