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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EcoWatch Local Advisors

By EcoWatch Local Advisors

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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

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.

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