Solar Panel Cost Guide in Coventry, RI (Oct 2022)
- Coventry Solar Installation Cost: $8,091
- 25-Year Savings: $13,856
- Payback Period: 9.2 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Coventry
We break down average solar pricing in Coventry.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Coventry, the average cost of solar panels is $3 per watt. The average Coventry homeowner needs a 4.1-kilowatt system, which would cost about $8,091, or $5,987 after the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with. With average savings of about $20,000 on utility bills over 20 years, many homeowners in Coventry find investing in solar has a decent ROI.
Click the button below to get connected to a top solar company in your area for a custom quote.
Solar savings over time in Coventry
| Year | Return on Investment |
|---|---|
| 1 years | $-7,213 |
| 3 years | $-5,458 |
| 5 years | $-3,702 |
| 7 years | $-1,946 |
| 9 years | $-190 |
| 11 years | $1,565 |
| 13 years | $3,321 |
| 15 years | $5,077 |
| 17 years | $6,833 |
| 19 years | $8,588 |
| 21 years | $10,344 |
| 23 years | $12,100 |
| 25 years | $13,856 |
Top Solar Installers in Coventry
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make converting to solar power much easier. A solar company can also help save you money in the long run by providing warranties, repairs and part replacements.
Working with a professional solar company can make going solar easier. Here are our recommendations:
Best Technology
The Green Panel
- 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 often one of the most important factors for homeowners who are considering investing in solar. There are a few primary 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 go over each of these briefly below.
Solar Equipment Size
When it comes to estimating the price of solar panels in Coventry, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,840 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Coventry, 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
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Coventry, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your total costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can play a part in determining your pricing. Coventry's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $19,936 | 9.6 years |
| 8 kW | $2.90 | $16,222 | $26,899 | 9.4 years |
| 10 kW | $2.84 | $19,880 | $34,021 | 9.2 years |
| 12 kW | $2.78 | $23,379 | $41,303 | 9.0 years |
| 14 kW | $2.73 | $26,719 | $48,743 | 8.9 years |
| 16 kW | $2.67 | $29,900 | $56,342 | 8.7 years |
| 18 kW | $2.61 | $32,921 | $64,101 | 8.5 years |
| 20 kW | $2.56 | $35,784 | $72,018 | 8.3 years |
Solar Incentives in Coventry
| Name | Rhode Island C-PACE program |
| Incentive Amount | |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Products Sales and Use Tax Exemption |
| Incentive Amount | 100% exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Equipment |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Small Scale Solar Grants (Commerce RI) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are a large number of companies to choose from in Coventry, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Make sure you're on the same page with the installer with 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.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Technology
The Green Panel
- 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
How much does it cost to install solar panels in Coventry?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional 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.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably 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 a solar system."
How often do you have to replace solar panels?
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 level 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.
