Solar Panel Cost Guide in Cumberland, RI (2023 Update)
- Cumberland Solar Installation Cost: $8,270
- 25-Year Savings: $13,677
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cumberland
Here's how much it might cost to make the switch to solar in Cumberland.
While the national average of solar panels is $2.66 per watt, solar panels in Cumberland typically cost around 2.84. Using this figure, a typical 4.2-kW system would cost about $8,270 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar system you want, your solar contractor and more. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $20,000 over 20 years on energy bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Cumberland
| Year | Return on Investment |
|---|---|
| 1 years | $-7,392 |
| 3 years | $-5,636 |
| 5 years | $-3,881 |
| 7 years | $-2,125 |
| 9 years | $-369 |
| 11 years | $1,386 |
| 13 years | $3,142 |
| 15 years | $4,898 |
| 17 years | $6,654 |
| 19 years | $8,409 |
| 21 years | $10,165 |
| 23 years | $11,921 |
| 25 years | $13,677 |
Top Solar Installers in Cumberland
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make your swap to solar power much easier. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you're searching for a solar company in Cumberland, 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 Cumberland
Factors that Affect Solar Panel Costs in Cumberland
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Cumberland: solar equipment and system size, financing options and the solar installation company you choose. We'll cover 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 main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. Although solar loans make switching to solar energy more accessible for Cumberland homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Cumberland is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services at different costs. The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger 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 | $12,405 | $19,227 | 9.8 years |
| 8 kW | $2.90 | $16,222 | $25,954 | 9.6 years |
| 10 kW | $2.84 | $19,880 | $32,840 | 9.4 years |
| 12 kW | $2.78 | $23,379 | $39,885 | 9.2 years |
| 14 kW | $2.73 | $26,719 | $47,090 | 9.1 years |
| 16 kW | $2.67 | $29,900 | $54,453 | 8.9 years |
| 18 kW | $2.61 | $32,921 | $61,975 | 8.7 years |
| 20 kW | $2.56 | $35,784 | $69,657 | 8.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on 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:
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Cumberland, RI Solar Cost FAQs
What is the average cost of installing solar panels in Cumberland?
The average cost of solar panels in Cumberland 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 model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Cumberland?
You can't get solar panels for free in Cumberland. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Cumberland is currently $300,839, so you could be looking at a value of about $12,334 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Cumberland is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.