Solar Panel Cost Guide in Cumberland Hill, RI (2023 Update)
- Cumberland Hill 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 Hill
Find out what the average cost of solar panel installation is in Cumberland Hill.
In Cumberland Hill, solar panels cost about 2.84 per watt on average. The average solar panel system size in Cumberland Hill is around 4.2 kilowatts, meaning a cost of about $8,270 for a solar installation, or $11,826 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Cumberland Hill homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the large upfront cost, the average Cumberland Hill homeowner can save about $20,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Cumberland Hill
| 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 Hill
Trying to put up solar panels by yourself can be a stressful project, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Hill
Factors that Affect Solar Panel Costs in Cumberland Hill
There are a number of criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Cumberland Hill average.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Cumberland Hill homeowners opt to finance their solar panel systems to offset upfront costs. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Cumberland Hill, and each can charge varying amounts for labor and equipment. Additionally, some companies in Cumberland Hill have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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
There are many companies to choose from in Cumberland Hill, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Warranty: If you're worried about the durability of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The type of solar panel you need to install plays a part in which installer you should opt for, since different companies have different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Hill, RI Solar Cost FAQs
How much does it cost to install solar panels in Cumberland Hill?
The average cost of solar panels in Cumberland Hill is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Cumberland Hill?
Leasing solar panels can be an option if you are unable 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 savings from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 goes down 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.