Solar Panel Cost Guide in Exeter, RI (2023 Update)
- Exeter Solar Installation Cost: $7,853
- 25-Year Savings: $14,094
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Exeter
Let's take a look at the average cost of solar in Exeter.
Although the national average of solar panels is $2.66 per watt, solar panels in Exeter typically cost around 2.84. The average solar panel system size in Exeter is around 4.0 kilowatts, meaning a cost of about $7,853 for a solar installation, or $11,230 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Exeter homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $21,000 on power bills over 20 years, many homeowners in Exeter find going solar has a decent ROI.
Click the button below to get connected to a top solar panel company in Exeter for a personalized quote.
Solar savings over time in Exeter
| Year | Return on Investment |
|---|---|
| 1 years | $-6,975 |
| 3 years | $-5,219 |
| 5 years | $-3,463 |
| 7 years | $-1,708 |
| 9 years | $48 |
| 11 years | $1,804 |
| 13 years | $3,560 |
| 15 years | $5,315 |
| 17 years | $7,071 |
| 19 years | $8,827 |
| 21 years | $10,583 |
| 23 years | $12,338 |
| 25 years | $14,094 |
Top Solar Installers in Exeter
Although you can install solar panels by yourself, it involves extra effort and handiness. Because of that, almost all homeowners choose a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Exeter, the EcoWatch team has compiled 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 Exeter
Factors that Affect Solar Panel Costs in Exeter
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. There are several different solar panel brands and the one you choose also changes the cost. In general, 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 much 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 Exeter to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. Although solar loans make going solar more accessible for Exeter 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $20,906 | 9.3 years |
| 8 kW | $2.90 | $16,222 | $28,193 | 9.1 years |
| 10 kW | $2.84 | $19,880 | $35,639 | 9.0 years |
| 12 kW | $2.78 | $23,379 | $43,244 | 8.8 years |
| 14 kW | $2.73 | $26,719 | $51,008 | 8.6 years |
| 16 kW | $2.67 | $29,900 | $58,931 | 8.4 years |
| 18 kW | $2.61 | $32,921 | $67,013 | 8.2 years |
| 20 kW | $2.56 | $35,784 | $75,254 | 8.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
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 Exeter, RI Solar Cost FAQs
How much does it cost to install solar panels in Exeter?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Exeter?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Exeter is currently $373,922, which means you can look forward to a value of about $15,331 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Exeter is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.