Solar Panel Cost Guide in Foster, RI (2024 Update)
- Foster Solar Installation Cost: $11,860
- 25-Year Savings: $13,671
- Payback Period: 13.5 Years
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Average Cost of Solar Panels in Foster
Find out how much it might cost to switch to solar power in Foster.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Foster, the typical cost of solar panels is 4 per watt.To account for the typical energy needs of the average home in Foster, most homeowners require a 4.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,860, or $16,960 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy consumption and what solar installer you go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $20,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar installer in Foster that can help you get a more accurate cost estimate for your home.
Solar savings over time in Foster
| Year | Return on Investment |
|---|---|
| 1 years | $-10,329 |
| 3 years | $-7,267 |
| 5 years | $-4,205 |
| 7 years | $-1,143 |
| 9 years | $1,919 |
| 11 years | $4,981 |
| 13 years | $8,043 |
| 15 years | $11,105 |
| 17 years | $14,168 |
| 19 years | $17,230 |
| 21 years | $20,292 |
| 23 years | $23,354 |
| 25 years | $26,416 |
Top Solar Installers in Foster
When going solar, many homeowners opt to use a solar installer since DIY solar panel installation can be a challenging project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're looking for a solar company in Foster, we've organized a list of our top suggestions here:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- 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 Foster
Factors that Affect Solar Panel Costs in Foster
There are a number of factors that can affect your solar panel 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
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $4,070 per kilowatt in Foster.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Foster average.
Solar Financing Terms
Many homeowners find the average cost of solar in Foster to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest.It’s a good idea 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 back the loan.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact the cost. Foster’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $4.23 | $17,778 | $13,854 | 14.1 years |
| 8 kW | $4.15 | $23,248 | $18,928 | 13.8 years |
| 10 kW | $4.07 | $28,490 | $24,230 | 13.5 years |
| 12 kW | $3.99 | $33,504 | $29,760 | 13.2 years |
| 14 kW | $3.91 | $38,291 | $35,518 | 13.0 years |
| 16 kW | $3.83 | $42,849 | $41,503 | 12.7 years |
| 18 kW | $3.74 | $47,179 | $47,717 | 12.4 years |
| 20 kW | $3.66 | $51,282 | $54,159 | 12.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Installation Process: When making the switch to solar power, it’s crucial to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- 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 Foster, RI Solar Cost FAQs
What is the average cost of installing solar panels in Foster?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,350 for a 5-kW system and $40,700 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 efficient solar panels.
Can you get solar panels for free in Foster?
Solar panels aren’t free in Foster, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase how much your 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 Foster is currently $478,042, which means you could be looking at a value of about $19,600 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Foster is a rewarding investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 install 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.