Solar Panel Cost Guide in Foster, RI (2023 Update)
- Foster Solar Installation Cost: $8,276
- 25-Year Savings: $13,671
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Foster
Let's have a look at the average cost of solar panels in Foster.
The national average cost of solar panels is $2.66 per watt, but in Foster it's 2.84 per watt. 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 to get, your solar contractor and more. With average savings of about $20,000 on utility bills over 20 years, many homeowners in Foster find investing in solar has a decent ROI.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Foster
| Year | Return on Investment |
|---|---|
| 1 years | $-8,203 |
| 3 years | $-8,056 |
| 5 years | $-7,910 |
| 7 years | $-7,764 |
| 9 years | $-7,617 |
| 11 years | $-7,471 |
| 13 years | $-7,325 |
| 15 years | $-7,178 |
| 17 years | $-7,032 |
| 19 years | $-6,886 |
| 21 years | $-6,739 |
| 23 years | $-6,593 |
| 25 years | $-6,447 |
Top Solar Installers in Foster
When switching to solar energy, many homeowners prefer to go with a solar installer since handling can be a difficult project. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Foster:
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 Foster
Factors that Affect Solar Panel Costs in Foster
There are many criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the price of a solar system in Foster, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past power bills. Your total cost can increase by around $2,840 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Foster, 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 financially overwhelming. Solar loans are available from most installers in Foster, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher 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 solar energy can have an effect on your total costs. There are about 3 solar installation companies in Foster, and each can charge different amounts for labor and equipment. Additionally, some companies in Foster have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 a lot of companies to choose from in Foster, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Installation Process: When making the switch to solar energy, it's necessary to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the project completion timeline.
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 Foster, RI Solar Cost FAQs
What is the average cost of installing solar panels in Foster?
The average cost of solar panels in Foster 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Foster?
A solar panel system isn'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.
How will solar panels impact my home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose 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 long do solar panels last in Foster?
On average, solar panels can last 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.