Solar Panel Cost Guide in Foster, RI (Feb 2023)

  • Foster Solar Installation Cost: $8,270
  • 25-Year Savings: $13,677
  • Payback Period: 9.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Foster

Find out what the average cost of solar panels are in Foster.

The average cost of a solar system in Foster is $3 per watt. The average Foster homeowner needs a 4.2-kilowatt system, which would cost about $8,270, or $6,120 after the federal solar tax credit of 30% is applied.

Keep in mind that the figures above are only estimates based on the average Foster homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. 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 ROI and connect with a local solar installer, click the button below.

Solar savings over time in Foster

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 Foster

Installing solar panels yourself can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.

Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Foster

Factors that Affect Solar Panel Costs in Foster

Although the average cost of a solar system in Foster is $8,270, your final cost may differ. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.

Solar Equipment

One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Foster. The type of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.

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. Fortunately, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Foster, you'll have a great number of options to choose from, but each comes at varying price points 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 that service. 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

The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:

  • Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
  • Warranty: If you care about the longevity of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Foster, RI Solar Cost FAQs

How much does it cost to install solar panels in Foster?

This is a difficult question to answer precisely, because the cost depends on a few different 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 higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Are solar panels free in Foster?

You can't get solar panels for free in Foster. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.

Can solar panels significantly reduce my energy bills?

Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,054.41 per year.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know how much energy your home needs 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.

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