Solar Panel Cost Guide in Hopkinton, RI (2023 Update)
- Hopkinton 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 Hopkinton
Find out how much it might cost to switch to solar power in Hopkinton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hopkinton, the typical cost of a solar system is 2.84 per watt. Since a 4.0-kW system is needed to cover the energy consumption of a typical home in Hopkinton, the average price of going solar will be about $7,853 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Hopkinton homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the significant initial cost, the average Hopkinton homeowner can save around $21,000 on their energy bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar installer in Hopkinton that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hopkinton
| 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 Hopkinton
When making the switch to solar, many homeowners decide to go with a solar installation company since putting up a solar system yourself can be a difficult project. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy consumption, but going with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
If you're searching for a solar company in Hopkinton, 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 Hopkinton
Factors that Affect Solar Panel Costs in Hopkinton
Although the average cost of a solar system in Hopkinton is $7,853, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar system in Hopkinton, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over five to seven years on average. Though solar loans make adopting solar energy more accessible for Hopkinton homeowners, they can also raise 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 avoid paying as much in interest.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Hopkinton, and each can charge different amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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
The company that does your solar panel installation will affect the warranties and brands available to you, 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: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
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 Hopkinton, RI Solar Cost FAQs
What is the average cost of installing solar panels in Hopkinton?
The average cost of solar panels in Hopkinton 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 type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 buy between 20 and 35 panels to cover 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.