Solar Panel Cost Guide in Lincoln, RI (Oct 2022)

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

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Lincoln

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

Although the national average of solar panels is $2.66 per watt, solar panels in Lincoln typically cost about $3. The average solar panel system size in Lincoln is around 4.2 kilowatts, meaning a cost of about $8,270 for a solar installation, or $6,120 after the 30% federal solar tax credit is applied.

The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Lincoln see about $20,000 in savings on electricity bills over 20 years.

To calculate your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in Lincoln

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 Lincoln

DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar company can make your switch to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.

Working with a vetted solar company can help you make the most of your investment in solar. 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 Lincoln

Factors that Affect Solar Panel Costs in Lincoln

For many Lincoln homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment

The size of the solar system you need to offset your energy usage is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,840. The type of solar equipment you choose can increase or decrease your cost 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. On the other hand, higher efficiency could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lincoln average.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Lincoln, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.

Solar Panel Installation Company

The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lincoln, and each can charge varying amounts for labor and equipment. Additionally, some companies in Lincoln have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
  • Contract: Before signing a contract with a solar company, be sure to look it over carefully 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 what services you can expect from them.

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 Lincoln, RI Solar Cost FAQs

What is the average cost of installing solar panels in Lincoln?

This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Are solar panels free in Lincoln?

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

Can solar panels completely eradicate my electricity bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lincoln, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How many solar panels do I need to power my home?

To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average house 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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