Solar Panel Cost Guide in Narragansett, RI (Mar 2023)
- Narragansett Solar Installation Cost: $7,853
- 25-Year Savings: $14,094
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Narragansett
We go over average solar pricing in Narragansett.
In Narragansett, solar panels cost about 2.84 per watt on average. To cover the typical energy needs of the average home in Narragansett, most homeowners require a 4.0-kilowatt system. Using the figure above, a solar installation costs around $7,853, or $11,230 before the federal solar tax credit of 30% is applied.
How much you pay can be higher or lower than the average in Narragansett based on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $21,000 over 20 years on energy bills.
To receive a free quote from a vetted solar installation company in Narragansett, you can click the button below.
Solar savings over time in Narragansett
| 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 Narragansett
Installing solar panels yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Narragansett:
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 Narragansett
Factors that Affect Solar Panel Costs in Narragansett
The cost of installing a solar system in Narragansett can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. The model of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Narragansett is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different price points. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 solar panel company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- 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 good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which brand 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 peruse their list of options before making your decision.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
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 Narragansett, RI Solar Cost FAQs
How much does it cost to install solar panels in Narragansett?
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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Narragansett?
A solar panel system isn't free in Narragansett, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels completely eradicate my electricity 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 $1,110.38 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can 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 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.