Solar Panel Cost Guide in Newport, RI (2023 Update)
- Newport Solar Installation Cost: $7,813
- 25-Year Savings: $14,134
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newport
Here's how much it might cost to switch to solar power in Newport.
The average cost of a solar panel system in Newport is 2.84 per watt. To cover the typical energy usage of the average home in Newport, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs around $7,813, or $11,173 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you want to get, your solar contractor and more. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $21,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-6,935 |
| 3 years | $-5,179 |
| 5 years | $-3,423 |
| 7 years | $-1,668 |
| 9 years | $88 |
| 11 years | $1,844 |
| 13 years | $3,599 |
| 15 years | $5,355 |
| 17 years | $7,111 |
| 19 years | $8,867 |
| 21 years | $10,622 |
| 23 years | $12,378 |
| 25 years | $14,134 |
Top Solar Installers in Newport
Although you can install solar panels by yourself, it requires extra labor and know-how. That's one of the reasons most people choose a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Newport
Factors that Affect Solar Panel Costs in Newport
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,840. There are many different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Newport provide solar loans, which reduce the initial cost of installing a solar system. 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence how much it costs. Newport's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $21,076 | 9.3 years |
| 8 kW | $2.90 | $16,222 | $28,419 | 9.1 years |
| 10 kW | $2.84 | $19,880 | $35,921 | 8.9 years |
| 12 kW | $2.78 | $23,379 | $43,583 | 8.7 years |
| 14 kW | $2.73 | $26,719 | $51,403 | 8.6 years |
| 16 kW | $2.67 | $29,900 | $59,383 | 8.4 years |
| 18 kW | $2.61 | $32,921 | $67,521 | 8.2 years |
| 20 kW | $2.56 | $35,784 | $75,819 | 8.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose significantly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: When making the switch to solar energy, it's important to maintain an open line of communication with your solar installer. See to it that you understand how the installation process works and the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 Newport, RI Solar Cost FAQs
What is the average cost of installing solar panels in Newport?
The average cost of solar panels in Newport is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Newport?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is switching to solar power worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Newport?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.