Solar Panel Cost Guide in Newport, RI (2024 Update)
- Newport Solar Installation Cost: $11,205
- 25-Year Savings: $14,128
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Newport
We break down average solar pricing in Newport.
Although the national average of solar panels is $2.66 per watt, solar panels in Newport generally cost about 4.To cover the typical energy usage of the average home in Newport, most homeowners require a 3.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,205, or $16,023 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what company you go with.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 $21,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar company in Newport for a quote for your home.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-9,674 |
| 3 years | $-6,612 |
| 5 years | $-3,550 |
| 7 years | $-488 |
| 9 years | $2,574 |
| 11 years | $5,636 |
| 13 years | $8,698 |
| 15 years | $11,760 |
| 17 years | $14,822 |
| 19 years | $17,884 |
| 21 years | $20,946 |
| 23 years | $24,009 |
| 25 years | $27,071 |
Top Solar Installers in Newport
Many homeowners opt for a solar panel company since installing solar panels on your own can be hard. Solar warranties and repairs are usually included in the cost of installation when you sign a contract with a solar company too, which can save you more money after your upfront investment.
If you’d like to start using solar energy but still aren’t certain which solar panel installer to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
While the average cost of a solar system in Newport is $11,205, your actual cost may be above or below the average. 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 crucial things to take into consideration.
Solar Equipment
The size of the solar panel 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 around $4,070. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Newport offer solar loans, which reduce your upfront costs of installing solar.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can play a part in determining the cost. Newport’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.23 | $17,778 | $15,703 | 13.3 years |
| 8 kW | $4.15 | $23,248 | $21,393 | 13.0 years |
| 10 kW | $4.07 | $28,490 | $27,311 | 12.8 years |
| 12 kW | $3.99 | $33,504 | $33,458 | 12.5 years |
| 14 kW | $3.91 | $38,291 | $39,831 | 12.3 years |
| 16 kW | $3.83 | $42,849 | $46,433 | 12.0 years |
| 18 kW | $3.74 | $47,179 | $53,263 | 11.7 years |
| 20 kW | $3.66 | $51,282 | $60,321 | 11.5 years |
How to Save on Solar Panels
The company that does your solar system 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:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a quality company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,350 for a 5-kW system and $40,700 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 flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Newport is currently $812,382, so you can look forward to a value of about $33,308 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Newport is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires 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.