Solar Panel Cost Guide in Newport East, RI (Oct 2022)
- Newport East Solar Installation Cost: $7,813
- 25-Year Savings: $14,134
- Payback Period: 8.9 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Newport East
Find out what the average cost of installing solar panels is in Newport East.
The national average cost of solar panels is $2.66 per watt, but in Newport East it's $3 per watt. To account for the typical energy needs of the average home in Newport East, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs around $7,813, or $5,782 after the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs will vary based on your energy needs and what company you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Newport East homeowners see about $21,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Newport East
| 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 East
Although it's possible to install solar panels by yourself, it requires extra time and expertise. Because of that, the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Technology
The Green Panel
- 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 Newport East
Factors that Affect Solar Panel Costs in Newport East
Even though the average cost of solar panels in Newport East is $7,813, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment Size
The size of the solar system you need for your household is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,840. The kind of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's wise to factor 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
The final major cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Newport East, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment 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 | $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 |
Solar Incentives in Newport East
| Name | Rhode Island C-PACE program |
| Incentive Amount | |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Products Sales and Use Tax Exemption |
| Incentive Amount | 100% exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Equipment |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Small Scale Solar Grants (Commerce RI) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
The solar company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies have different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
Best Technology
The Green Panel
- 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 Newport East, RI Solar Cost FAQs
How much does it cost to install solar panels in Newport East?
This is a tough question to answer exactly, 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Newport East?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Newport East is currently $343,863, which means you could be looking at a value of about $14,098 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Newport East is a rewarding investment.
How long do solar panels last in Newport East?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.
