Solar Panel Cost Guide in North Smithfield, RI (2023 Update)
- North Smithfield Solar Installation Cost: $8,270
- 25-Year Savings: $13,677
- Payback Period: 9.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in North Smithfield
We go over average solar pricing in North Smithfield.
In North Smithfield, solar panels cost about 2.84 per watt on average. Because a 4.2-kW system is needed to cover the energy costs of a typical home in North Smithfield, the average price of going solar will be about $8,270 after claiming the federal solar tax credit of 30%.
These figures are just averages, and the cost of going solar for you may look different based on the amount of energy your home requires and what company you choose to go with. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in North Smithfield can save about $20,000 on their power bills over 20 years.
To get a free estimate from a pre-vetted solar company in North Smithfield, you can click the button below.
Solar savings over time in North Smithfield
| 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 North Smithfield
When switching to solar energy, many homeowners choose to hire a solar installation company since DIY solar panel installation can be a difficult project. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for you.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 North Smithfield
Factors that Affect Solar Panel Costs in North Smithfield
The cost of installing a solar system in North Smithfield can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,840. The brand and type of equipment you get for your solar system can raise or lower 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 a small roof 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in North Smithfield to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to 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 remarkably.
Solar Panel Installation Company
The solar company you pick will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $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 a lot of companies available in North Smithfield, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you care about the endurance of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The kind of solar panel you'd like to install plays a part in which company you should opt for, since different companies have different panels.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
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 North Smithfield, RI Solar Cost FAQs
How much does it cost to install solar panels in North Smithfield?
The average cost of solar panels in North Smithfield is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in North Smithfield?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
Is it worth going solar in North Smithfield?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
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 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.