Solar Panel Cost Guide in Providence, RI (2024 Update)
- Providence Solar Installation Cost: $11,860
- 25-Year Savings: $13,671
- Payback Period: 13.5 Years
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Average Cost of Solar Panels in Providence
We break down average solar pricing in Providence.
The national average cost of solar panels is $2.66 per watt, but in Providence it’s 4 per watt.The average solar panel system size in Providence is around 4.2 kilowatts, meaning a cost of about $11,860 for a solar installation, or $16,960 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $20,000 over 20 years on power bills.
To receive a free estimate from a top solar installer in Providence, you can click the button below.
Solar savings over time in Providence
| Year | Return on Investment |
|---|---|
| 1 years | $-10,329 |
| 3 years | $-7,267 |
| 5 years | $-4,205 |
| 7 years | $-1,143 |
| 9 years | $1,919 |
| 11 years | $4,981 |
| 13 years | $8,043 |
| 15 years | $11,105 |
| 17 years | $14,168 |
| 19 years | $17,230 |
| 21 years | $20,292 |
| 23 years | $23,354 |
| 25 years | $26,416 |
Top Solar Installers in Providence
When making the switch to solar, many homeowners choose to go with a solar installer since overseeing your solar installation yourself can be a difficult project. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to switch to solar energy but still aren’t sure which solar panel installer to go with, here are our suggestions for providers in Providence:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Providence
Factors that Affect Solar Panel Costs in Providence
Even though the average cost of a solar system in Providence is $11,860, your actual cost may be higher or lower than that. There are many 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 consider.
Solar Equipment
When it comes to estimating the cost of a solar system in Providence, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by around $4,070 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s important to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Providence, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Providence have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $13,854 | 14.1 years |
| 8 kW | $4.15 | $23,248 | $18,928 | 13.8 years |
| 10 kW | $4.07 | $28,490 | $24,230 | 13.5 years |
| 12 kW | $3.99 | $33,504 | $29,760 | 13.2 years |
| 14 kW | $3.91 | $38,291 | $35,518 | 13.0 years |
| 16 kW | $3.83 | $42,849 | $41,503 | 12.7 years |
| 18 kW | $3.74 | $47,179 | $47,717 | 12.4 years |
| 20 kW | $3.66 | $51,282 | $54,159 | 12.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since 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 number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Providence, RI Solar Cost FAQs
What is the average cost of installing solar panels in Providence?
The average cost of solar panels in Providence is about $20,350 for a 5-kW system and $40,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Providence?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The drawback 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 option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Providence is currently $362,325, so you can look forward to a value of about $14,855 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Providence is a worthwhile investment.
How long do solar panels last in Providence?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.