Solar Panel Cost Guide in Providence, RI (Oct 2022)

  • Providence Solar Installation Cost: $8,270
  • 25-Year Savings: $13,677
  • Payback Period: 9.4 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Providence

Let's take a look at the average cost of solar panels in Providence.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Providence, the average cost of solar panels is $3 per watt. Since a 4.2-kW system is needed to cover the energy needs of a typical home in Providence, the average price of going solar will be about $8,270 before claiming the federal solar tax credit of 30%.

These figures are only estimates, and how much solar costs for you will most likely look different based on your energy needs and what company you choose to go with. With average savings of about $20,000 on utility bills over 20 years, many homeowners in Providence find going solar can pay off big.

To calculate your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in Providence

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 Providence

Although you can install solar panels on your own, it takes extra labor and know-how. Because of that, most people choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.

If you'd like to make the switch to solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Providence

Factors that Affect Solar Panel Costs in Providence

There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

System size is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you choose 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Providence homeowners decide to finance their solar panel systems to make going solar more affordable. Even though solar loans make switching to solar energy more accessible for Providence homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Providence, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk prices, 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 $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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:

  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
  • 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 updating or replacing your electrical system or roof.
  • Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
  • Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

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 $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 things such as the model of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Providence?

You can't get solar panels for free in Providence. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.

Is switching to solar power worth it?

Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.

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.

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