Solar Panel Cost Guide in Providence, RI (2023 Update)
- Providence Solar Installation Cost: $8,270
- 25-Year Savings: $13,677
- Payback Period: 9.4 Years
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Updated May 04, 2023
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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.
Although the national average of solar panels is $2.66 per watt, solar panels in Providence generally cost about 2.84. 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 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Providence homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $20,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar company in your area for a customized quote.
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
When going solar, many homeowners prefer to use a solar installer since putting up solar panels yourself can be a challenging project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers in Providence:
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 Providence
Factors that Affect Solar Panel Costs in Providence
There are a number of factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Providence. The kind of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 looking for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Providence, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's wise to include 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 off the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can impact the cost. Providence's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Providence, RI Solar Cost FAQs
How much does it cost to install 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 like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels 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'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.