Solar Panel Cost Guide in Smithfield, RI (2023 Update)

  • Smithfield Solar Installation Cost: $8,276
  • 25-Year Savings: $13,936
  • Payback Period: 9.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Smithfield

Here's how much it might cost to install solar panels in Smithfield.

The average cost of a solar system in Smithfield is 2.84 per watt. Using this figure, a typical 4.2-kW system would cost about $8,270 before the 30% federal solar tax credit is applied.

The true cost of your system can be higher or lower than the average in Smithfield based on a variety of factors, such as the model of solar panels you choose and the solar company you hire. Despite the large upfront cost, the average Smithfield homeowner can save around $20,000 on their electricity bills over 20 years, which is one of the perks of solar.

For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Smithfield

Year Return on Investment
1 years $-8,202
3 years $-8,054
5 years $-7,906
7 years $-7,757
9 years $-7,609
11 years $-7,461
13 years $-7,313
15 years $-7,165
17 years $-7,017
19 years $-6,869
21 years $-6,721
23 years $-6,573
25 years $-6,425

Top Solar Installers in Smithfield

When switching to solar energy, many homeowners opt to hire a solar installation company since installing solar panels yourself can be a challenging project. Plus, if you're not certain what brand of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.

If you're on the hunt for a solar company in Smithfield, the EcoWatch team has compiled a list of our top suggestions here:

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 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • 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 Smithfield

Factors that Affect Solar Panel Costs in Smithfield

Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Smithfield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, 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 want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar companies in Smithfield offer solar loans, which reduce your upfront costs of installing solar panels. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.

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 operating in Smithfield, and each can charge different amounts for labor and equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk 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 $19,608 9.7 years
8 kW $2.90 $16,222 $26,462 9.5 years
10 kW $2.84 $19,880 $33,476 9.3 years
12 kW $2.78 $23,379 $40,648 9.1 years
14 kW $2.73 $26,719 $47,979 8.9 years
16 kW $2.67 $29,900 $55,469 8.8 years
18 kW $2.61 $32,921 $63,119 8.6 years
20 kW $2.56 $35,784 $70,927 8.4 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 tough decision, we have some tips to help you, such as:

  • Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should opt for, since different companies offer different panels.
  • Installation Process: When making the switch to solar power, it's essential to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project timeline.
  • Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.

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 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Smithfield, RI Solar Cost FAQs

What is the average cost of installing solar panels in Smithfield?

The average cost of solar panels in 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 stuff such as the type 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 Smithfield?

Leasing solar panels can be an appealing choice, as it commonly 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 get the most savings.

Does Smithfield have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a 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 install between 20 and 35 panels to account for 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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