Solar Panel Cost Guide in Smithfield, RI (2024 Update)
- Smithfield Solar Installation Cost: $11,860
- 25-Year Savings: $13,936
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Smithfield
We go over average solar pricing in Smithfield.
While the national average of solar panels is $2.66 per watt, solar panels in Smithfield typically cost around 4.Using this figure, a typical 4.2-kW system would cost about $11,860 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Smithfield see about $20,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a vetted solar company in your area for a personalized estimate.
Solar savings over time in Smithfield
| 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 Smithfield
Trying to put up solar panels yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best for Leasing
Sunrun
- 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 Smithfield
Factors that Affect Solar Panel Costs in Smithfield
For many Smithfield homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Smithfield, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Smithfield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by around $4,070 for each additional kilowatt you need.The model of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Smithfield to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.However, the interest on solar loans also adds to your all-in costs, so it’s important to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also fits within your budget.
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 | $14,236 | 13.9 years |
| 8 kW | $4.15 | $23,248 | $19,437 | 13.6 years |
| 10 kW | $4.07 | $28,490 | $24,866 | 13.3 years |
| 12 kW | $3.99 | $33,504 | $30,522 | 13.1 years |
| 14 kW | $3.91 | $38,291 | $36,407 | 12.8 years |
| 16 kW | $3.83 | $42,849 | $42,520 | 12.5 years |
| 18 kW | $3.74 | $47,179 | $48,861 | 12.3 years |
| 20 kW | $3.66 | $51,282 | $55,429 | 12.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation 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 things to keep in mind to help with your decision:
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Not all solar installers carry 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.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Smithfield, RI Solar Cost FAQs
What is the average cost of installing solar panels in Smithfield?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,350 for a 5-kW system and $40,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in 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 home 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 bang for your buck from going solar.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,067.11 per year.
How long do solar panels last in Smithfield?
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 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.