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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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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

We go over average solar pricing in Smithfield.

The national average cost of solar panels is $2.66 per watt, but in Smithfield it’s 4 per watt.Because a 4.2-kW system is needed to cover the energy costs of a typical home in Smithfield, the average price of going solar will be about $11,860 after claiming the federal solar tax credit of 0.

The true cost of your system can go higher or lower than the average in Smithfield based on a few factors, such as the kind of solar panels you choose and the solar company you hire.Even with the high initial cost, the average Smithfield homeowner can save about $20,000 on their energy bills over 20 years, which is one of the advantages of solar.

You can click the button below to get connected with a pre-vetted solar installer in Smithfield for a quote for your home.

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

Although it's possible to install solar panels by yourself, it involves extra energy and handiness. That's one of the reasons most homeowners choose a solar panel installer. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.

If you’d like to start using solar energy but still aren’t certain which solar system company to go with, here are our suggestions for providers near you:

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

While the average cost of a solar system in Smithfield is $11,860, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,070.There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Most solar installers in Smithfield offer solar loans, which reduce the initial cost of installing a solar system.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.

Solar Panel Installation Company

A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Smithfield is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that offer a range of services at different price points.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that offers the products, warranties and services you want 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

There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
  • Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a quality company.
  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.

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 $20,350 for a 5-kW system and $40,700 for a 10-kW system before the ITC, but the real cost will depend on stuff such as 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 Smithfield?

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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.

Can solar panels significantly reduce my power bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. 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?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.

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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