Solar Panel Cost Guide in Smithfield, RI (Sep 2022)

  • Smithfield Solar Installation Cost: $8,270
  • 25-Year Savings: $13,941
  • Payback Period: 9.3 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 Smithfield

Let's have a look at the average cost of solar in Smithfield.

The national average cost of solar panels is $2.66 per watt, but in Smithfield it's $3 per watt. Since a 4.2-kW system is needed to cover the energy consumption of a typical home in Smithfield, the average price of going solar will be about $8,270 before claiming the federal solar tax credit of 30%.

The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what installation company you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Smithfield see about $20,000 in savings on electricity bills over 20 years.

For a personalized quote from a local solar company 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 $-7,382
3 years $-5,605
5 years $-3,828
7 years $-2,051
9 years $-274
11 years $1,503
13 years $3,280
15 years $5,057
17 years $6,834
19 years $8,610
21 years $10,387
23 years $12,164
25 years $13,941

Top Solar Installers in Smithfield

When going solar, many homeowners prefer to hire a solar company since putting up a solar system yourself can be a challenging project. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.

Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:

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

The Green Panel

★★★★★
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 Smithfield

Factors that Affect Solar Panel Costs in Smithfield

Even though the average cost of solar panels in Smithfield is $8,270, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.

Solar Equipment Size

When it comes to estimating the cost of a solar energy system 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 consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,840 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Smithfield, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Smithfield, and each can charge varying amounts for labor and equipment. Companies that 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 come at a higher cost. It's best to do some research and decide on the company that has 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 $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

Solar Incentives in Smithfield

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Rhode Island C-PACE program
Website Visit here
More Info Click here

Name Renewable Energy Products Sales and Use Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
Website Visit here
More Info Click here

Name Small Scale Solar Grants (Commerce RI)
Incentive Amount Solar PV
Direct Ownership: $1.05/W
Third Party Ownership: $0.70/W
Solar Domestic Hot Water Heating
Direct Ownership: 25% of project contract price
Third Party Ownership: 10% of total contract price
Incentive Max Solar PV
Direct Ownership: $10,000 per project, $200,000 per application
Third Party Ownership: $5,000 per project, $100,000 per application
Solar Domestic Hot Water Heating
Direct Ownership: $5,000 per project< br/>Third Party Ownership: $2,000 per project
Website Visit here
More Info Click here

Name Local Option - Property Tax Exemption for Renewable Energy Systems
Incentive Amount Varies (local option)
More Info Click here

Name Property Tax Exemption for Renewable Energy Equipment
Incentive Amount 100% exemption from property taxes
Website Visit here
More Info Click here

Name Renewable Energy Growth Program
Incentive Amount Incentives will vary depending on the type of resource, the size of the system, and the geographic load zone area of the installation.

Solar is grouped into four categories based on size:
Small scale solar projects: up to 25kW
Medium scale solar projects: 25kW to 250 kW
Commercial scale solar projects: 250 kW to 1 MW
Large scale solar projects: 1 MW to 5 MW

Wind is grouped into two categories based on size:
Medium: 1.5 MW- 3 MW
Large: 3 MW- 5 MW

Anaerobic Digestion
Medium: 150 kW- 500 kW
Large: 501 kW- 1,000 kW

Small Scale Hydropower
Small: 10kW - 250 kW
Medium: 251 kW- 1,000 kW

Incentive Max Varies with system size, technology and geographic load zone.
Website Visit here
More Info Click here

How to Save on Solar Panels

There are a lot of companies available in Smithfield, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: Even though 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.
  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
  • 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.
  • Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a quality company.

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

The Green Panel

★★★★★
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 Smithfield, RI Solar Cost FAQs

How much does it cost to install solar panels in Smithfield?

This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Are solar panels free in Smithfield?

You can't get solar panels for free in Smithfield. However, you may still be able to get 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.

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 do I need to power my home?

The exact number of solar panels you need depends on your household energy needs 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 buy 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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