Solar Panel Cost Guide in Warwick, RI (Jul 2022)
- Warwick Solar Installation Cost: $8,554
- 25-Year Savings: $13,393
- Payback Period: 9.7 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Warwick
Find out how much it might cost to make the switch to solar in Warwick.
The average cost of a solar system in Warwick is $3 per watt. The average Warwick homeowner needs a 4.1-kilowatt system, which would cost about $8,554, or $6,330 after the federal solar tax credit is applied.
The actual price you pay can be above or below the average in Warwick depending on a few factors, such as the brand of solar panels you choose and the solar company you hire. But, once you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $20,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar installer in Warwick that can help you get a more accurate cost estimate for your home.
Solar savings over time in Warwick
| Year | Return on Investment |
|---|---|
| 1 years | $-7,676 |
| 3 years | $-5,920 |
| 5 years | $-4,164 |
| 7 years | $-2,408 |
| 9 years | $-653 |
| 11 years | $1,103 |
| 13 years | $2,859 |
| 15 years | $4,615 |
| 17 years | $6,370 |
| 19 years | $8,126 |
| 21 years | $9,882 |
| 23 years | $11,637 |
| 25 years | $13,393 |
Top Solar Installers in Warwick
Installing solar panels on your own can be a dangerous project, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar companies offer can be valuable as well, especially if you aren't sure what type of solar equipment would be right for your home.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Technology
Tesla Energy
- 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
See all of the solar companies in Warwick
Factors that Affect Solar Panel Costs in Warwick
There are several factors that can play into your total 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 Size
The size of the solar system you need for your household is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,840. The brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Warwick, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, including the total 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 securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you pick will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $13,114 | $19,227 | 10.1 years |
| 8 kW | $2.90 | $17,149 | $25,972 | 9.9 years |
| 10 kW | $2.84 | $21,016 | $32,885 | 9.7 years |
| 12 kW | $2.78 | $24,715 | $39,967 | 9.6 years |
| 14 kW | $2.73 | $28,246 | $47,216 | 9.4 years |
| 16 kW | $2.67 | $31,608 | $54,634 | 9.2 years |
| 18 kW | $2.61 | $34,802 | $62,220 | 9.0 years |
| 20 kW | $2.56 | $37,829 | $69,974 | 8.8 years |
Solar Incentives in Warwick
| 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 numerous companies available in Warwick, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best Technology
Tesla Energy
- 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
EcoWatch's Warwick, RI Solar Cost FAQs
What is the average cost of installing solar panels in Warwick?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Warwick?
A solar panel system isn't free in Warwick, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will solar panels impact my property value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for 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 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.
