Solar Panel Cost Guide in Warwick, RI (Oct 2022)
- Warwick Solar Installation Cost: $8,091
- 25-Year Savings: $13,856
- Payback Period: 9.2 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Warwick
Find out what the average cost of a solar system is in Warwick.
While the national average of solar panels is $2.66 per watt, solar panels in Warwick generally cost around $3. Using this figure, a typical 4.1 would cost about $8,091 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Warwick homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing solar panels is a sound investment. The average homeowner in Warwick can save about $20,000 on their power bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company 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 | $-7,213 |
| 3 years | $-5,458 |
| 5 years | $-3,702 |
| 7 years | $-1,946 |
| 9 years | $-190 |
| 11 years | $1,565 |
| 13 years | $3,321 |
| 15 years | $5,077 |
| 17 years | $6,833 |
| 19 years | $8,588 |
| 21 years | $10,344 |
| 23 years | $12,100 |
| 25 years | $13,856 |
Top Solar Installers in Warwick
When switching to solar energy, many homeowners opt to hire a solar installer since putting up solar panels yourself can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for you.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Technology
The Green Panel
- 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
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Warwick: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment Size
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. Solar power systems with greater efficiency or power generation 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 $2,840. There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a part in determining the cost. Warwick's solar companies all have different labor costs and add varying upcharges to 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 with an above-average cost. 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 | $2.95 | $12,405 | $19,936 | 9.6 years |
| 8 kW | $2.90 | $16,222 | $26,899 | 9.4 years |
| 10 kW | $2.84 | $19,880 | $34,021 | 9.2 years |
| 12 kW | $2.78 | $23,379 | $41,303 | 9.0 years |
| 14 kW | $2.73 | $26,719 | $48,743 | 8.9 years |
| 16 kW | $2.67 | $29,900 | $56,342 | 8.7 years |
| 18 kW | $2.61 | $32,921 | $64,101 | 8.5 years |
| 20 kW | $2.56 | $35,784 | $72,018 | 8.3 years |
Solar Incentives in Warwick
| Name | Rhode Island C-PACE program |
| Incentive Amount | |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Products Sales and Use Tax Exemption |
| Incentive Amount | 100% exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Equipment |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Small Scale Solar Grants (Commerce RI) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
The company that does your solar panel 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 challenge, we have some tips to help you, such as:
- Warranty: If you care about the endurance of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- 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 considerable role in the company you choose.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
Best Technology
The Green Panel
- 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
How much does it cost to install solar panels in Warwick?
This is a tough question to answer precisely, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Warwick?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 savings from going solar.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,078.02 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.
