Solar Panel Cost Guide in Warwick, RI (2023 Update)
- Warwick Solar Installation Cost: $8,091
- 25-Year Savings: $13,856
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Warwick
Find out what the average cost of a solar system is in Warwick.
The national average cost of solar panels is $2.66 per watt, but in Warwick it's 2.84 per watt. Using this figure, a typical 4.1-kW system would cost about $8,091 before the 30% federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you may differ based on the amount of energy your home requires and what company you go with. For most homeowners, the upfront cost of solar panels is worth paying. On average Warwick homeowners see about $20,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top 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 | $-7,213 |
| 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
Installing solar panels on your own can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
Best Social Impact
Palmetto Solar
- 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 Warwick
Factors that Affect Solar Panel Costs in Warwick
While the average cost of a solar system in Warwick is $8,091, your actual cost may differ. There are quite a few factors that can have a significant 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 size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,840. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Warwick homeowners decide to finance their solar panel systems to make paying for solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher 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 Warwick is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that offer a range of services at different costs. Additionally, some companies in Warwick know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 |
How to Save on Solar Panels
The solar panel company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Warwick, RI Solar Cost FAQs
How much does it cost to install solar panels in Warwick?
The average cost of solar panels in Warwick is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type 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 Warwick?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Warwick?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Warwick?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.