Solar Panel Cost Guide in Westerly, RI (2024 Update)
- Westerly Solar Installation Cost: $11,262
- 25-Year Savings: $14,088
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Westerly
Find out what the average cost of installing solar panels is in Westerly.
The average cost of a solar system in Westerly is 4 per watt.To cover the typical energy needs of the average home in Westerly, most homeowners require a 4.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,262, or $16,105 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and your own solar costs will vary based on your energy needs and what company you choose to go with.Despite the significant initial cost, the average Westerly homeowner can save around $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Westerly
| Year | Return on Investment |
|---|---|
| 1 years | $-9,731 |
| 3 years | $-6,669 |
| 5 years | $-3,607 |
| 7 years | $-545 |
| 9 years | $2,517 |
| 11 years | $5,579 |
| 13 years | $8,641 |
| 15 years | $11,703 |
| 17 years | $14,765 |
| 19 years | $17,827 |
| 21 years | $20,890 |
| 23 years | $23,952 |
| 25 years | $27,014 |
Top Solar Installers in Westerly
When making the switch to solar, many homeowners prefer to use a solar installer since installing solar panels yourself can be a difficult project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're looking for a solar company in Westerly, the EcoWatch team has put together a list of our top suggestions here:
Best for Leasing
Sunrun
- 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
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Westerly
Factors that Affect Solar Panel Costs in Westerly
For many Westerly homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Westerly, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Westerly, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can gauge by looking at past power bills. Your total cost can increase by about $4,070 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Westerly have solar loans, which reduce the initial cost of installing solar.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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Westerly, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The company’s size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $15,534 | 13.3 years |
| 8 kW | $4.15 | $23,248 | $21,167 | 13.1 years |
| 10 kW | $4.07 | $28,490 | $27,029 | 12.8 years |
| 12 kW | $3.99 | $33,504 | $33,119 | 12.6 years |
| 14 kW | $3.91 | $38,291 | $39,436 | 12.3 years |
| 16 kW | $3.83 | $42,849 | $45,982 | 12.1 years |
| 18 kW | $3.74 | $47,179 | $52,755 | 11.8 years |
| 20 kW | $3.66 | $51,282 | $59,756 | 11.5 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: Before signing a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best for Leasing
Sunrun
- 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
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Westerly, RI Solar Cost FAQs
What is the average cost of installing solar panels in Westerly?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,350 for a 5-kW system and $40,700 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Westerly?
Leasing solar panels can be an option if you can’t afford 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 home 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 financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Westerly is currently $529,386, which means you can expect a value of about $21,705 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Westerly is a worthwhile investment.
How often do you have to replace solar panels?
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.