Solar Panel Cost Guide in Woonsocket, RI (Oct 2022)
- Woonsocket Solar Installation Cost: $8,270
- 25-Year Savings: $14,910
- Payback Period: 8.9 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Woonsocket
Find out what the average cost of solar panel installation is in Woonsocket.
The average cost of a solar system in Woonsocket is $3 per watt. Using this figure, a typical 4.2 would cost about $8,270 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely vary based on your energy needs and what company you choose to go with. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Woonsocket see about $21,000 in savings on utility bills over 20 years.
To receive a free estimate from a top solar installer in Woonsocket, you can click the button below.
Solar savings over time in Woonsocket
| Year | Return on Investment |
|---|---|
| 1 years | $-7,343 |
| 3 years | $-5,488 |
| 5 years | $-3,634 |
| 7 years | $-1,780 |
| 9 years | $75 |
| 11 years | $1,929 |
| 13 years | $3,784 |
| 15 years | $5,638 |
| 17 years | $7,492 |
| 19 years | $9,347 |
| 21 years | $11,201 |
| 23 years | $13,056 |
| 25 years | $14,910 |
Top Solar Installers in Woonsocket
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring an installer can make switching to solar power much easier. Another upside of going with a solar company is that they can help you optimize your return of investment by lowering your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar installer in Woonsocket, the EcoWatch team has organized a list of our top suggestions here:
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 Woonsocket
Factors that Affect Solar Panel Costs in Woonsocket
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Woonsocket: 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
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,840 per kilowatt in Woonsocket. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Woonsocket offer solar loans, which reduce your upfront costs of installing a solar system. When estimating 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 lower the total interest paid over time.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Woonsocket, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Woonsocket have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $21,005 | 9.3 years |
| 8 kW | $2.90 | $16,222 | $28,324 | 9.1 years |
| 10 kW | $2.84 | $19,880 | $35,803 | 8.9 years |
| 12 kW | $2.78 | $23,379 | $43,441 | 8.7 years |
| 14 kW | $2.73 | $26,719 | $51,237 | 8.6 years |
| 16 kW | $2.67 | $29,900 | $59,193 | 8.4 years |
| 18 kW | $2.61 | $32,921 | $67,308 | 8.2 years |
| 20 kW | $2.56 | $35,784 | $75,582 | 8.0 years |
Solar Incentives in Woonsocket
| 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 available to you, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- 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 what services your solar company will provide and the terms of the warranty.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar company you're considering has it.
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 Woonsocket, RI Solar Cost FAQs
What is the average cost of installing solar panels in Woonsocket?
The average cost of solar panels in Woonsocket is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt 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 solar panels."
How often do you have to replace solar panels?
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.
