Solar Panel Cost Guide in Woonsocket, RI (Jul 2022)
- Woonsocket Solar Installation Cost: $8,743
- 25-Year Savings: $14,438
- Payback Period: 9.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Woonsocket
Let's have a look at the average cost of solar in Woonsocket.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Woonsocket, the average cost of solar panels is $3 per watt. The average solar panel system size in Woonsocket is around 4.2 kilowatts, meaning a cost of about $8,743 for a solar installation, or $6,470 after the federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. With average savings of about $21,000 on power bills over 20 years, many homeowners in Woonsocket find installing solar panels can pay off big.
Click the button below to get connected to a top solar company in Woonsocket for a customized quote.
Solar savings over time in Woonsocket
| Year | Return on Investment |
|---|---|
| 1 years | $-7,815 |
| 3 years | $-5,961 |
| 5 years | $-4,107 |
| 7 years | $-2,252 |
| 9 years | $-398 |
| 11 years | $1,457 |
| 13 years | $3,311 |
| 15 years | $5,165 |
| 17 years | $7,020 |
| 19 years | $8,874 |
| 21 years | $10,729 |
| 23 years | $12,583 |
| 25 years | $14,438 |
Top Solar Installers in Woonsocket
When switching to solar energy, many homeowners opt to hire a solar company since putting up solar panels yourself can be a challenging project. Plus, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you'd like to make the switch to solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers nearby:
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 Woonsocket
Factors that Affect Solar Panel Costs in Woonsocket
For many Woonsocket homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Woonsocket, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment Size
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size. Solar power systems that have higher efficiency or power generation use 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. 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 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. Also, 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 time, but they can also be a significant investment. That's why many Woonsocket homeowners decide to finance their solar panel systems to make going solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Woonsocket, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $20,296 | 9.8 years |
| 8 kW | $2.90 | $17,149 | $27,397 | 9.6 years |
| 10 kW | $2.84 | $21,016 | $34,667 | 9.4 years |
| 12 kW | $2.78 | $24,715 | $42,105 | 9.2 years |
| 14 kW | $2.73 | $28,246 | $49,711 | 9.1 years |
| 16 kW | $2.67 | $31,608 | $57,485 | 8.9 years |
| 18 kW | $2.61 | $34,802 | $65,427 | 8.7 years |
| 20 kW | $2.56 | $37,829 | $73,537 | 8.5 years |
Solar Incentives in Woonsocket
| 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 Woonsocket, 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:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely have a good reputation and are qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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 Woonsocket, RI Solar Cost FAQs
How much does it cost to install solar panels in Woonsocket?
This is a hard question to answer exactly, 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 additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Woonsocket?
Solar panels aren't free in Woonsocket, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably 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."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.
