Solar Panel Cost Guide in Coventry, RI (2024 Update)
- Coventry Solar Installation Cost: $11,600
- 25-Year Savings: $13,852
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Coventry
Let’s take a look at the average cost of solar in Coventry.
Although the national average of solar panels is $2.66 per watt, solar panels in Coventry typically cost about 4.The average Coventry homeowner needs a 4.1-kilowatt system, which would cost about $11,600 with the federal tax credit, or $16,588 before the 0 tax credit is applied.
These figures are only estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you choose to go with.Even with the significant upfront cost, the average Coventry homeowner can save about $20,000 on their power bills over 20 years, which is one of the benefits of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Coventry
| Year | Return on Investment |
|---|---|
| 1 years | $-10,069 |
| 3 years | $-7,007 |
| 5 years | $-3,945 |
| 7 years | $-883 |
| 9 years | $2,179 |
| 11 years | $5,241 |
| 13 years | $8,303 |
| 15 years | $11,365 |
| 17 years | $14,427 |
| 19 years | $17,489 |
| 21 years | $20,551 |
| 23 years | $23,614 |
| 25 years | $26,676 |
Top Solar Installers in Coventry
Although you can install solar panels yourself, it takes extra energy and know-how. That's why most people choose to go with a solar panel installer. The expertise that solar companies offer can be invaluable as well, particularly if you aren’t sure what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Coventry
Factors that Affect Solar Panel Costs in Coventry
For many Coventry homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Coventry, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $4,070. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Coventry, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
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 Coventry is the company you choose to install your solar system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $4.23 | $17,778 | $14,563 | 13.7 years |
| 8 kW | $4.15 | $23,248 | $19,873 | 13.5 years |
| 10 kW | $4.07 | $28,490 | $25,411 | 13.2 years |
| 12 kW | $3.99 | $33,504 | $31,177 | 12.9 years |
| 14 kW | $3.91 | $38,291 | $37,171 | 12.7 years |
| 16 kW | $3.83 | $42,849 | $43,393 | 12.4 years |
| 18 kW | $3.74 | $47,179 | $49,843 | 12.2 years |
| 20 kW | $3.66 | $51,282 | $56,520 | 11.9 years |
How to Save on Solar Panels
The solar company you opt for will impact 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: 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 support, such as part repairs and replacements.
- 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 significant role in the company you hire.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Coventry, RI Solar Cost FAQs
What is the average cost of installing solar panels in Coventry?
This is a difficult 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 be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will having solar panels impact my home value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t choose 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 many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.