Solar Panel Cost Guide in Hopkinton, RI (2024 Update)
- Hopkinton 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 Hopkinton
Here’s how much it might cost to go solar in Hopkinton.
In Hopkinton, solar panels cost about 4 per watt on average.Because a 4.0-kW system is needed to cover the energy consumption of a typical home in Hopkinton, the average price of going solar will be about $11,262 after claiming the federal solar tax credit of 0.
How much you pay can be higher or lower than the average in Hopkinton depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.But, once you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $21,000 over 20 years on electricity bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hopkinton
| 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 Hopkinton
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy consumption, but working with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
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 in Hopkinton:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Hopkinton
Factors that Affect Solar Panel Costs in Hopkinton
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Hopkinton: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Hopkinton, one of the most crucial 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 figure out by looking at past electricity bills. Your overall cost can increase by around $4,070 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Hopkinton, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Hopkinton to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.However, the interest on solar loans also adds to your overall costs, so it’s vital to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a role in determining the cost. Hopkinton’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $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 company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have different brands and models of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Warranty: If you care about the endurance of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Hopkinton, RI Solar Cost FAQs
What is the average cost of installing solar panels in Hopkinton?
The average cost of solar panels in Hopkinton is about $20,350 for a 5-kW system and $40,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Hopkinton?
Solar panels aren’t free in Hopkinton, 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.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Hopkinton, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 get 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.