How Many People in Rhode Island Have Solar Panels?

December 22, 2022

Are you considering solar panels in Rhode Island? Solar is an excellent investment for any property. Choosing solar means clean energy without pollutants and lower utility costs year-round. Additionally, a solar panel installation often increases property values by 4% or more.

However, you might still wonder how many people have solar panels in Rhode Island. First, check out some vital statistics about Rhode Island solar, so you know why they’re a good choice for you. Then, discuss your property’s power needs with a solar installer near you! Home solar panels in RI are worth the upfront investment.

How Much Power Comes From Solar in Rhode Island?

First, note some basic facts about renewable energy and solar power in Rhode Island:

  • In 2021, about 13% of Rhode Island’s power came from renewable energy sources.
  • Solar power production tripled in the state between 2019 and 2022.
  • At the end of the third quarter of 2022, solar produced about 9.5% of the state’s power.
  • Small-scale solar installations, such as those for residential homes, provide about three-fifths or 60% of that power.
  • Larger corporations such as Target, Walmart, and Amazon have all installed solar on properties in the state.
  • Gold Meadow Farms in Cranston produces enough solar electricity to power over 4,100 homes in the state.

solar panels Rhode Island

Is Rhode Island Good for Solar Panels?

Some property owners might wonder if the state is suitable for solar panels since Rhode Island isn’t necessarily known for its sunny weather! However, remember that solar panels still collect sunlight even on cloudy days.

Also, on average, the state enjoys more sunny days than many other regions in the country. You can then enjoy lower utility costs year-round when you choose solar for your property. Consider some other reasons to invest in solar panels for your home or business:

  • Power plants produce tons of polluting fumes and emissions every year. On the other hand, solar power means clean energy without pollutants. In turn, investing in solar means a cleaner environment overall.
  • Solar panels can increase property values, often by 4% or more. As a result, you’ll build equity in your property faster. Also, a more valuable property sells faster and for more money when you decide to put it on the market.
  • Manufacturers are making solar panels more efficient and effective than ever! Consequently, they might create more solar power and last longer before needing replacement. Investing in solar today means enjoying that clean, affordable energy for decades.
  • Current financial incentives also make solar more affordable than ever. For example, the 2022 Inflation Reduction Act provides a 30% credit on federal taxes through 2033. In other words, you can claim 30% of your solar panel installation costs as a deduction on your federal taxes during that time.
  • A solar installation protects roof shingles and tiles from damage.

how many people have solar in RI

How Much Are Solar Panels in RI?

A solar installer measures their effectiveness in terms of kilowatts, or kW. Most solar panels are priced at around $3500 per kilowatt, and residential homes might need a 5-kilowatt system. In turn, homeowners might expect to pay about $17,500 for a standard solar installation.

Of course, these are only average prices. Your solar installation will vary according to a manufacturer’s price and several panels installed. Also, remember that these prices don’t consider rebates, sales, and tax credits. In turn, your final cost might be much lower overall.

Lastly, compare your installation price to your overall energy cost savings! For example, if you save $100 per month on your electric bill, that’s $1200 saved every year and $12,000 after ten years. At $17,500 for installation, that $100 savings also means that your solar panels would pay for themselves after about 14 years. Since most panels last 20 to 30 years, any savings after that would go right into your pocket!

Also, remember that these savings are based on today’s solar panel models. But, as said, manufacturers are improving panel effectiveness every year! As a result, your panels might save you even more on your power bills over time, meaning more savings overall.

Go Solar Rhode Island is happy to provide this information about solar panels in Rhode Island. Hopefully, you’ve found this post helpful regarding your property. If you’re in the market for solar, call our Rhode Island solar panel installation contractors today. We’ll schedule a FREE consultation and prepare your full-price quote. Our crew stands behind every installation, backing them with a quality and durability guarantee. Call our customer care team today to find out more or get your property started.

 

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