Expert Opinion: Is Solar Panel Installation Worth It in Rhode Island?

August 15, 2022

Getting solar panels and switching to solar energy is something that a lot of homeowners are looking into and considering, and for a good reason. Solar energy comes with a lot of different benefits, but a lot of the concern is with the initial installation. We’re here to go deep into the details to figure out if solar panel installation in Rhode Island is truly worth it. We’ll talk about the pricing of it, the benefits that come with it, and overall if it’s worth it for homeowners to switch. If you’re on the fence about going solar, then keep on reading. 

How Much Is It To Go Solar?

The first thing to consider when talking about solar panel installation in Rhode Island is the price of it. Most concerns for homeowners come from this part, but we’ll break it down to figure out the average and overall cost of solar panel installation. A homeowner’s pricing for their solar panel installation will vary based on the size of their home, energy output, how many panels, and more. Therefore the range on how much it can cost will be broad, but knowing what to expect or at least an average can help weigh your options. 

Solar panel installation in Rhode Island costs between $14,000 and $20,000 for an average-sized plot or home with panels on them. The average for this is about $17,000, but sometimes the price will be based on per watt. In this case, the system could cost about $2.67/W. It’s important to keep in mind that this doesn’t include any solar incentives yet, so the savings on this spruce will be substantial. 

solar panels rhode island

Benefits That Come With Going Solar in Rhode Island

Looking into the benefits that come with going solar, there are a lot of things to look at. Going solar can help so many aspects of a homeowner’s life, but it will most likely affect their monetary savings and energy savings the most. There are tons of benefits, but we’re going to look at the most popular ones. Let’s look at a few different benefits to keep in mind that come with switching to solar energy:

  • Increase in home value 
  • Save on energy bills every single year 
  • No maintenance 
  • Environmentally friendly option 
  • Solar works everywhere 

Does Going Solar Increase Home Value?

Going solar, like many other things, will increase your home value pretty well. This is an important aspect to keep in mind for homeowners who are wondering if going solar is worth it. Solar panel installation in Rhode Island can increase your home value up to $10,000.  This is a great return on the investment, especially in terms of spending $20,000 on your system, you can expect to get half of that back. 

Solar panels are a great investment to get money back on their home value, but it’s also great for those who are looking to sell their home. They can take advantage of the increased home value quite easily, plus it will be another selling point to potential buyers. 

Everything You Need To Know About Solar Incentives

Solar incentives are something that a lot of people actually don’t know about, but they can really encourage some homeowners to take the leap. Solar incentives include things such as rebates, tax reductions, and more in order to get some money back or saved from your initial investment into solar panel installation in Rhode Island. 

In specific, there are rebates to start off that can save you on property tax for the increased home value, save you money on the full initial investment, and they can help to exempt you from any taxes that would’ve been taken from the installation process. These incentives help to bring down the cost of your initial solar panel investment by at least 35% to 40%. That means for a $20,000 investment, you can actually expect to pay about $12,000 instead. Not everyone will qualify for these incentives, but looking into the Rhode Island solar incentives can help you apply and figure out if you’re qualified for them. 

residential solar panels rhode island

Is RI Solar Panel Installation Worth It?

Ultimately, deciding if solar panel installation in Rhode Island is worth it is completely up to the homeowner. With all of the incentives, savings, and possible benefits coming from the initial setup, it very well could be less expensive than imagined. With the fear behind the initial investment for the solar panels, we encourage homeowners to take advantage of whatever incentives they can to make the transition less of a shock. 

Overall, when weighing all of the pros and cons of going solar, the benefits of it are substantial and they can last for a long time. Whether that be the incentives or energy savings, homeowners can expect to get some sort of return or benefit out of their solar panel installation. If you’re still unsure about the installation, be sure to contact a solar panel company in order to ask any questions about solar panel installation in Rhode Island to help further decide if it’s the right choice for you. Call our team at Go Solar Rhode Island today!

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