Solar Panel Cost in Rhode Island: 2024 Guide - EnergySage Blog

Solar Panel Cost in Rhode Island: 2024 Guide | EnergySage

The cost of solar panels in Rhode Island (2024)

Updated May 28, 2024

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You'll pay an average of $16,542 to install a 5 kilowatt solar panel system in Rhode Island, before incentives.
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The federal investment tax credit (ITC) lowers that price by 30% of all your solar equipment and installation costs.

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Written by: Emily Walker

As of May 2024, the average solar panel system costs $3.31/W including installation in Rhode Island. For a 5 kW installation, this comes out to about $16,542 before incentives, though prices range from $14,061 to $19,023. After the federal tax credit, the average price drops by 30%.

Average price of a 5 kW solar panel installation in Rhode Island

You'll probably pay even less than what we show here. It doesn't include the federal ITC or Rhode Island state incentives, which will lower this price by at least a few thousand dollars.

Your solar panel cost depends on your system's size

It may seem obvious but larger solar panel systems cost more money. We use cost per watt ($/W) so you can easily compare quotes, controlling for slight variations in system size.

While a 5 kW system will only cost you $16,542 in Rhode Island, doubling the system size effectively doubles the price, so you'll pay about twice that for a 10 kW system. The higher the price tag, though, the more you'll get back as a credit towards your federal tax bill.

Average solar cost by system size in Rhode Island

System Size

System Cost

System Cost (after ITC)
3 kW $9,925 $6,948 4 kW $13,233 $9,263 5 kW $16,542 $11,579 6 kW $19,850 $13,895 7 kW $23,159 $16,211 8 kW $26,467 $18,527 9 kW $29,775 $20,843 10 kW $33,084 $23,159

Are solar panels worth it in Rhode Island?

Solar panels are worth it in most areas, including Rhode Island. Certain factors, including the cost of electricity, incentives, climate, and the angle at which the sun hits your roof impact how quickly you break even on your investment relative to other areas around the U.S.

If you pay for your system with cash, you'll save about $78,162 over 20 years on electricity costs with a 5 kW system in Rhode Island. We generate this estimate based on real solar quote data from our Marketplace. It considers your system's cost, the federal tax credit, and inflation rates.

If you can't shell out $16,542 in cash to pay for solar, don't sweat it. You can choose to finance your system with a loan instead. Some companies even offer $0-down loans so you can start saving on day one if your loan payments are less than your current electric bills. Just keep in mind that your long-term savings will be lower with a loan due to interest rates.

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The numbers we're showing are averages. The price you'll pay for solar depends on many factors unique to you and your home:

If you're looking for solar companies in RI, here are some popular suggestions:

- NuWatt Energy Coventry, RIElite+ InstallerEstablished 2010Elite+ InstallerScreened & Verified4.5 /5.0 115 Reviews
- GotSun-GoSolar Multi-stateElite InstallerElite InstallerScreened & Verified5.0 /5.0 8 Reviews
- ACE Solar Multi-stateApproved InstallerEstablished 2015Approved InstallerScreened & Verified5.0 /5.0 33 Reviews
- Beacon Solar Multi-stateElite InstallerEstablished 2007Elite InstallerScreened & Verified5.0 /5.0 8 Reviews
- Renewable Energy Solutions LLC WARWICK, RIElite InstallerEstablished 2014Elite InstallerScreened & Verified5.0 /5.0 98 Reviews

Solar is a major purchase, but you can get the price tag to come down a bit by being an educated shopper. Taking advantage of incentives and rebates and shopping around for quotes can bring down your cost of solar in Rhode Island.

Take advantage of federal and local solar incentives

As long as your federal tax bill is high enough, you can take advantage of the federal tax credit in Rhode Island. This incentive allows you to apply 30% of your solar installation and equipment costs toward your federal tax bill. If the amount exceeds your tax bill, you can roll over the remaining credit to the following year. Many states also offer great local incentives and rebates.

Get quotes from multiple installers

Comparing multiple solar quotes can save you money through competition and transparency. Each additional quote you receive for solar will help you find the right solar panel system at the right price.

This is where EnergySage can help. With funding from the Department of Energy’s SunShot Prize, EnergySage opened the country’s first (and now the largest) marketplace for home solar panel installations. We gather custom solar quotes from local installers on your behalf and put them in an easy-to-compare format. When you compare quotes for solar panels on the EnergySage Marketplace, you can expect to see prices up to 20% lower than if you work with a single solar company.

See what solar costs in RI counties

Choose a county below to see the solar costs in that area.

How much do solar panels cost in Rhode Island?

As of May 2024, the average solar panel cost in Rhode Island is $3.31/W. If you install a 5 kW system it will cost you between $14,061 to $19,023, with an average cost of $16,542.

What incentives are available for solar in Rhode Island?

What solar financing options are available to me?

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