Cost of solar in Newport, RI
Electricity Consumption in Newport
Electricity Consumption by Rhode Island residents averages 597 kWh per month. It ranks #7 in the nation for savings from installing solar panels on the home.
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Solar power in Newport, Rhode Island
Newport residents are incredibly lucky since incentives in Rhode-Island couldn't get any better with three levels of incentives available. Unlike most places Newport has a 37.75 cents per kWh feed-in-tariff. Besides the usual 30% tax credit there is an on top rebate of $1.05 per watt meaning together about two thirds of all upfront costs for the system are covered. All in all going solar is a no brainer for your home or business in Newport.
If you imagine net metering which exists in most states you are eligible to receive the retail value of power for any excess electricity exported to the grid. With the Rhode-Island feed-in-tariff you receive 37.75 cents per kWh for any excess power exported to the grid, with power at an average of 19 cents per kWh it is in essence net metering doubled. With local and federal level tax credits and rebates you only really need to pay for one third of your system. The remaining third you pay for is covered very quickly with the feed-in-tariff. With many state legislatures believing the incentives in place are too generous many are set to expire or step down so the time to act on solar is now!
Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator for Newport to find out:
- How many solar panels you need to cover your power bill;
- How suitable your house is for solar;
- What incentives your house may be eligible for;
- The cost of solar panel installation in Newport and whether you are eligible for zero down solar deals; and
- Your likely payback period and return on investment from installing solar
Estimate your solar savings
The average cost of installing residential solar panels in Newport, Rhode Island in 2020 is $2.77 per watt. The average system size in the US is 6 kilowatts, which means the average price of a solar system in Newport, RI is $13,850. (before claiming 26% tax credit and other rebates)
What does the cost of a real solar system look like?
Facts about installing a 8.63kW solar system in Newport, RI
This system would offset 100% of your energy usage if your typical monthly bill is $200, however your situation may vary so try our Newport solar calculator to get a result tailored to you.
$11,360
Net cost of system
Cash - after 26% solar tax credit
4 Years 4 Months
Average payback time
10,859
kWh
Annual power production
4¢
/kWh
levilized cost of solar energy
39¢
/kWh
If you don't get solar
The forecast average utility price over the next 25 years
Cash flow graph based on cash purchase of this 8.63kW system
Life-time savings on this system over the next 25 years
$90,442
(Prices shown after repayments of capital)
Solar companies in Newport, RI that provide pricing through the Solar-Estimate marketplace
22
Average total cost of solar panel installation in Rhode Island
| System Size | Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,593 | $7,121 |
| 4kw | $8,584 | $9,271 |
| 5kw | $10,471 | $11,309 |
| 6kw | $12,299 | $13,283 |
| 7kw | $13,986 | $15,105 |
| 8kw | $15,570 | $16,815 |
| 9kw | $17,116 | $18,485 |
| 10kw | $18,500 | $19,980 |
Going solar in Rhode Island
Check out all of the ways energy providers of Rhode Island can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Small Scale Solar Grants (Commerce RI) | State | Grant Program |
| Rhode Island Renewable Energy Fund (REF) | State | Rebate Program |
| Property Tax Exemption | State | Property Tax Incentive |
| Sales and Use Tax Exemption | State | Sales Tax Incentive |
| Net Metering | State | Net Metering |
| National Grid Renewable Energy Growth Program - $0.2845/kWh value if opt to take instead of REF grant | Utility | Performance-Based Incentive |
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.