The cost of solar panels in Wakefield, RI (2024)

Updated Jun 18, 2024

  • You'll pay an average of $16,285 to install a 5 kilowatt solar panel system in Wakefield, RI, before incentives.

  • 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 June 2024, the average solar panel system costs $3.26/W including installation in Wakefield, RI. For a 5 kW installation, this comes out to about $16,285 before incentives, though prices range from $13,842 to $18,728. After the federal tax credit, the average price drops by 30%.

Average price of a 5 kW solar panel installation in Wakefield, RI

Good Price
$13,842 or less
Market Average
$16,285
High Price
$18,728 or more

You'll probably pay even less than what we show here. It doesn't include the federal ITC or Wakefield, RI 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 $16,285 in Wakefield, RI, 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 Wakefield, RI

System Size
System Cost
System Cost (after ITC)
3 kW$9,771$6,840
4 kW$13,028$9,120
5 kW$16,285$11,400
6 kW$19,542$13,680
7 kW$22,800$15,960
8 kW$26,057$18,240
9 kW$29,314$20,520
10 kW$32,571$22,800

Are solar panels worth it in Wakefield, RI?

Solar panels are worth it in most areas, including Wakefield, RI. 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 $90,448 over 20 years on electricity costs with a 5 kW system in Wakefield, RI. 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.

Payback Period
6.55 Years
20-Year Savings
$90,448
Cost-per-Watt
$3.26

If you can't shell out $16,285 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.

Find out what solar panels cost in your area in 2024
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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, RI
    Established 2010
    Elite+ Installer
    At NuWatt Energy, we strive to empower our clients by offering genuine energy independence and enhanced efficienc...
    Elite+ Installer
    Screened & Verified

    At NuWatt Energy, we strive to empower our clients by offering genuine energy independence and enhanced efficienc...
  • Beacon Solar
    Multi-state
    Established 2007
    Elite Installer
    Beacon Solar is a local solar installation and service company located in Swansea, Massachusetts. We have instal...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    8 Reviews

    Beacon Solar is a local solar installation and service company located in Swansea, Massachusetts. We have instal...
  • Renewable Energy Solutions LLC
    WARWICK, RI
    Established 2014
    Elite Installer
    Going Solar shouldn't be complicated - Let us handle all the details
    Elite Installer
    Screened & Verified

    Going Solar shouldn't be complicated - Let us handle all the details
  • Sunergy Solutions, LLC
    Multi-state
    Established 2019
    Advanced Installer
    Energy bills have become too much to bare. With more rate increases in the near future, staying with a traditiona...
    Advanced Installer
    Screened & Verified
    5.0 /5.0
    7 Reviews

    Energy bills have become too much to bare. With more rate increases in the near future, staying with a traditiona...
  • Renewable Energy Services of New England, Inc.
    Cranston, RI
    Established 2015
    Approved Installer
    RESNE is a full service solar installation company Headquartered in Rhode Island. Our goal is to exceed customer ...
    Approved Installer
    Screened & Verified
    5.0 /5.0
    8 Reviews

    RESNE is a full service solar installation company Headquartered in Rhode Island. Our goal is to exceed customer ...

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 Wakefield, RI.

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 Wakefield, RI. 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.

Why shop with EnergySage?

Save time & money

Request free quotes from vetted installers in minutes

Unbiased support

Our expert Energy Advisors will help you make the right decision

Trusted, local installers

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