The average cost to install solar on a home in Rhode Island is $4.09 per watt, with about 80 percent of systems installed for $3.30 per watt to $4.83 per watt. This is lower than the average solar cost in the New England Region of $4.50 per watt.
The average size of a solar system in Rhode Island is 7.3 kilowatts, which would cost around $29,900 without any federal, state, or local incentives.
1 kilowatt of solar PV in Rhode Island produces an average of 1,328 kilowatt-hours of electricity per year, so a 7.3 kilowatt solar system would generate 9,697 kilowatt-hours of electricity every year. An average household in Rhode Island uses 7,123 kilowatt-hours of electricity in a year.
With an average state electricity price of 20 cents per kilowatt-hour, this solar system could save a household in Rhode Island $1,987 each year. At this rate of annual savings, the system could pay for itself in about 15 years assuming no additional system expenses. This is less than the expected 30-year lifespan of a typical solar panel.