Solar Panel Cost Guide in Richmond, IN (2024 Update)
- Richmond Solar Installation Cost: $25,336
- 25-Year Savings: $22,730
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in Richmond
Here’s how much it might cost to switch to solar power in Richmond.
The national average cost of solar panels is $2.66 per watt, but in Richmond it’s 4 per watt.The average solar panel system size in Richmond is around 8.8 kilowatts, meaning a cost of about $25,336 for a solar installation, or $36,230 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Richmond homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With average savings of about $17,000 on power bills over 20 years, many homeowners in Richmond find investing in solar has a decent ROI.
To receive a free quote from a pre-vetted solar installer in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-24,097 |
| 3 years | $-21,618 |
| 5 years | $-19,140 |
| 7 years | $-16,661 |
| 9 years | $-14,183 |
| 11 years | $-11,704 |
| 13 years | $-9,226 |
| 15 years | $-6,747 |
| 17 years | $-4,269 |
| 19 years | $-1,790 |
| 21 years | $688 |
| 23 years | $3,167 |
| 25 years | $5,645 |
Top Solar Installers in Richmond
Although you can install solar panels yourself, it requires extra effort and knowledge. That's one of the reasons most homeowners choose to hire a solar panel installer. Also, if you’d like to maximize your investment in solar, opting for a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
Working with a professional solar company can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Richmond, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Richmond, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.Although solar loans make adopting solar energy more accessible for Richmond homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact how much it costs. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that has the products, warranties and services you want and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $8,796 | 16.8 years |
| 8 kW | $4.18 | $23,419 | $12,187 | 16.4 years |
| 10 kW | $4.10 | $28,700 | $15,807 | 16.1 years |
| 12 kW | $4.02 | $33,751 | $19,658 | 15.8 years |
| 14 kW | $3.94 | $38,573 | $23,738 | 15.5 years |
| 16 kW | $3.85 | $43,165 | $28,047 | 15.2 years |
| 18 kW | $3.77 | $47,527 | $32,586 | 14.8 years |
| 20 kW | $3.69 | $51,660 | $37,355 | 14.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you’re concerned about the longevity of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: When making the switch to solar, it’s important to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the project timeline.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: The brand of solar panel you need plays a role in which company you should opt for, since different companies have access to different panels.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Richmond, IN Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is going solar worth it?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.