Solar Panel Cost Guide in Richfield, MI (2024 Update)
- Richfield Solar Installation Cost: $17,718
- 25-Year Savings: $17,486
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Richfield
We go over average solar pricing in Richfield.
In Richfield, solar panels cost about 4 per watt on average.Because a 6.2-kW system is needed to cover the energy costs of a typical home in Richfield, the average price of going solar will be about $17,718 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Richfield see about $18,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Richfield for a quote for your home.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-16,464 |
| 3 years | $-13,957 |
| 5 years | $-11,449 |
| 7 years | $-8,942 |
| 9 years | $-6,434 |
| 11 years | $-3,927 |
| 13 years | $-1,420 |
| 15 years | $1,088 |
| 17 years | $3,595 |
| 19 years | $6,103 |
| 21 years | $8,610 |
| 23 years | $11,117 |
| 25 years | $13,625 |
Top Solar Installers in Richfield
Installing solar panels by yourself can be a difficult task, which is why hiring a solar installation company is a good option for many homeowners. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy consumption, but working with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
If you're searching for a solar installer in Richfield, the EcoWatch team has put together a list of our top suggestions here:
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
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Richfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Richfield to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that offers the products, warranties and services you’re looking for 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 | $4.22 | $17,734 | $10,897 | 15.5 years |
| 8 kW | $4.14 | $23,191 | $14,984 | 15.2 years |
| 10 kW | $4.06 | $28,420 | $19,299 | 14.9 years |
| 12 kW | $3.98 | $33,422 | $23,841 | 14.6 years |
| 14 kW | $3.90 | $38,196 | $28,610 | 14.3 years |
| 16 kW | $3.82 | $42,744 | $33,606 | 14.0 years |
| 18 kW | $3.74 | $47,064 | $38,830 | 13.7 years |
| 20 kW | $3.65 | $51,156 | $44,282 | 13.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: When reading over your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Warranty: If you’re worried about the endurance of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Richfield, MI Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Richfield?
You can’t get solar panels for free in Richfield. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Richfield?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.