Solar Panel Cost Guide in Richmond, MO (2024 Update)

  • Richmond Solar Installation Cost: $17,168
  • 25-Year Savings: $19,702
  • Payback Period: 13.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Richmond

See how much it might cost to switch to solar power in Richmond.

In Richmond, solar panels cost about 3 per watt on average.Because a 7.3-kW system is needed to cover the energy needs of a typical home in Richmond, the average price of going solar will be about $17,168 after claiming the federal solar tax credit of 0.

The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of making the switch to solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Richmond can save about $17,000 on their energy bills over 20 years.

Click the button below to get connected to a vetted solar panel company in your area for a custom quote.

Solar savings over time in Richmond

Year Return on Investment
1 years $-15,760
3 years $-12,944
5 years $-10,128
7 years $-7,312
9 years $-4,496
11 years $-1,680
13 years $1,136
15 years $3,952
17 years $6,768
19 years $9,584
21 years $12,400
23 years $15,216
25 years $18,032

Top Solar Installers in Richmond

Although it's possible to install solar panels yourself, it takes extra effort and handiness. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Another great thing about choosing a top solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.

Working with a licensed solar installer can make going solar easier. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

For many Richmond homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,370 per kilowatt in Richmond.There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much 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 Richmond to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.

Solar Panel Installation Company

Finally, the company you hire to install your solar system can play a role in determining your pricing. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.50 $14,720 $12,400 13.6 years
8 kW $3.44 $19,249 $16,911 13.3 years
10 kW $3.37 $23,590 $21,610 13.0 years
12 kW $3.30 $27,742 $26,499 12.8 years
14 kW $3.24 $31,705 $31,575 12.5 years
16 kW $3.17 $35,479 $36,841 12.3 years
18 kW $3.10 $39,065 $42,296 12.0 years
20 kW $3.03 $42,462 $47,939 11.7 years

How to Save on Solar Panels

There are numerous companies available in Richmond, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:

  • Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • 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.
  • Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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, MO Solar Cost FAQs

What is the average cost of installing solar panels in Richmond?

The average cost of solar panels in Richmond is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider in addition to cost when buying solar panels?

Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

How will having solar panels impact my property value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richmond is currently $198,267, which means you can expect a value of about $8,129 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond is a rewarding investment.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.

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.

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