Solar Panel Cost Guide in Richardson, TX (2024 Update)
- Richardson Solar Installation Cost: $17,979
- 25-Year Savings: $23,956
- Payback Period: 11.7 Years
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Average Cost of Solar Panels in Richardson
Let’s take a look at the average cost of solar in Richardson.
The national average cost of solar panels is $2.66 per watt, but in Richardson it’s 3 per watt.To account for the typical energy usage of the average home in Richardson, most homeowners require a 7.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $17,979, or $25,710 before the federal solar tax credit of 0 is applied.
The true cost of your system can be above or below the average in Richardson based on a few factors, such as the model of solar panels you choose and the solar installer you hire.Despite the significant upfront cost, the average Richardson homeowner can save about $19,000 on their power bills over 20 years, which is one of the perks of solar.
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Solar savings over time in Richardson
| Year | Return on Investment |
|---|---|
| 1 years | $-16,442 |
| 3 years | $-13,367 |
| 5 years | $-10,292 |
| 7 years | $-7,217 |
| 9 years | $-4,143 |
| 11 years | $-1,068 |
| 13 years | $2,007 |
| 15 years | $5,082 |
| 17 years | $8,157 |
| 19 years | $11,231 |
| 21 years | $14,306 |
| 23 years | $17,381 |
| 25 years | $20,456 |
Top Solar Installers in Richardson
When making the switch to solar, many homeowners prefer to go with a solar installation company since handling can be a difficult project. Companies can also provide access to quality options of the best solar panels and help you decide which one will be best for your family.
Working with a professional solar company can help your solar project go smoothly. 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Richardson
Factors that Affect Solar Panel Costs in Richardson
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Richardson: 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 cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,330.The type of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Richardson homeowners opt to finance their solar panel systems to make going solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you choose will play a role in your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.46 | $14,545 | $15,388 | 12.1 years |
| 8 kW | $3.40 | $19,021 | $20,890 | 11.9 years |
| 10 kW | $3.33 | $23,310 | $26,579 | 11.7 years |
| 12 kW | $3.26 | $27,413 | $32,454 | 11.4 years |
| 14 kW | $3.20 | $31,329 | $38,516 | 11.2 years |
| 16 kW | $3.13 | $35,058 | $44,764 | 11.0 years |
| 18 kW | $3.06 | $38,601 | $51,199 | 10.7 years |
| 20 kW | $3.00 | $41,958 | $57,820 | 10.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you’re not certain 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: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project timeline.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Richardson, TX Solar Cost FAQs
What is the average cost of installing solar panels in Richardson?
The average cost of solar panels in Richardson is about $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richardson?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will installing solar panels impact my home value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 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 get 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.