Solar Panel Cost Guide in Richmond, TX (2024 Update)
- Richmond Solar Installation Cost: $17,743
- 25-Year Savings: $22,855
- Payback Period: 11.9 Years
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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.Using this figure, a typical 7.6-kW system would cost about $17,743 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Richmond homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find adopting solar power is a sound investment. The average homeowner in Richmond can save around $20,000 on their electricity bills over 20 years.
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 | $-16,322 |
| 3 years | $-13,479 |
| 5 years | $-10,637 |
| 7 years | $-7,795 |
| 9 years | $-4,953 |
| 11 years | $-2,111 |
| 13 years | $731 |
| 15 years | $3,574 |
| 17 years | $6,416 |
| 19 years | $9,258 |
| 21 years | $12,100 |
| 23 years | $14,942 |
| 25 years | $17,784 |
Top Solar Installers in Richmond
Although it's possible to install solar panels yourself, it takes extra labor and knowledge. Because of that, most homeowners choose to go with a solar panel installer. Some solar installers, particularly local ones, can help you make the most of incentives in Richmond, optimizing your ROI.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Richmond
Factors that Affect Solar Panel Costs in Richmond
Though the average cost of a solar system in Richmond is $17,743, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Richmond, where sunlight is 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact your pricing. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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 | $14,769 | 12.4 years |
| 8 kW | $3.40 | $19,021 | $20,064 | 12.2 years |
| 10 kW | $3.33 | $23,310 | $25,547 | 11.9 years |
| 12 kW | $3.26 | $27,413 | $31,215 | 11.7 years |
| 14 kW | $3.20 | $31,329 | $37,071 | 11.5 years |
| 16 kW | $3.13 | $35,058 | $43,112 | 11.2 years |
| 18 kW | $3.06 | $38,601 | $49,341 | 11.0 years |
| 20 kW | $3.00 | $41,958 | $55,755 | 10.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: The brand of solar panel you’d like plays a part in which company you should choose, since different companies provide different panels.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 Richmond, TX Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Richmond?
A solar panel system isn’t free in Richmond, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $977.13 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires 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 home 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.