Solar Panel Cost Guide in Richfield, WI (2024 Update)
- Richfield Solar Installation Cost: $19,492
- 25-Year Savings: $25,343
- Payback Period: 12.7 Years
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Average Cost of Solar Panels in Richfield
Let’s have a look at the average cost of solar in Richfield.
The average cost of a solar system in Richfield is 4 per watt.The average solar panel system size in Richfield is around 7.2 kilowatts, meaning a cost of about $19,492 for a solar installation, or $27,874 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Richfield based on a few factors, such as the type of solar panels you choose and the solar company you hire.But, after you've paid the initial cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $20,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-18,196 |
| 3 years | $-15,605 |
| 5 years | $-13,014 |
| 7 years | $-10,423 |
| 9 years | $-7,832 |
| 11 years | $-5,242 |
| 13 years | $-2,651 |
| 15 years | $-60 |
| 17 years | $2,531 |
| 19 years | $5,122 |
| 21 years | $7,713 |
| 23 years | $10,304 |
| 25 years | $12,895 |
Top Solar Installers in Richfield
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be time-consuming. Some solar installers, especially local ones, can help you better understand incentives in Richfield, optimizing your ROI.
There are a number of licensed solar professionals that can install solar panels for you. 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Richfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Richfield, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $3,880 for each additional kilowatt you need.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your overall costs, so it’s vital to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can influence your pricing. Richfield’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.04 | $16,948 | $15,160 | 13.2 years |
| 8 kW | $3.96 | $22,163 | $20,647 | 12.9 years |
| 10 kW | $3.88 | $27,160 | $26,352 | 12.7 years |
| 12 kW | $3.80 | $31,940 | $32,275 | 12.4 years |
| 14 kW | $3.72 | $36,503 | $38,414 | 12.2 years |
| 16 kW | $3.65 | $40,849 | $44,771 | 11.9 years |
| 18 kW | $3.57 | $44,977 | $51,345 | 11.7 years |
| 20 kW | $3.49 | $48,888 | $58,137 | 11.4 years |
How to Save on Solar Panels
There are many companies available in Richfield, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Richfield, WI Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $19,400 for a 5-kW system and $38,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Richfield?
Leasing solar panels can be an attractive 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Richfield?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 install between 20 and 35 panels to account for 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.