Solar Panel Cost Guide in Richmond, WI (2024 Update)
- Richmond Solar Installation Cost: $19,998
- 25-Year Savings: $21,357
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Richmond
Let’s have a look at the average cost of solar in Richmond.
In Richmond, solar panels cost about 4 per watt on average.The average Richmond homeowner needs a 7.4-kilowatt system, which would cost about $19,998 with the federal tax credit, or $28,597 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Richmond based on a few factors, such as the model of solar panels you choose and the solar contractor you hire.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar company in Richmond for a quote for your home.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-18,894 |
| 3 years | $-16,685 |
| 5 years | $-14,477 |
| 7 years | $-12,268 |
| 9 years | $-10,060 |
| 11 years | $-7,851 |
| 13 years | $-5,643 |
| 15 years | $-3,434 |
| 17 years | $-1,226 |
| 19 years | $983 |
| 21 years | $3,191 |
| 23 years | $5,400 |
| 25 years | $7,608 |
Top Solar Installers in Richmond
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with a solar company can make converting to solar power much easier. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for you.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
Although the average cost of a solar system in Richmond is $19,998, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,880. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Richmond homeowners choose to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you pick will impact your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Richmond have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $11,375 | 15.0 years |
| 8 kW | $3.96 | $22,163 | $15,601 | 14.7 years |
| 10 kW | $3.88 | $27,160 | $20,045 | 14.4 years |
| 12 kW | $3.80 | $31,940 | $24,706 | 14.1 years |
| 14 kW | $3.72 | $36,503 | $29,584 | 13.8 years |
| 16 kW | $3.65 | $40,849 | $34,679 | 13.5 years |
| 18 kW | $3.57 | $44,977 | $39,992 | 13.2 years |
| 20 kW | $3.49 | $48,888 | $45,522 | 12.9 years |
How to Save on Solar Panels
There are numerous companies to choose from in Richmond, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Richmond, WI Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Richmond?
You can’t get solar panels for free in Richmond. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Does Richmond have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels do I need to power 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 get 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.