18 Best Solar Companies in Richmond, IN (Oct 2022 Review)

The Cost and Benefits of Solar in Richmond

Solar panels run off a free energy source — the sun — but to take advantage of this you must first pay to install your system. The installation cost is just one important factor you should keep in mind when looking into installing solar panels. How much it'll cost and how much you can save depend on things such as:

• How much sunlight your roof gets: If your rooftop doesn't get a lot of direct sunlight, your solar panels won't be able to make as much energy, which will leave you with lower savings on power bills than someone with a roof that gets lots of sunlight.
• Energy consumption: Installing solar panels may be an expensive investment for families that don't consume a good amount of energy per month.
• Your income and budget: This affects what model of solar panels you can purchase.
• Incentives: Tax-paying citizens who buy and install a solar system this year can save 30% of their installation costs by using the federal solar investment tax credit. You can also save about $17,000 on your electricity bills over 20 years without incentives.

Though a solar panel system costs a sizable chunk of money upfront, it can save you thousands of dollars over time. The question of how much, though, depends on several factors, like the kind of solar panels you get and incentives.

Solar Incentives in Richmond

Because solar power is better for the environment than traditional energy sources, there are various government incentives in place to encourage people to make the switch. These incentives typically consist of cash rebates, tax credits and/or solar renewable energy credits. They can cut the cost you pay for going solar by 26 to 50% in some cases. The table below lets you know about the incentives you can benefit from in Richmond.

Environmental Impact of Switching to Solar in Richmond

An important reason so many people are considering adopting solar energy is to help lower their environmental impact. You may be trying to figure out — how much do solar panels do for the planet anyway? In Richmond, where the energy generation can be rather dirty, going solar can have a huge effect on the environment since solar power has a lower carbon footprint. Once you go solar, your carbon footprint can be cut by about 90 pounds each year. Since solar energy is abundant and makes electricity without releasing carbon emissions, adding solar panels to your home is one easy step you can take to help the environment.