Solar Panel Cost Guide in Richmond West, FL (2023 Update)
- Richmond West Solar Installation Cost: $9,446
- 25-Year Savings: $19,446
- Payback Period: 8.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Richmond West
Find out what the average cost of solar panels are in Richmond West.
While the national average of solar panels is $2.66 per watt, solar panels in Richmond West typically cost about 2.53. To cover the typical energy needs of the average home in Richmond West, most homeowners require a 5.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,439, or $13,498 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Richmond West depending on several factors, such as the type of solar panels you choose and the solar company you hire. With typical savings of about $21,000 on power bills over 20 years, many homeowners in Richmond West find investing in solar has a decent ROI.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Richmond West
| Year | Return on Investment |
|---|---|
| 1 years | $-8,073 |
| 3 years | $-5,326 |
| 5 years | $-2,578 |
| 7 years | $169 |
| 9 years | $2,916 |
| 11 years | $5,663 |
| 13 years | $8,411 |
| 15 years | $11,158 |
| 17 years | $13,905 |
| 19 years | $16,652 |
| 21 years | $19,400 |
| 23 years | $22,147 |
| 25 years | $24,894 |
Top Solar Installers in Richmond West
Many homeowners choose to hire a solar panel company since installing solar panels by yourself can be hard. Plus, if you're not certain what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 West
Factors that Affect Solar Panel Costs in Richmond West
The cost of installing a solar system in Richmond West can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. 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. The brand of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching 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 big investment. That's why many Richmond West homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Richmond West is the company you get to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different costs. Additionally, some companies in Richmond West are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $2.63 | $11,051 | $21,449 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,882 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,457 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,174 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,032 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,032 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,173 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,456 | 7.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- 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 good reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and model has 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.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 West, FL Solar Cost FAQs
What is the average cost of installing solar panels in Richmond West?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Richmond West?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richmond West is currently $287,357, so you can expect a value of about $11,782 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond West is a rewarding investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.