Solar Panel Cost Guide in Richmond Hill, GA (2023 Update)
- Richmond Hill Solar Installation Cost: $11,219
- 25-Year Savings: $26,397
- Payback Period: 7.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond Hill
Let's have a look at the average cost of solar in Richmond Hill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond Hill, the average cost of a solar system is 2.55 per watt. The average solar panel system size in Richmond Hill is around 6.3 kilowatts, meaning a cost of about $11,228 for a solar installation, or $16,056 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Richmond Hill homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Richmond Hill see about $23,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Richmond Hill for a quote for your home.
Solar savings over time in Richmond Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-9,626 |
| 3 years | $-6,439 |
| 5 years | $-3,253 |
| 7 years | $-66 |
| 9 years | $3,120 |
| 11 years | $6,307 |
| 13 years | $9,493 |
| 15 years | $12,680 |
| 17 years | $15,866 |
| 19 years | $19,053 |
| 21 years | $22,239 |
| 23 years | $25,425 |
| 25 years | $28,612 |
Top Solar Installers in Richmond Hill
When going solar, many homeowners choose to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 Hill
Factors that Affect Solar Panel Costs in Richmond Hill
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Richmond Hill: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,550. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Richmond Hill homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's important to keep that in mind 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
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Richmond Hill, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $24,771 | 7.8 years |
| 8 kW | $2.60 | $14,566 | $33,313 | 7.6 years |
| 10 kW | $2.55 | $17,850 | $41,998 | 7.5 years |
| 12 kW | $2.50 | $20,992 | $50,826 | 7.3 years |
| 14 kW | $2.45 | $23,990 | $59,797 | 7.2 years |
| 16 kW | $2.40 | $26,846 | $68,911 | 7.0 years |
| 18 kW | $2.35 | $29,560 | $78,168 | 6.9 years |
| 20 kW | $2.29 | $32,130 | $87,567 | 6.7 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
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 Hill, GA Solar Cost FAQs
What is the average cost of installing solar panels in Richmond Hill?
The average cost of solar panels in Richmond Hill is about $12,750 for a 5-kW system and $25,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Richmond Hill?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is going solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.