Solar Panel Cost Guide in Richmond, IN (Mar 2023)
- Richmond Solar Installation Cost: $16,565
- 25-Year Savings: $22,726
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richmond
Let's take a look at the average cost of solar panels in Richmond.
The average cost of a solar system in Richmond is 2.68 per watt. Since a 8.8-kW system is needed to cover the energy needs of a typical home in Richmond, the average price of going solar will be about $16,565 after claiming the federal solar tax credit of 30%.
How much you pay can be higher or lower than the average in Richmond based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a fruitful investment. The average homeowner in Richmond can save around $17,000 on their energy bills over 20 years.
To receive a free estimate from a pre-vetted solar installation company in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-14,993 |
| 3 years | $-11,850 |
| 5 years | $-8,707 |
| 7 years | $-5,564 |
| 9 years | $-2,420 |
| 11 years | $723 |
| 13 years | $3,866 |
| 15 years | $7,009 |
| 17 years | $10,153 |
| 19 years | $13,296 |
| 21 years | $16,439 |
| 23 years | $19,582 |
| 25 years | $22,726 |
Top Solar Installers in Richmond
Installing solar panels on your own can be a difficult task, which is why using a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Richmond:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
There are many factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of solar panels in Richmond, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,680 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest. 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 lower the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Richmond, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $14,998 | 11.0 years |
| 8 kW | $2.73 | $15,308 | $20,298 | 10.7 years |
| 10 kW | $2.68 | $18,760 | $25,747 | 10.5 years |
| 12 kW | $2.63 | $22,062 | $31,347 | 10.3 years |
| 14 kW | $2.57 | $25,213 | $37,097 | 10.1 years |
| 16 kW | $2.52 | $28,215 | $42,997 | 9.9 years |
| 18 kW | $2.47 | $31,067 | $49,047 | 9.7 years |
| 20 kW | $2.41 | $33,768 | $55,247 | 9.5 years |
How to Save on Solar Panels
There are a lot of companies available in Richmond, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Richmond, IN Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
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 is currently $101,832, so you could be looking at a value of about $4,175 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can 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.