Solar Panel Cost Guide in Richmond, IN (Dec 2022)

  • Richmond Solar Installation Cost: $16,565
  • 25-Year Savings: $22,726
  • Payback Period: 10.5 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Richmond

Let's take a look at the average cost of solar in Richmond.

The national average cost of solar panels is $2.66 per watt, but in Richmond it's $3 per watt. To account for the typical energy needs of the average home in Richmond, most homeowners require a 8.8-kilowatt system. Using the figure above, a solar installation costs around $16,565, or $12,258 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on electricity bills.

For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, 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

Although you can install solar panels by yourself, it involves extra effort and knowledge. For that reason, the majority of homeowners choose a solar panel installer. The expertise that solar companies provide can be helpful as well, particularly if you aren't sure what kind of solar equipment you need.

Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 several criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.

Solar Equipment

One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,680 per kilowatt in Richmond. There are many different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar installation company you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger 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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Different companies will offer different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
  • Warranty: If you're worried about the endurance of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
  • Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 difficult question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in Richmond?

A solar panel system isn't free in Richmond, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Can you sell solar power back to the grid in Richmond?

Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.

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