Solar Panel Cost Guide in Richmond, IN (2023 Update)
- Richmond Solar Installation Cost: $16,561
- 25-Year Savings: $22,730
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
Find out what the average cost of solar panel installation is in Richmond.
In Richmond, solar panels cost about 2.68 per watt on average. To account for the typical energy needs of the average home in Richmond, most homeowners require a 8.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,565, or $23,688 before 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.
To get a free quote from a vetted solar company in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-15,322 |
| 3 years | $-12,843 |
| 5 years | $-10,365 |
| 7 years | $-7,886 |
| 9 years | $-5,408 |
| 11 years | $-2,929 |
| 13 years | $-451 |
| 15 years | $2,028 |
| 17 years | $4,506 |
| 19 years | $6,985 |
| 21 years | $9,463 |
| 23 years | $11,942 |
| 25 years | $14,420 |
Top Solar Installers in Richmond
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar company can make switching to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
For many Richmond homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type 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 often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Richmond, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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:
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- 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.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richmond?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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.
Does Richmond have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.