Solar Panel Cost Guide in Richmond, KY (2023 Update)
- Richmond Solar Installation Cost: $15,803
- 25-Year Savings: $24,153
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
Let's have a look at the average cost of solar in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the average cost of a solar system is 2.34 per watt. To cover the typical energy usage of the average home in Richmond, most homeowners require a 9.7-kilowatt system. Using the figure above, a solar installation costs around $15,807, or $22,604 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you may differ based on factors unique to your home and what company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Richmond can save around $16,000 on their energy bills over 20 years.
To get a free estimate from a vetted solar installation company in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-14,424 |
| 3 years | $-11,666 |
| 5 years | $-8,908 |
| 7 years | $-6,150 |
| 9 years | $-3,393 |
| 11 years | $-635 |
| 13 years | $2,123 |
| 15 years | $4,881 |
| 17 years | $7,638 |
| 19 years | $10,396 |
| 21 years | $13,154 |
| 23 years | $15,912 |
| 25 years | $18,670 |
Top Solar Installers in Richmond
Installing solar panels on your own can be a difficult project, which is why getting a solar installer is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be right for your family.
If you're looking for a solar company in Richmond, we've put together a list of our top suggestions here:
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
The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are several different solar panel brands and the one you choose also affects the cost. Usually, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Richmond, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Richmond, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $2.43 | $10,221 | $14,628 | 10.3 years |
| 8 kW | $2.39 | $13,366 | $19,766 | 10.1 years |
| 10 kW | $2.34 | $16,380 | $25,036 | 9.9 years |
| 12 kW | $2.29 | $19,263 | $30,436 | 9.7 years |
| 14 kW | $2.25 | $22,015 | $35,967 | 9.5 years |
| 16 kW | $2.20 | $24,636 | $41,629 | 9.3 years |
| 18 kW | $2.15 | $27,125 | $47,423 | 9.1 years |
| 20 kW | $2.11 | $29,484 | $53,347 | 8.9 years |
How to Save on Solar Panels
There are numerous companies available in Richmond, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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, KY Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $11,700 for a 5-kW system and $23,400 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 consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
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 allow you to sell power back to the grid, but others just give you credit toward your future utility bills.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.