Solar Panel Cost Guide in Richmond, KY (2024 Update)

  • Richmond Solar Installation Cost: $24,649
  • 25-Year Savings: $24,153
  • Payback Period: 15.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Richmond

Find out how much it might cost to make the switch to solar in Richmond.

The average cost of solar panels in Richmond is 4 per watt.Using this figure, a typical 9.6-kW system would cost about $24,649 before the 0 federal solar tax credit is applied.

The actual price you pay can go above or below the average in Richmond depending on several factors, such as the brand of solar panels you choose and the solar company you hire.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.

For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Richmond

Year Return on Investment
1 years $-23,270
3 years $-20,513
5 years $-17,755
7 years $-14,997
9 years $-12,239
11 years $-9,482
13 years $-6,724
15 years $-3,966
17 years $-1,208
19 years $1,550
21 years $4,307
23 years $7,065
25 years $9,823

Top Solar Installers in Richmond

DIY 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 an installer can make converting to solar power much easier. In addition, if you’d like to maximize your investment in solar energy, using a solar company can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives.

If you're searching for a solar company in Richmond, we've compiled a list of our top suggestions here:

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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

Even though the average cost of a solar system in Richmond is $24,649, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.

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 uses, the larger your system will likely need to be. You can expect to spend about $3,650 per kilowatt in Richmond.There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Richmond homeowners opt to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Richmond, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that has the products, warranties and services you’re looking for and also is within your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.80 $15,943 $8,906 16.0 years
8 kW $3.72 $20,849 $12,284 15.7 years
10 kW $3.65 $25,550 $15,866 15.4 years
12 kW $3.58 $30,047 $19,652 15.1 years
14 kW $3.50 $34,339 $23,643 14.8 years
16 kW $3.43 $38,427 $27,838 14.5 years
18 kW $3.36 $42,311 $32,237 14.2 years
20 kW $3.29 $45,990 $36,841 13.9 years

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:

  • Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
  • Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
  • Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
  • Warranty: If you’re worried about the longevity of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.

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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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?

The average cost of solar panels in Richmond is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

Cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.

How will installing solar panels impact how much my home is worth?

Buying or financing solar panels for 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 $257,188, which means you can look forward to a value of about $10,545 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond is a rewarding investment.

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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had 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.

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