Solar Panel Cost Guide in Richmond, KY (Jan 2023)

  • Richmond Solar Installation Cost: $15,807
  • 25-Year Savings: $24,149
  • Payback Period: 9.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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 what the average cost of solar panels are 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 per watt. Since a 9.7-kW system is needed to cover the energy consumption of a typical home in Richmond, the average price of going solar will be about $15,807 before claiming the federal solar tax credit of 30%.

Bear in mind that the figures above are only estimates based on the average Richmond homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a rewarding investment. The average homeowner in Richmond can save about $16,000 on their power bills over 20 years.

To calculate your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in Richmond

Year Return on Investment
1 years $-14,208
3 years $-11,012
5 years $-7,816
7 years $-4,619
9 years $-1,423
11 years $1,774
13 years $4,970
15 years $8,167
17 years $11,363
19 years $14,560
21 years $17,756
23 years $20,953
25 years $24,149

Top Solar Installers in Richmond

Although you can install solar panels on your own, it takes extra effort and handiness. That's why the majority of homeowners choose a solar panel installer. The expertise that solar companies offer can be invaluable as well, especially if you don't quite know what brand of solar equipment would be right for your home.

Working with a vetted solar installer can help your solar project go smoothly. 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 factors that can play into your solar system 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

The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. The brand of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

If paying for a solar system in cash is too expensive, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.

Solar Panel Installation Company

The solar installation company you choose will play a role in your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also fit into 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 $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

The solar panel company you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:

  • Solar Panel Brands: Different companies carry various brands and types of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
  • Reputation: Your solar installer should have a sound 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.

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, KY Solar Cost FAQs

What is the average cost of installing solar panels in Richmond?

The average cost of solar panels in Richmond is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Are solar panels free in Richmond?

You can't get solar panels for free in Richmond. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.

Do solar panels increase your property value?

Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the average daily 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 buy 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.

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