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:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
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:
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.
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.
EcoWatch's Richmond, KY Solar Cost FAQs
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.