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
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Average Cost of Solar Panels in Richmond
Find out how much it might cost to make the switch to solar in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the typical cost of solar panels 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.
Keep in mind that the figures above are only estimates based on the average energy use of Richmond homeowners. The cost of a solar system for your home may be different depending on factors unique to you, 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 | $-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
Trying to put up solar panels by yourself can be a stressful task, which is why using a solar installer is a good option for many homeowners. The payback period on an investment in solar panels will vary depending on factors like your location and energy usage, but working with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
While the average cost of a solar system in Richmond is $24,649, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar energy system in Richmond, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you want to install 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
If paying for a solar system out of pocket is difficult, solar loans are a solid choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you select will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: When making the switch to solar power, it’s crucial to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: The brand of solar panel you want to get plays a role in which company you should go with, since different companies offer different panels.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richmond, KY Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t choose 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."
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 level 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.