Solar Panel Cost Guide in Richwood, LA (Mar 2023)
- Richwood Solar Installation Cost: $18,350
- 25-Year Savings: $22,114
- Payback Period: 11.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richwood
See how much it might cost to switch to solar power in Richwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richwood, the average cost of solar panels is 2.57 per watt. To account for the typical energy usage of the average home in Richwood, most homeowners require a 10.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,350, or $26,240 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Richwood homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $15,000 on electricity bills over 20 years, many homeowners in Richwood find installing solar panels can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-16,731 |
| 3 years | $-13,494 |
| 5 years | $-10,257 |
| 7 years | $-7,020 |
| 9 years | $-3,783 |
| 11 years | $-546 |
| 13 years | $2,692 |
| 15 years | $5,929 |
| 17 years | $9,166 |
| 19 years | $12,403 |
| 21 years | $15,640 |
| 23 years | $18,877 |
| 25 years | $22,114 |
Top Solar Installers in Richwood
Trying to put up solar panels on your own can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. The payback period of solar panels will vary based on factors like your roof configuration and energy use, but going with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Richwood
Factors that Affect Solar Panel Costs in Richwood
For many Richwood homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Richwood, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 pay around $2,570 per kilowatt in Richwood. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Richwood average.
Solar Financing Terms
Many homeowners find the average cost of solar in Richwood to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest. Though solar loans make adopting solar energy more accessible for Richwood homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $2.67 | $11,226 | $12,573 | 11.8 years |
| 8 kW | $2.62 | $14,680 | $17,052 | 11.6 years |
| 10 kW | $2.57 | $17,990 | $21,675 | 11.3 years |
| 12 kW | $2.52 | $21,156 | $26,441 | 11.1 years |
| 14 kW | $2.47 | $24,179 | $31,352 | 10.9 years |
| 16 kW | $2.42 | $27,057 | $36,406 | 10.7 years |
| 18 kW | $2.36 | $29,791 | $41,605 | 10.4 years |
| 20 kW | $2.31 | $32,382 | $46,947 | 10.2 years |
How to Save on Solar Panels
There are a lot of companies available in Richwood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two 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 past customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Warranty: If you're concerned about the endurance of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Richwood, LA Solar Cost FAQs
What is the average cost of installing solar panels in Richwood?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration 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.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $793.29 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.