Solar Panel Cost Guide in Richwood, LA (2023 Update)
- Richwood Solar Installation Cost: $18,353
- 25-Year Savings: $22,112
- Payback Period: 11.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richwood
We break down average solar pricing in Richwood.
In Richwood, solar panels cost about 2.57 per watt on average. Using this figure, a typical 10.2-kW system would cost about $18,350 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of going solar can vary based on a few factors, such as how many panels you need, your energy usage and what company you go with. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Richwood find investing in solar has a decent ROI.
Click the button below to get connected to a vetted solar installer in your area for a custom estimate.
Solar savings over time in Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-17,043 |
| 3 years | $-14,425 |
| 5 years | $-11,806 |
| 7 years | $-9,188 |
| 9 years | $-6,569 |
| 11 years | $-3,951 |
| 13 years | $-1,332 |
| 15 years | $1,286 |
| 17 years | $3,905 |
| 19 years | $6,524 |
| 21 years | $9,142 |
| 23 years | $11,761 |
| 25 years | $14,379 |
Top Solar Installers in Richwood
When making the switch to solar, many homeowners decide to hire a solar company since putting up a solar system yourself can be a difficult project. Some solar companies, especially local ones, can help you make the most of incentives in Richwood, thereby optimizing your ROI.
Working with a licensed solar company can make going solar easier. 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
See all of the solar companies in Richwood
Factors that Affect Solar Panel Costs in Richwood
For many Richwood homeowners, the decision to install a solar energy system depends 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 several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Richwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $2,570 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking 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 in cash is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Even though solar loans make switching to solar energy more accessible for Richwood homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies in Richwood, and each can charge different amounts for labor and equipment. Some companies 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 at a higher cost. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fits 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 | $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 many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies carry various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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
EcoWatch's Richwood, LA Solar Cost FAQs
How much does it cost to install solar panels in Richwood?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Richwood?
A solar panel system isn't free in Richwood, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Richwood?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Richwood?
On average, solar panels can last 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 larger amount 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.