Solar Panel Cost Guide in Richmond, ME (2023 Update)
- Richmond Solar Installation Cost: $10,420
- 25-Year Savings: $12,215
- Payback Period: 11.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Richmond
Let's take a look at the average cost of solar panels in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the average cost of solar panels is 2.83 per watt. Since a 5.3-kW system is needed to cover the energy usage of a typical home in Richmond, the average price of going solar will be about $10,420 after 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 price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Richmond can save about $16,000 on their energy bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-9,515 |
| 3 years | $-7,704 |
| 5 years | $-5,893 |
| 7 years | $-4,082 |
| 9 years | $-2,271 |
| 11 years | $-461 |
| 13 years | $1,350 |
| 15 years | $3,161 |
| 17 years | $4,972 |
| 19 years | $6,783 |
| 21 years | $8,593 |
| 23 years | $10,404 |
| 25 years | $12,215 |
Top Solar Installers in Richmond
When going solar, many homeowners opt to hire a solar installer since DIY solar panel installation can be a time-consuming project. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers near you:
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 Richmond
Factors that Affect Solar Panel Costs in Richmond
Although the average cost of a solar system in Richmond is $10,420, your final cost may be above or below the average. 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 crucial things to take into consideration.
Solar Equipment
The cost of solar panels 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 that have higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,830. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Richmond average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over five to seven years on average. Though solar loans make going solar more accessible for Richmond 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 put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Richmond, you'll have many options to choose from, but each comes at different price points 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 choose a company that has the products, warranties and services you're looking for 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 | $2.94 | $12,361 | $13,458 | 12.0 years |
| 8 kW | $2.89 | $16,165 | $18,260 | 11.7 years |
| 10 kW | $2.83 | $19,810 | $23,222 | 11.5 years |
| 12 kW | $2.77 | $23,297 | $28,342 | 11.3 years |
| 14 kW | $2.72 | $26,625 | $33,620 | 11.0 years |
| 16 kW | $2.66 | $29,794 | $39,057 | 10.8 years |
| 18 kW | $2.60 | $32,805 | $44,652 | 10.6 years |
| 20 kW | $2.55 | $35,658 | $50,406 | 10.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The model of solar panel you'd like to install plays a part in which installer you should opt for, since different companies provide different panels.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of 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 positive reviews from past customers.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going 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
EcoWatch's Richmond, ME Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $860.64 per year.
How long do solar panels last in Richmond?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.