Solar Panel Cost Guide in Richmond, ME (2024 Update)
- Richmond Solar Installation Cost: $13,992
- 25-Year Savings: $12,215
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in Richmond
We go over average solar pricing in Richmond.
The national average cost of solar panels is $2.66 per watt, but in Richmond it’s 4 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 $13,992 after claiming the federal solar tax credit of 0.
The true price you pay can be above or below the average in Richmond based on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Richmond see about $16,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-12,853 |
| 3 years | $-10,577 |
| 5 years | $-8,300 |
| 7 years | $-6,024 |
| 9 years | $-3,747 |
| 11 years | $-1,471 |
| 13 years | $806 |
| 15 years | $3,082 |
| 17 years | $5,358 |
| 19 years | $7,635 |
| 21 years | $9,911 |
| 23 years | $12,188 |
| 25 years | $14,464 |
Top Solar Installers in Richmond
When going solar, many homeowners opt to hire a solar company since overseeing your solar installation yourself can be a time-consuming project. Plus, if you’re unsure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a professional solar company can help you make the most of your investment in solar. 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 Richmond
Factors that Affect Solar Panel Costs in Richmond
The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $3,800.The 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 over time on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Richmond average.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.Though solar loans make going solar more accessible for Richmond 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
Lastly, the company you choose to install your solar panel system can impact how much it costs. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — 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 | $3.95 | $16,598 | $9,221 | 16.1 years |
| 8 kW | $3.88 | $21,706 | $12,720 | 15.8 years |
| 10 kW | $3.80 | $26,600 | $16,432 | 15.5 years |
| 12 kW | $3.72 | $31,282 | $20,357 | 15.1 years |
| 14 kW | $3.65 | $35,750 | $24,494 | 14.8 years |
| 16 kW | $3.57 | $40,006 | $28,845 | 14.5 years |
| 18 kW | $3.50 | $44,050 | $33,408 | 14.2 years |
| 20 kW | $3.42 | $47,880 | $38,184 | 13.9 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Installation Process: When making the switch to solar, it’s important to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Warranty: If you care about the longevity of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
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
What is the average cost of installing solar panels in Richmond?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $19,000 for a 5-kW system and $38,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Richmond?
Solar panels aren’t free in Richmond, 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 can further reduce the cost.
Can you sell solar power back to the grid in Richmond?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.