Solar Panel Cost Guide in Richfield, MI (2025 Update)
- Richfield Solar Installation Cost: $17,718
- 25-Year Savings: $17,486
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Richfield
We go over average solar pricing in Richfield.
In Richfield, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Richfield, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $17,718, or $25,337 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on electricity 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 Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-16,464 |
| 3 years | $-13,957 |
| 5 years | $-11,449 |
| 7 years | $-8,942 |
| 9 years | $-6,434 |
| 11 years | $-3,927 |
| 13 years | $-1,420 |
| 15 years | $1,088 |
| 17 years | $3,595 |
| 19 years | $6,103 |
| 21 years | $8,610 |
| 23 years | $11,117 |
| 25 years | $13,625 |
Top Solar Installers in Richfield
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your swap to solar power much easier. Another perk of going with a solar installer is that they can help you optimize your return of investment by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you're searching for a solar company in Richfield, we've organized a list of our top suggestions here:
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
While the average cost of a solar system in Richfield is $17,718, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $4,060 per kilowatt in Richfield.There are many different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Richfield homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with 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 | $4.22 | $17,734 | $10,897 | 15.5 years |
| 8 kW | $4.14 | $23,191 | $14,984 | 15.2 years |
| 10 kW | $4.06 | $28,420 | $19,299 | 14.9 years |
| 12 kW | $3.98 | $33,422 | $23,841 | 14.6 years |
| 14 kW | $3.90 | $38,196 | $28,610 | 14.3 years |
| 16 kW | $3.82 | $42,744 | $33,606 | 14.0 years |
| 18 kW | $3.74 | $47,064 | $38,830 | 13.7 years |
| 20 kW | $3.65 | $51,156 | $44,282 | 13.4 years |
How to Save on Solar Panels
The solar installer you go with will impact 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 several important things you should consider, such as:
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you’re concerned about the longevity of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
EcoWatch's Richfield, MI Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $20,300 for a 5-kW system and $40,600 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 consume.
Can you get solar panels for free in Richfield?
You can’t get solar panels for free in Richfield. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Richfield?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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.