Solar Panel Cost Guide in Richfield, MI (2023 Update)
- Richfield Solar Installation Cost: $12,254
- 25-Year Savings: $17,495
- Payback Period: 10.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Richfield
Find out what the average cost of solar panel installation is in Richfield.
Although the national average of solar panels is $2.66 per watt, solar panels in Richfield typically cost about 2.81. The average Richfield homeowner needs a 6.2-kilowatt system, which would cost about $12,254 with the federal tax credit, or $17,523 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Richfield can save about $18,000 on their electricity bills over 20 years.
To receive a free estimate from a top solar company in Richfield, you can click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-11,064 |
| 3 years | $-8,685 |
| 5 years | $-6,305 |
| 7 years | $-3,925 |
| 9 years | $-1,545 |
| 11 years | $835 |
| 13 years | $3,215 |
| 15 years | $5,595 |
| 17 years | $7,975 |
| 19 years | $10,355 |
| 21 years | $12,735 |
| 23 years | $15,115 |
| 25 years | $17,495 |
Top Solar Installers in Richfield
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Another advantage of working with a solar installer is that they can help you make the most of your investment by cutting back on future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you'd like to make the switch to solar but still aren't sure which solar system company to go with, here are our suggestions for providers nearby:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
There are several criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,810. 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 opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Richfield average.
Solar Financing Terms
Most solar installers in Richfield provide solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also adds to your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Richfield, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $2.92 | $12,274 | $16,357 | 10.7 years |
| 8 kW | $2.87 | $16,051 | $22,124 | 10.5 years |
| 10 kW | $2.81 | $19,670 | $28,049 | 10.3 years |
| 12 kW | $2.75 | $23,132 | $34,131 | 10.1 years |
| 14 kW | $2.70 | $26,436 | $40,370 | 9.9 years |
| 16 kW | $2.64 | $29,584 | $46,766 | 9.7 years |
| 18 kW | $2.59 | $32,574 | $53,320 | 9.5 years |
| 20 kW | $2.53 | $35,406 | $60,032 | 9.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- 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 such a warranty is one mark of a quality company.
- Solar Panel Brands: The model of solar panel you'd like to get plays a role in which company you should go with, since different companies offer different panels.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Richfield, MI Solar Cost FAQs
How much does it cost to install solar panels in Richfield?
The average cost of solar panels in Richfield is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richfield?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Richfield?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces 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.
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 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 install 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.