Solar Panel Cost Guide in Richmond, MI (Mar 2023)
- Richmond Solar Installation Cost: $11,822
- 25-Year Savings: $13,298
- Payback Period: 11.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richmond
Here's how much it might cost to go solar in Richmond.
In Richmond, solar panels cost about 2.81 per watt on average. The average Richmond homeowner needs a 6.0-kilowatt system, which would cost about $11,822 with the federal tax credit, or $16,905 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs may look different based on the amount of energy your home requires and what company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar installer in Richmond that can help you get a more accurate cost estimate for your home.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-10,817 |
| 3 years | $-8,807 |
| 5 years | $-6,798 |
| 7 years | $-4,788 |
| 9 years | $-2,779 |
| 11 years | $-769 |
| 13 years | $1,241 |
| 15 years | $3,250 |
| 17 years | $5,260 |
| 19 years | $7,269 |
| 21 years | $9,279 |
| 23 years | $11,288 |
| 25 years | $13,298 |
Top Solar Installers in Richmond
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make swapping over to solar power much easier. The expertise that solar companies provide can be useful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our suggestions for providers near you:
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 Richmond
Factors that Affect Solar Panel Costs in Richmond
Though the average cost of a solar system in Richmond is $11,822, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,810. The model of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Richmond, you'll have many options to choose from, but each comes at various price points for labor and equipment. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $12,784 | 12.2 years |
| 8 kW | $2.87 | $16,051 | $17,361 | 12.0 years |
| 10 kW | $2.81 | $19,670 | $22,094 | 11.8 years |
| 12 kW | $2.75 | $23,132 | $26,985 | 11.5 years |
| 14 kW | $2.70 | $26,436 | $32,033 | 11.3 years |
| 16 kW | $2.64 | $29,584 | $37,239 | 11.1 years |
| 18 kW | $2.59 | $32,574 | $42,602 | 10.8 years |
| 20 kW | $2.53 | $35,406 | $48,122 | 10.6 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 decide on the right company for you, here are some tips to keep in mind:
- 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 get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: The brand of solar panel you'd like to get plays a part in which company you should go with, since different companies provide different panels.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
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 Richmond, MI Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Richmond?
You can't get solar panels for free in Richmond. However, you may still be able to afford 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.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richmond is currently $207,862, so you can expect a value of about $8,522 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Richmond is a rewarding investment.
How long do solar panels last in Richmond?
Although 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 their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.