Solar Panel Cost Guide in Richmond, MI (2024 Update)

  • Richmond Solar Installation Cost: $17,094
  • 25-Year Savings: $13,289
  • Payback Period: 17.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Richmond

See how much it might cost to make the switch to solar in Richmond.

The national average cost of solar panels is $2.66 per watt, but in Richmond it’s 4 per watt.To account for the typical energy needs of the average home in Richmond, most homeowners require a 6.0-kilowatt system. Using the figure above, a solar installation costs around $17,094, or $24,444 before the federal solar tax credit of 0 is applied.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of equipment you want to get, your solar contractor and more.Many homeowners find adopting solar power is a solid investment. The average homeowner in Richmond can save about $16,000 on their energy bills over 20 years.

To receive a free quote from a top solar installer in Richmond, you can click the button below.

Solar savings over time in Richmond

Year Return on Investment
1 years $-15,701
3 years $-12,917
5 years $-10,132
7 years $-7,347
9 years $-4,563
11 years $-1,778
13 years $1,007
15 years $3,791
17 years $6,576
19 years $9,361
21 years $12,145
23 years $14,930
25 years $17,715

Top Solar Installers in Richmond

Although you can install solar panels by yourself, it requires extra labor and expertise. That's one of the reasons most homeowners choose to go with a solar panel installer. The expertise that solar companies provide can be valuable as well, particularly if you aren’t sure what brand of solar equipment you need.

You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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

For many Richmond homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better 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 $4,060.The brand of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.

Solar Financing Terms

Most solar installers in Richmond provide solar loans, which reduce the initial cost of installing a solar system.While solar loans make adopting solar energy more accessible for Richmond homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar installer you select will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.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 additional 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 $7,324 17.7 years
8 kW $4.14 $23,191 $10,221 17.4 years
10 kW $4.06 $28,420 $13,344 17.0 years
12 kW $3.98 $33,422 $16,695 16.7 years
14 kW $3.90 $38,196 $20,273 16.3 years
16 kW $3.82 $42,744 $24,079 16.0 years
18 kW $3.74 $47,064 $28,112 15.7 years
20 kW $3.65 $51,156 $32,372 15.3 years

How to Save on Solar Panels

There are many companies to choose from in Richmond, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: Before signing a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
  • Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should go with, since different companies offer different panels.
  • Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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?

This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

What other factors should I consider in addition to cost when buying solar panels?

The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.

Is going solar worth it?

Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.

How often do you have to replace solar panels?

Even 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.

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