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
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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 per-watt figure above, a solar installation costs about $17,094, or $24,444 before the federal solar tax credit of 0 is applied.
How much you pay can go higher or lower than the average in Richmond depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Richmond see about $16,000 in savings on energy bills over 20 years.
To get a free estimate from a highly rated solar installation company 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
Many homeowners decide to use a solar panel installer since figuring out how to install solar panels yourself can be a lot of work. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're searching for a solar company in Richmond, we've compiled a list of our top suggestions here:
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
For many Richmond homeowners, the decision to install solar panels comes down to 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 several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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 $4,060.There are a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Richmond offer solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also increases your all-in costs, so it’s vital to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Richmond, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Richmond know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Before signing a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Not all solar installers carry 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: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
EcoWatch's Richmond, MI Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Richmond?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Richmond?
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 their energy production will have decreased significantly after that point. You can opt 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.