Solar Panel Cost Guide in Richmond, MI (2023 Update)
- Richmond Solar Installation Cost: $11,831
- 25-Year Savings: $13,289
- Payback Period: 11.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
Find out how much it might cost to go solar in Richmond.
In Richmond, solar panels cost about 2.81 per watt on average. The average solar panel system size in Richmond is around 6.0 kilowatts, meaning a cost of about $11,822 for a solar installation, or $16,905 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Richmond see about $16,000 in savings on electricity bills over 20 years.
To get a free quote from a vetted solar installation company in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-11,747 |
| 3 years | $-11,580 |
| 5 years | $-11,412 |
| 7 years | $-11,245 |
| 9 years | $-11,077 |
| 11 years | $-10,910 |
| 13 years | $-10,742 |
| 15 years | $-10,575 |
| 17 years | $-10,407 |
| 19 years | $-10,240 |
| 21 years | $-10,072 |
| 23 years | $-9,905 |
| 25 years | $-9,738 |
Top Solar Installers in Richmond
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of an installer can make switching to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for you.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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
The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need, 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 nearly $2,810. The model of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than 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 for a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Richmond have solar loans, which reduce your upfront costs of installing solar. Though solar loans make switching to solar energy more accessible for Richmond homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Richmond are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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.