Solar Panel Cost Guide in Richmond, MO (Sep 2022)
- Richmond Solar Installation Cost: $13,199
- 25-Year Savings: $19,698
- Payback Period: 10.0 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Richmond
Find out how much it might cost to switch to solar power in Richmond.
The average cost of a solar panel system in Richmond is $3 per watt. The average solar panel system size in Richmond is around 7.3 kilowatts, meaning a cost of about $13,199 for a solar installation, or $9,767 after the 30% federal solar 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 consumption, the type of equipment you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Richmond see about $17,000 in savings on energy bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-11,883 |
| 3 years | $-9,251 |
| 5 years | $-6,619 |
| 7 years | $-3,988 |
| 9 years | $-1,356 |
| 11 years | $1,276 |
| 13 years | $3,908 |
| 15 years | $6,539 |
| 17 years | $9,171 |
| 19 years | $11,803 |
| 21 years | $14,434 |
| 23 years | $17,066 |
| 25 years | $19,698 |
Top Solar Installers in Richmond
Putting up solar panels by yourself can be a stressful project, which is why using a solar installation company is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Richmond, the EcoWatch team has put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
While the average cost of solar panels in Richmond is $13,199, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment Size
The size of the system you need is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Richmond average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Richmond homeowners opt to finance their solar panel systems to make going solar more affordable. Though solar loans make adopting solar energy more accessible for Richmond homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you pick will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.69 | $11,313 | $15,807 | 10.4 years |
| 8 kW | $2.64 | $14,794 | $21,366 | 10.2 years |
| 10 kW | $2.59 | $18,130 | $27,070 | 10.0 years |
| 12 kW | $2.54 | $21,321 | $32,920 | 9.8 years |
| 14 kW | $2.49 | $24,367 | $38,914 | 9.6 years |
| 16 kW | $2.43 | $27,268 | $45,053 | 9.4 years |
| 18 kW | $2.38 | $30,023 | $51,337 | 9.2 years |
| 20 kW | $2.33 | $32,634 | $57,767 | 9.0 years |
Solar Incentives in Richmond
| Name | Local Option - Clean Energy Development Boards |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Property Tax Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- 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 considerable role in the company you choose.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Richmond, MO Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond is about $12,950 for a 5-kW system and $25,900 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a very important 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 be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Does Richmond have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
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 stop working completely 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 keep using 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.
