Solar Panel Cost Guide in Richmond, MO (2024 Update)
- Richmond Solar Installation Cost: $17,168
- 25-Year Savings: $19,702
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Richmond
See how much it might cost to switch to solar power in Richmond.
The average cost of a solar system in Richmond is 3 per watt.Using this figure, a typical 7.3-kW system would cost about $17,168 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with.Many homeowners find installing solar panels is a sound investment. The average homeowner in Richmond can save around $17,000 on their electricity bills over 20 years.
You can click the button below to get connected with a 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 | $-15,760 |
| 3 years | $-12,944 |
| 5 years | $-10,128 |
| 7 years | $-7,312 |
| 9 years | $-4,496 |
| 11 years | $-1,680 |
| 13 years | $1,136 |
| 15 years | $3,952 |
| 17 years | $6,768 |
| 19 years | $9,584 |
| 21 years | $12,400 |
| 23 years | $15,216 |
| 25 years | $18,032 |
Top Solar Installers in Richmond
Many homeowners decide to hire a solar panel company since installing solar panels yourself can be hard. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
Even though the average cost of a solar system in Richmond is $17,168, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,370 per kilowatt in Richmond.The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment consists of more than 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Richmond, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Richmond is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for instance, you’ll have no shortage of solar installers that provide a range of services at different price points.The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion 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 | $3.50 | $14,720 | $12,400 | 13.6 years |
| 8 kW | $3.44 | $19,249 | $16,911 | 13.3 years |
| 10 kW | $3.37 | $23,590 | $21,610 | 13.0 years |
| 12 kW | $3.30 | $27,742 | $26,499 | 12.8 years |
| 14 kW | $3.24 | $31,705 | $31,575 | 12.5 years |
| 16 kW | $3.17 | $35,479 | $36,841 | 12.3 years |
| 18 kW | $3.10 | $39,065 | $42,296 | 12.0 years |
| 20 kW | $3.03 | $42,462 | $47,939 | 11.7 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richmond, MO Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas 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.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.