Solar Panel Cost Guide in Richland, MS (Feb 2023)
- Richland Solar Installation Cost: $15,449
- 25-Year Savings: $22,506
- Payback Period: 10.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Richland
Find out how much it might cost to install solar panels in Richland.
While the national average of solar panels is $2.66 per watt, solar panels in Richland generally cost around $3. To account for the typical energy needs of the average home in Richland, most homeowners require a 8.4-kilowatt system. Using the figure above, a solar installation costs around $15,449, or $11,432 after the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you choose, your solar contractor and more. Even with the high initial cost, the average Richland homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Richland
| Year | Return on Investment |
|---|---|
| 1 years | $-13,931 |
| 3 years | $-10,895 |
| 5 years | $-7,858 |
| 7 years | $-4,822 |
| 9 years | $-1,785 |
| 11 years | $1,251 |
| 13 years | $4,288 |
| 15 years | $7,324 |
| 17 years | $10,361 |
| 19 years | $13,397 |
| 21 years | $16,434 |
| 23 years | $19,470 |
| 25 years | $22,506 |
Top Solar Installers in Richland
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make your switch to solar power much easier. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
If you're on the hunt for a solar installer in Richland, we've compiled a list of our top suggestions here:
Best Technology
Tesla Energy
- 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Richland
Factors that Affect Solar Panel Costs in Richland
Even though the average cost of a solar system in Richland is $15,449, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel 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 installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,640 per kilowatt in Richland. The brand of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, 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 for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Richland homeowners choose to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can play a role in determining how much it costs. Richland's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Richland know more about local solar incentives and can help you make good use of 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 help you save 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 | $2.75 | $11,532 | $15,723 | 10.6 years |
| 8 kW | $2.69 | $15,080 | $21,260 | 10.4 years |
| 10 kW | $2.64 | $18,480 | $26,944 | 10.2 years |
| 12 kW | $2.59 | $21,732 | $32,777 | 10.0 years |
| 14 kW | $2.53 | $24,837 | $38,757 | 9.8 years |
| 16 kW | $2.48 | $27,794 | $44,885 | 9.6 years |
| 18 kW | $2.43 | $30,603 | $51,161 | 9.4 years |
| 20 kW | $2.38 | $33,264 | $57,585 | 9.2 years |
How to Save on Solar Panels
There are many companies to choose from in Richland, 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:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, project timeline incentives and warranties.
- 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 go with.
Best Technology
Tesla Energy
- 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Richland, MS Solar Cost FAQs
How much does it cost to install solar panels in Richland?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,200 for a 5-kW system and $26,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Richland?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Richland?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.