Solar Panel Cost Guide in Richland, MS (2023 Update)
- Richland Solar Installation Cost: $15,441
- 25-Year Savings: $22,514
- Payback Period: 10.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richland
We break down average solar pricing in Richland.
The average cost of a solar system in Richland is 2.64 per watt. The average Richland homeowner needs a 8.4-kilowatt system, which would cost about $15,449 with the federal tax credit, or $22,092 before the 30% 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 needs, the type of solar panels you want to get, your solar contractor and more. With typical savings of about $17,000 on power bills over 20 years, many homeowners in Richland find investing in solar has a decent ROI.
To receive a free quote from a highly rated solar company in Richland, you can click the button below.
Solar savings over time in Richland
| Year | Return on Investment |
|---|---|
| 1 years | $-15,315 |
| 3 years | $-15,062 |
| 5 years | $-14,809 |
| 7 years | $-14,556 |
| 9 years | $-14,303 |
| 11 years | $-14,050 |
| 13 years | $-13,797 |
| 15 years | $-13,544 |
| 17 years | $-13,291 |
| 19 years | $-13,038 |
| 21 years | $-12,785 |
| 23 years | $-12,531 |
| 25 years | $-12,278 |
Top Solar Installers in Richland
Although it's possible to install solar panels on your own, it involves extra time and expertise. That's why most people choose to hire a solar panel installer. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
See all of the solar companies in Richland
Factors that Affect Solar Panel Costs in Richland
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Richland: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production 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 $2,640. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Richland, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid choice because they lower your upfront costs and let you pay for your system over five to seven years on average. Although solar loans make going solar more accessible for Richland homeowners, they can also add to 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
A final consideration when trying to estimate the cost of solar for your home or business in Richland is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different costs. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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
The solar panel company you opt for will impact not only your total costs, but also the kinds 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: Review the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
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
EcoWatch's Richland, MS Solar Cost FAQs
How much does it cost to install solar panels in Richland?
This is a difficult question to answer exactly, 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.