Solar Panel Cost Guide in Richmond, NY (Mar 2023)
- Richmond Solar Installation Cost: $9,520
- 25-Year Savings: $6,781
- Payback Period: 14.6 Years
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Updated March 14, 2023
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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 national average cost of solar panels is $2.66 per watt, but in Richmond it's 2.95 per watt. Since a 4.6-kW system is needed to cover the energy usage of a typical home in Richmond, the average price of going solar will be about $9,520 after claiming the federal solar tax credit of 30%.
These figures are only averages, and the cost of going solar for you may differ based on factors unique to your home and what company you choose to go with. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Richmond can save about $13,000 on their power bills over 20 years.
To get a free estimate from a pre-vetted solar company in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-8,868 |
| 3 years | $-7,564 |
| 5 years | $-6,259 |
| 7 years | $-4,955 |
| 9 years | $-3,651 |
| 11 years | $-2,347 |
| 13 years | $-1,043 |
| 15 years | $261 |
| 17 years | $1,565 |
| 19 years | $2,869 |
| 21 years | $4,173 |
| 23 years | $5,477 |
| 25 years | $6,781 |
Top Solar Installers in Richmond
Although you can install solar panels on your own, it involves extra effort and knowledge. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Richmond
Factors that Affect Solar Panel Costs in Richmond
For many Richmond homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Richmond, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. 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 in the long run on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Richmond average.
Solar Financing Terms
Most solar installers in Richmond offer solar loans, which reduce your upfront costs of installing solar panels. While solar loans make switching to solar energy more accessible for Richmond homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 final major cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Richmond, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to 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 | $3.07 | $12,886 | $8,333 | 15.2 years |
| 8 kW | $3.01 | $16,850 | $11,441 | 14.9 years |
| 10 kW | $2.95 | $20,650 | $14,715 | 14.6 years |
| 12 kW | $2.89 | $24,284 | $18,153 | 14.3 years |
| 14 kW | $2.83 | $27,754 | $21,757 | 14.0 years |
| 16 kW | $2.77 | $31,058 | $25,526 | 13.7 years |
| 18 kW | $2.71 | $34,196 | $29,460 | 13.4 years |
| 20 kW | $2.66 | $37,170 | $33,559 | 13.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer good-quality solar panel installation and expertise.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Richmond, NY Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Richmond?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will solar panels impact how much my home is worth?
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 $159,540, which means you could be looking at a value of about $6,541 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond is a worthwhile investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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.