Solar Panel Cost Guide in Riga, NY (2023 Update)
- Riga Solar Installation Cost: $8,611
- 25-Year Savings: $8,135
- Payback Period: 12.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Riga
Let's take a look at the average cost of solar panels in Riga.
The average cost of solar panels in Riga is 2.95 per watt. The average solar panel system size in Riga is around 4.2 kilowatts, meaning a cost of about $8,611 for a solar installation, or $12,314 before the 30% federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Riga based on a few factors, such as the kind of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on power bills.
To receive a free estimate from a pre-vetted solar installation company in Riga, you can click the button below.
Solar savings over time in Riga
| Year | Return on Investment |
|---|---|
| 1 years | $-7,941 |
| 3 years | $-6,601 |
| 5 years | $-5,262 |
| 7 years | $-3,922 |
| 9 years | $-2,582 |
| 11 years | $-1,243 |
| 13 years | $97 |
| 15 years | $1,437 |
| 17 years | $2,777 |
| 19 years | $4,116 |
| 21 years | $5,456 |
| 23 years | $6,796 |
| 25 years | $8,135 |
Top Solar Installers in Riga
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make your switch to solar power much easier. The expertise that solar installers offer can be useful as well, especially if you aren't sure what kind of solar equipment you need.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Riga
Factors that Affect Solar Panel Costs in Riga
For many Riga homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Riga, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,950 per kilowatt in Riga. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Riga homeowners opt to finance their solar panel systems to make going solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect your pricing. Riga's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Riga have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $3.07 | $12,886 | $11,214 | 13.4 years |
| 8 kW | $3.01 | $16,850 | $15,282 | 13.1 years |
| 10 kW | $2.95 | $20,650 | $19,516 | 12.9 years |
| 12 kW | $2.89 | $24,284 | $23,914 | 12.6 years |
| 14 kW | $2.83 | $27,754 | $28,478 | 12.3 years |
| 16 kW | $2.77 | $31,058 | $33,207 | 12.1 years |
| 18 kW | $2.71 | $34,196 | $38,102 | 11.8 years |
| 20 kW | $2.66 | $37,170 | $43,161 | 11.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
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 Riga, NY Solar Cost FAQs
How much does it cost to install solar panels in Riga?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Riga?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 financial benefits from going solar.
Does Riga have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having 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.