Solar Panel Cost Guide in Richfield, OH (Mar 2023)
- Richfield Solar Installation Cost: $13,996
- 25-Year Savings: $12,913
- Payback Period: 13.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richfield
Let's take a look at the average cost of solar panels in Richfield.
The average cost of solar panels in Richfield is 2.56 per watt. Using this figure, a typical 7.8-kW system would cost about $13,996 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. Many homeowners find going solar is a fruitful investment. The average homeowner in Richfield can save around $13,000 on their power bills over 20 years.
To get a free estimate from a top solar company in Richfield, you can click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-12,919 |
| 3 years | $-10,766 |
| 5 years | $-8,614 |
| 7 years | $-6,461 |
| 9 years | $-4,308 |
| 11 years | $-2,156 |
| 13 years | $-3 |
| 15 years | $2,150 |
| 17 years | $4,302 |
| 19 years | $6,455 |
| 21 years | $8,608 |
| 23 years | $10,761 |
| 25 years | $12,913 |
Top Solar Installers in Richfield
Many homeowners opt for a solar installer since installing solar panels on your own can be time-consuming. Another upside of utilizing a solar company is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Richfield
Factors that Affect Solar Panel Costs in Richfield
Although the average cost of a solar system in Richfield is $13,996, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require 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 $2,560. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the Richfield average.
Solar Financing Terms
Many homeowners find the average cost of solar in Richfield to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can affect how much it costs. Richfield's solar companies all have different labor costs and add varying upcharges to equipment. 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 access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.66 | $11,182 | $9,482 | 13.5 years |
| 8 kW | $2.61 | $14,623 | $12,930 | 13.3 years |
| 10 kW | $2.56 | $17,920 | $16,520 | 13.0 years |
| 12 kW | $2.51 | $21,074 | $20,255 | 12.7 years |
| 14 kW | $2.46 | $24,084 | $24,132 | 12.5 years |
| 16 kW | $2.41 | $26,952 | $28,153 | 12.2 years |
| 18 kW | $2.36 | $29,676 | $32,317 | 12.0 years |
| 20 kW | $2.30 | $32,256 | $36,625 | 11.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The type of solar panel you need to get plays a part in which company you should choose, since different companies provide different panels.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Richfield, OH Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Richfield?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $688.81 per year.
What solar power system size is right for my home?
To figure out how many solar panels 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 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.