Solar Panel Cost Guide in Richfield, OH (2023 Update)
- Richfield Solar Installation Cost: $14,001
- 25-Year Savings: $12,908
- Payback Period: 13.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richfield
We break down average solar pricing in Richfield.
Although the national average of solar panels is $2.66 per watt, solar panels in Richfield typically cost about 2.56. Since a 7.8-kW system is needed to cover the energy consumption of a typical home in Richfield, the average price of going solar will be about $13,996 after claiming the federal solar tax credit of 30%.
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 want, your solar contractor and more. Despite the high upfront cost, the average Richfield homeowner can save around $13,000 on their power bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar panel company in your area for a customized estimate.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-12,756 |
| 3 years | $-10,265 |
| 5 years | $-7,774 |
| 7 years | $-5,283 |
| 9 years | $-2,792 |
| 11 years | $-301 |
| 13 years | $2,189 |
| 15 years | $4,680 |
| 17 years | $7,171 |
| 19 years | $9,662 |
| 21 years | $12,153 |
| 23 years | $14,643 |
| 25 years | $17,134 |
Top Solar Installers in Richfield
Although it's possible to install solar panels yourself, it requires extra time and knowledge. That's one of the reasons the majority of homeowners choose a solar panel installer. The payback period on an investment in solar panels will vary based on factors like your location and energy use, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you'd like to switch to solar energy but still aren't certain which solar system installer to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Richfield: solar equipment and system size, financing options and the solar installation company you choose. We'll go over 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 notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation 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. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Richfield, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries 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 significant investment. That's why many Richfield homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Richfield is the company you hire to install your solar system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services at different price points. The company's size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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
The solar panel company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type 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 peruse their list of offerings before deciding.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richfield, OH Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.