Solar Panel Cost Guide in Richmond Heights, OH (2023 Update)
- Richmond Heights Solar Installation Cost: $14,116
- 25-Year Savings: $13,264
- Payback Period: 12.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond Heights
Find out what the average cost of a solar system is in Richmond Heights.
While the national average of solar panels is $2.66 per watt, solar panels in Richmond Heights typically cost about 2.56. Using this figure, a typical 7.9-kW system would cost about $14,121 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely differ based on factors unique to your home and what company you go with. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Richmond Heights can save about $13,000 on their power bills over 20 years.
To get a free quote from a top solar installation company in Richmond Heights, you can click the button below.
Solar savings over time in Richmond Heights
| Year | Return on Investment |
|---|---|
| 1 years | $-12,862 |
| 3 years | $-10,354 |
| 5 years | $-7,847 |
| 7 years | $-5,339 |
| 9 years | $-2,832 |
| 11 years | $-324 |
| 13 years | $2,184 |
| 15 years | $4,691 |
| 17 years | $7,199 |
| 19 years | $9,707 |
| 21 years | $12,214 |
| 23 years | $14,722 |
| 25 years | $17,229 |
Top Solar Installers in Richmond Heights
When switching to solar energy, many homeowners prefer to use a solar company since putting up a solar system yourself can be a challenging project. Plus, if you're unsure what kind of solar panels and equipment you need, a solar installer 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 install solar panels for you. Here are our suggestions:
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 Richmond Heights
Factors that Affect Solar Panel Costs in Richmond Heights
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Richmond Heights: 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
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond Heights to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by promoting 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 | $2.66 | $11,182 | $9,673 | 13.4 years |
| 8 kW | $2.61 | $14,623 | $13,184 | 13.1 years |
| 10 kW | $2.56 | $17,920 | $16,839 | 12.9 years |
| 12 kW | $2.51 | $21,074 | $20,636 | 12.6 years |
| 14 kW | $2.46 | $24,084 | $24,577 | 12.4 years |
| 16 kW | $2.41 | $26,952 | $28,662 | 12.1 years |
| 18 kW | $2.36 | $29,676 | $32,890 | 11.9 years |
| 20 kW | $2.30 | $32,256 | $37,261 | 11.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the project timeline.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have different brands and types of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richmond Heights, OH Solar Cost FAQs
How much does it cost to install solar panels in Richmond Heights?
The average cost of solar panels in Richmond Heights 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richmond Heights?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richmond Heights is currently $192,800, which means you can look forward to a value of about $7,905 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Richmond Heights is a rewarding investment.
How often do you have to replace solar panels?
Although 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.