Solar Panel Cost Guide in Richmond, RI (2023 Update)
- Richmond Solar Installation Cost: $7,859
- 25-Year Savings: $14,088
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
We go over average solar pricing in Richmond.
The national average cost of solar panels is $2.66 per watt, but in Richmond it's 2.84 per watt. The average solar panel system size in Richmond is around 4.0 kilowatts, meaning a cost of about $7,853 for a solar installation, or $11,230 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Richmond homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $21,000 over 20 years on energy bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-6,328 |
| 3 years | $-3,265 |
| 5 years | $-203 |
| 7 years | $2,859 |
| 9 years | $5,921 |
| 11 years | $8,983 |
| 13 years | $12,045 |
| 15 years | $15,107 |
| 17 years | $18,169 |
| 19 years | $21,231 |
| 21 years | $24,293 |
| 23 years | $27,355 |
| 25 years | $30,417 |
Top Solar Installers in Richmond
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make swapping over to solar power much easier. The payback period on a solar system will vary based on factors like your location and energy usage, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you'd like to start using solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in Richmond:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
Though the average cost of a solar system in Richmond is $7,853, your final cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,840. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Richmond, where sunlight is relatively 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Richmond offer solar loans, which reduce your upfront costs of installing solar panels. It's a good idea to include 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Richmond is the company you get to install your PV system. As with choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that offer a range of services at different price points. Additionally, some companies in Richmond know more about local solar incentives and can help you make good use 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 help you save 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 | $2.95 | $12,405 | $20,906 | 9.3 years |
| 8 kW | $2.90 | $16,222 | $28,193 | 9.1 years |
| 10 kW | $2.84 | $19,880 | $35,639 | 9.0 years |
| 12 kW | $2.78 | $23,379 | $43,244 | 8.8 years |
| 14 kW | $2.73 | $26,719 | $51,008 | 8.6 years |
| 16 kW | $2.67 | $29,900 | $58,931 | 8.4 years |
| 18 kW | $2.61 | $32,921 | $67,013 | 8.2 years |
| 20 kW | $2.56 | $35,784 | $75,254 | 8.1 years |
How to Save on Solar Panels
There are many companies available in Richmond, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- 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 do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Richmond, RI Solar Cost FAQs
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond is about $14,200 for a 5-kW system and $28,400 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.
Is cost the most important thing to keep in mind when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,110.38 per year.
How long do solar panels last in Richmond?
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 larger level 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.