Solar Panel Cost Guide in Richmond, RI (Jan 2023)
- Richmond Solar Installation Cost: $7,853
- 25-Year Savings: $14,094
- Payback Period: 9.0 Years
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Top Solar Installers in Richmond
When going solar, many homeowners prefer to hire a solar installer since DIY solar panel installation can be a time-consuming project. Another benefit of working with a solar installer is that they can help you optimize your return of investment by lowering your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you're on the hunt for a solar installer in Richmond, we've put together a list of our top suggestions here:
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 differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Richmond. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Richmond, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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 power bills over many years, but they can also be a significant investment. That's why many Richmond homeowners opt to finance their solar panel systems to make going solar more affordable. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a role in determining how much it costs. Richmond's solar companies all have different labor costs and add varying upcharges to equipment. 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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
EcoWatch's Richmond, RI Solar Cost FAQs
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.