Solar Panel Cost Guide in Richmond, RI (2024 Update)
- Richmond Solar Installation Cost: $11,262
- 25-Year Savings: $14,088
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Richmond
We go over average solar pricing in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the typical cost of solar panels is 4 per watt.Using this figure, a typical 4.0-kW system would cost about $11,262 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Richmond homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $21,000 over 20 years on electricity bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-9,731 |
| 3 years | $-6,669 |
| 5 years | $-3,607 |
| 7 years | $-545 |
| 9 years | $2,517 |
| 11 years | $5,579 |
| 13 years | $8,641 |
| 15 years | $11,703 |
| 17 years | $14,765 |
| 19 years | $17,827 |
| 21 years | $20,890 |
| 23 years | $23,952 |
| 25 years | $27,014 |
Top Solar Installers in Richmond
Many homeowners opt for a solar panel installer since installing solar panels by yourself can be time-consuming. Another good thing about using a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you're on the hunt for a solar installer in Richmond, we've organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $4,070 per kilowatt in Richmond.The kind of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Richmond homeowners decide to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your all-in costs, so it’s important to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Richmond, and each can charge varying amounts for labor and equipment.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.23 | $17,778 | $15,534 | 13.3 years |
| 8 kW | $4.15 | $23,248 | $21,167 | 13.1 years |
| 10 kW | $4.07 | $28,490 | $27,029 | 12.8 years |
| 12 kW | $3.99 | $33,504 | $33,119 | 12.6 years |
| 14 kW | $3.91 | $38,291 | $39,436 | 12.3 years |
| 16 kW | $3.83 | $42,849 | $45,982 | 12.1 years |
| 18 kW | $3.74 | $47,179 | $52,755 | 11.8 years |
| 20 kW | $3.66 | $51,282 | $59,756 | 11.5 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall 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:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $20,350 for a 5-kW system and $40,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Richmond?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 house 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.