Solar Panel Cost Guide in Richmond, TX (Sep 2022)

  • Richmond Solar Installation Cost: $14,330
  • 25-Year Savings: $22,858
  • Payback Period: 9.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Richmond

Find out what the average cost of solar panels are in Richmond.

Although the national average of solar panels is $2.66 per watt, solar panels in Richmond typically cost about $3. The average solar panel system size in Richmond is around 7.6 kilowatts, meaning a cost of about $14,330 for a solar installation, or $10,604 after the 30% federal solar tax credit is applied.

These figures are just averages, and the cost of going solar for you will vary based on your energy needs and what company you want to go with. With typical savings of about $20,000 on electricity bills over 20 years, many homeowners in Richmond find investing in solar can pay off big.

To calculate your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Richmond

Year Return on Investment
1 years $-12,842
3 years $-9,867
5 years $-6,892
7 years $-3,917
9 years $-942
11 years $2,033
13 years $5,008
15 years $7,983
17 years $10,958
19 years $13,933
21 years $16,908
23 years $19,883
25 years $22,858

Top Solar Installers in Richmond

When making the switch to solar, many homeowners choose to use a solar installation company since installing solar panels yourself can be a difficult project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.

You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Richmond:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

See all of the solar companies in Richmond

Factors that Affect Solar Panel Costs in Richmond

The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment Size

The size of the solar energy system you need for your household is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,690. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Richmond, where sunlight is 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

Many homeowners find the average cost of solar in Richmond to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time because of interest. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.

Solar Panel Installation Company

The remaining significant cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Richmond, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 $2.80 $11,750 $17,564 10.0 years
8 kW $2.74 $15,365 $23,720 9.8 years
10 kW $2.69 $18,830 $30,027 9.6 years
12 kW $2.64 $22,144 $36,484 9.4 years
14 kW $2.58 $25,308 $43,092 9.2 years
16 kW $2.53 $28,320 $49,850 9.1 years
18 kW $2.47 $31,182 $56,759 8.9 years
20 kW $2.42 $33,894 $63,819 8.7 years

Solar Incentives in Richmond

Name Renewable Energy Systems Property Tax Exemption
Incentive Amount 100%
Website Visit here
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

How to Save on Solar Panels

Since the kind of solar panels and the installer you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
  • Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
  • Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
  • 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 good company.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

EcoWatch's Richmond, TX Solar Cost FAQs

How much does it cost to install solar panels in Richmond?

This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

What other factors should I consider other than cost when buying solar panels?

The upfront 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 think about are the quality and durability of your solar panels.

How will installing solar panels impact my home value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richmond is currently $267,380, which means you can expect about a value of about $10,963 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richmond is a rewarding investment.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know how much energy your home needs 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 home 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.

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