Solar Panel Cost Guide in Richmond, TX (2023 Update)
- Richmond Solar Installation Cost: $14,330
- 25-Year Savings: $22,858
- Payback Period: 9.6 Years
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Updated March 14, 2023
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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 2.69. 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 $20,492 before 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- 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
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, 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 |
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- 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. Broadly speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Richmond?
Solar panels aren't free in Richmond, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Richmond?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How long do solar panels last in Richmond?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.