Solar Panel Cost Guide in Richmond, TX (2023 Update)
- Richmond Solar Installation Cost: $14,333
- 25-Year Savings: $22,855
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
Let's have a look at the average cost of solar panels in Richmond.
The national average cost of solar panels is $2.66 per watt, but in Richmond it's 2.69 per watt. 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.
The true cost of your system can go higher or lower than the average in Richmond based on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire. For most homeowners, the upfront investment in solar panels is worth paying. On average Richmond homeowners see about $20,000 in savings on utility bills over 20 years.
For a customized quote from a local solar company 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 | $-14,209 |
| 3 years | $-13,961 |
| 5 years | $-13,713 |
| 7 years | $-13,465 |
| 9 years | $-13,217 |
| 11 years | $-12,969 |
| 13 years | $-12,721 |
| 15 years | $-12,473 |
| 17 years | $-12,225 |
| 19 years | $-11,977 |
| 21 years | $-11,729 |
| 23 years | $-11,482 |
| 25 years | $-11,234 |
Top Solar Installers in Richmond
When going solar, many homeowners opt to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for your home.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
While the average cost of a solar system in Richmond is $14,330, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need for your home, 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 about $2,690. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Richmond average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, 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 factor 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 off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate 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 renovate your kitchen, for instance, you'll have no shortage of solar installers that provide a range of services at different costs. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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
The solar installer you go with will influence 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 some important things you should keep in mind, such as:
- 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.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
What is the average cost of installing solar panels in Richmond?
This is a hard 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. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 higher 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.