Solar Panel Cost Guide in Richwood, TX (Jan 2023)
- Richwood Solar Installation Cost: $13,746
- 25-Year Savings: $23,442
- Payback Period: 9.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Richwood
We go over average solar pricing in Richwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richwood, the average cost of solar panels is $3 per watt. The average Richwood homeowner needs a 7.3-kilowatt system, which would cost about $13,746, or $10,172 after the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you will most likely look different based on the amount of energy your home requires and what company you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $20,000 over 20 years on utility bills.
To get a free estimate from a pre-vetted solar installer in Richwood, you can click the button below.
Solar savings over time in Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,258 |
| 3 years | $-9,283 |
| 5 years | $-6,308 |
| 7 years | $-3,333 |
| 9 years | $-358 |
| 11 years | $2,617 |
| 13 years | $5,592 |
| 15 years | $8,567 |
| 17 years | $11,542 |
| 19 years | $14,517 |
| 21 years | $17,492 |
| 23 years | $20,467 |
| 25 years | $23,442 |
Top Solar Installers in Richwood
Although it's possible to install solar panels yourself, it takes extra labor and expertise. That's why most people choose to hire a solar panel installer. Companies can also have access to quality options of the best solar panels and help you choose which one will be best for you.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Richwood
Factors that Affect Solar Panel Costs in Richwood
For many Richwood homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Richwood, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Richwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Richwood homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Richwood, and each can charge varying amounts for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that offers the products, warranties and services you want and also fit into 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 | $2.80 | $11,750 | $18,820 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,395 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,120 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $38,996 | 9.1 years |
| 14 kW | $2.58 | $25,308 | $46,022 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $53,199 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,527 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,006 | 8.3 years |
How to Save on Solar Panels
There are a lot of companies available in Richwood, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Richwood, TX Solar Cost FAQs
How much does it cost to install solar panels in Richwood?
This is a tough 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 additional 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 less efficient solar panels.
Are solar panels free in Richwood?
A solar panel system isn't free in Richwood, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase the value of your home?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
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.