Solar Panel Cost Guide in Richwood, TX (2023 Update)
- Richwood Solar Installation Cost: $13,744
- 25-Year Savings: $23,444
- Payback Period: 9.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richwood
Find out what the average cost of solar panel installation is in Richwood.
The national average cost of solar panels is $2.66 per watt, but in Richwood it's 2.69 per watt. Because a 7.3-kW system is needed to cover the energy needs of a typical home in Richwood, the average price of going solar will be about $13,746 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary depending on a few factors, such as how many panels you need, your energy consumption and what installation company you go with. Despite the large upfront cost, the average Richwood homeowner can save around $20,000 on their power bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a highly rated solar installer in Richwood, you can click the button below.
Solar savings over time in Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-13,620 |
| 3 years | $-13,372 |
| 5 years | $-13,124 |
| 7 years | $-12,876 |
| 9 years | $-12,628 |
| 11 years | $-12,380 |
| 13 years | $-12,132 |
| 15 years | $-11,884 |
| 17 years | $-11,636 |
| 19 years | $-11,389 |
| 21 years | $-11,141 |
| 23 years | $-10,893 |
| 25 years | $-10,645 |
Top Solar Installers in Richwood
Although it's possible to install solar panels on your own, it involves extra time and know-how. For that reason, the majority of homeowners choose to go with a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for you.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Richwood:
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 Richwood
Factors that Affect Solar Panel Costs in Richwood
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Richwood: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the massive popularity of renewable energy solutions in Richwood, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have 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 discount can bring their pricing lower 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 | $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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Richwood, TX Solar Cost FAQs
How much does it cost to install solar panels in Richwood?
The average cost of solar panels in Richwood is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Richwood?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Richwood?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.