Solar Panel Cost Guide in Richfield, UT (2023 Update)
- Richfield Solar Installation Cost: $9,793
- 25-Year Savings: $15,425
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richfield
Here's how much it might cost to switch to solar power in Richfield.
The average cost of solar panels in Richfield is 2.68 per watt. To account for the typical energy usage of the average home in Richfield, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs around $9,793, or $14,004 before the federal solar tax credit of 30% is applied.
These figures are just averages, and your own solar costs may look different based on your energy needs and what company you want to go with. Despite the high upfront cost, the average Richfield homeowner can save about $18,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar installer in Richfield for a personalized estimate.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,784 |
| 3 years | $-6,767 |
| 5 years | $-4,749 |
| 7 years | $-2,732 |
| 9 years | $-715 |
| 11 years | $1,303 |
| 13 years | $3,320 |
| 15 years | $5,338 |
| 17 years | $7,355 |
| 19 years | $9,372 |
| 21 years | $11,390 |
| 23 years | $13,407 |
| 25 years | $15,425 |
Top Solar Installers in Richfield
When going solar, many homeowners choose to go with a solar installer since DIY solar panel installation can be a time-consuming project. Companies can also provide access to quality options of the best solar panels and help you choose which one will be best for your home.
If you're looking for a solar installer in Richfield, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
Though the average cost of a solar system in Richfield is $9,793, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect how much it costs. Richfield's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Richfield know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $17,262 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,317 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,521 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,875 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,380 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,034 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $55,839 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $62,794 | 8.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Not all solar installers 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Richfield, UT Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Richfield?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will having solar panels impact my home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for 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, 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 higher 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.