Solar Panel Cost Guide in Richmond, VA (2024 Update)
- Richmond Solar Installation Cost: $19,600
- 25-Year Savings: $4,117
- Payback Period: 25.6 Years
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Average Cost of Solar Panels in Richmond
Find out what the average cost of solar panels are in Richmond.
The national average cost of solar panels is $2.66 per watt, but in Richmond it’s 4 per watt.The average Richmond homeowner needs a 7.8-kilowatt system, which would cost about $19,600 with the federal tax credit, or $28,028 before the 0 tax credit is applied.
How much you pay can go higher or lower than the average in Richmond depending on several factors, such as the brand of solar panels you choose and the solar installer you hire.With typical savings of about $9,800 on utility bills over 20 years, many homeowners in Richmond find going solar has a decent ROI.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-18,001 |
| 3 years | $-14,803 |
| 5 years | $-11,605 |
| 7 years | $-8,407 |
| 9 years | $-5,209 |
| 11 years | $-2,011 |
| 13 years | $1,187 |
| 15 years | $4,385 |
| 17 years | $7,582 |
| 19 years | $10,780 |
| 21 years | $13,978 |
| 23 years | $17,176 |
| 25 years | $20,374 |
Top Solar Installers in Richmond
Although it's possible to install solar panels yourself, it requires extra effort and handiness. Because of that, almost all homeowners choose to hire a solar panel installer. Plus, if you’d like to maximize your investment in solar, going with a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Richmond, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of 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 costly, 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 for most homeowners, but they also lead to paying more over time due to interest.Though solar loans make switching to solar energy more accessible for Richmond homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can affect the cost. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.73 | $15,681 | $-964 | 26.6 years |
| 8 kW | $3.66 | $20,506 | $-883 | 26.1 years |
| 10 kW | $3.59 | $25,130 | $-601 | 25.6 years |
| 12 kW | $3.52 | $29,553 | $-118 | 25.1 years |
| 14 kW | $3.45 | $33,775 | $566 | 24.6 years |
| 16 kW | $3.37 | $37,796 | $1,451 | 24.1 years |
| 18 kW | $3.30 | $41,615 | $2,537 | 23.6 years |
| 20 kW | $3.23 | $45,234 | $3,824 | 23.1 years |
How to Save on Solar Panels
The solar installer you go with will affect not only your total 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 take into account, such as:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richmond, VA Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $17,950 for a 5-kW system and $35,900 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 consume.
Should I lease or buy solar panels in Richmond?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is making the switch to solar worth it?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.