Solar Panel Cost Guide in Richmond, VT (2024 Update)
- Richmond Solar Installation Cost: $15,413
- 25-Year Savings: $23,840
- Payback Period: 10.9 Years
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Average Cost of Solar Panels in Richmond
See how much it might cost to go solar in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the average cost of a solar system is 4 per watt.Using this figure, a typical 5.7-kW system would cost about $15,413 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Richmond homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Richmond see about $23,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-14,052 |
| 3 years | $-11,331 |
| 5 years | $-8,609 |
| 7 years | $-5,887 |
| 9 years | $-3,165 |
| 11 years | $-444 |
| 13 years | $2,278 |
| 15 years | $5,000 |
| 17 years | $7,722 |
| 19 years | $10,443 |
| 21 years | $13,165 |
| 23 years | $15,887 |
| 25 years | $18,609 |
Top Solar Installers in Richmond
Many homeowners opt for a solar panel company since installing solar panels yourself can be a lot of work. Local solar companies can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
For many Richmond homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,850 per kilowatt in Richmond.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you only 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 a solar system out of pocket is too expensive, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact your pricing. Richmond’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.00 | $16,817 | $20,248 | 11.3 years |
| 8 kW | $3.93 | $21,991 | $27,428 | 11.1 years |
| 10 kW | $3.85 | $26,950 | $34,824 | 10.9 years |
| 12 kW | $3.77 | $31,693 | $42,436 | 10.7 years |
| 14 kW | $3.70 | $36,221 | $50,263 | 10.5 years |
| 16 kW | $3.62 | $40,533 | $58,306 | 10.3 years |
| 18 kW | $3.54 | $44,629 | $66,564 | 10.0 years |
| 20 kW | $3.47 | $48,510 | $75,038 | 9.8 years |
How to Save on Solar Panels
There are many companies to choose from in Richmond, 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:
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Richmond, VT Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $19,250 for a 5-kW system and $38,500 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Richmond, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt 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.