Solar Panel Cost Guide in New Richmond, WI (2023 Update)
- New Richmond Solar Installation Cost: $13,395
- 25-Year Savings: $21,362
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in New Richmond
We go over average solar pricing in New Richmond.
The average cost of solar panels in New Richmond is 2.6 per watt. To account for the typical energy usage of the average home in New Richmond, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,395, or $19,155 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in New Richmond see about $18,000 in savings on electricity bills over 20 years.
To receive a free estimate from a vetted solar installation company in New Richmond, you can click the button below.
Solar savings over time in New Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-12,005 |
| 3 years | $-9,224 |
| 5 years | $-6,444 |
| 7 years | $-3,663 |
| 9 years | $-883 |
| 11 years | $1,898 |
| 13 years | $4,679 |
| 15 years | $7,459 |
| 17 years | $10,240 |
| 19 years | $13,020 |
| 21 years | $15,801 |
| 23 years | $18,581 |
| 25 years | $21,362 |
Top Solar Installers in New Richmond
When going solar, many homeowners decide to go with a solar installation company since putting up solar panels yourself can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be best for your family.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in New Richmond
Factors that Affect Solar Panel Costs in New Richmond
While the average cost of a solar system in New Richmond is $13,395, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,600 per kilowatt in New Richmond. There are several different solar panel brands and the one you pick also changes the cost. In many cases, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install 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
Many homeowners find the average cost of solar in New Richmond to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies operating in New Richmond, and each can charge different amounts for labor and equipment. Additionally, some companies in New Richmond are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $2.70 | $11,357 | $16,966 | 10.0 years |
| 8 kW | $2.65 | $14,851 | $22,913 | 9.8 years |
| 10 kW | $2.60 | $18,200 | $29,005 | 9.6 years |
| 12 kW | $2.55 | $21,403 | $35,243 | 9.4 years |
| 14 kW | $2.50 | $24,461 | $41,626 | 9.3 years |
| 16 kW | $2.44 | $27,373 | $48,155 | 9.1 years |
| 18 kW | $2.39 | $30,139 | $54,830 | 8.9 years |
| 20 kW | $2.34 | $32,760 | $61,650 | 8.7 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining 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 a few important things you should take into account, including:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's New Richmond, WI Solar Cost FAQs
What is the average cost of installing solar panels in New Richmond?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in New Richmond?
Leasing solar panels can be an attractive choice, as it usually 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 get the most savings.
Does New Richmond have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
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 larger 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.