Solar Panel Cost Guide in New Richmond, WI (2024 Update)
- New Richmond Solar Installation Cost: $19,998
- 25-Year Savings: $21,357
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in New Richmond
We go over average solar pricing in New Richmond.
In New Richmond, solar panels cost about 4 per watt on average.To cover the typical energy needs 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 $19,998, or $28,597 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of solar system you choose, your solar contractor and more.For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in New Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-18,894 |
| 3 years | $-16,685 |
| 5 years | $-14,477 |
| 7 years | $-12,268 |
| 9 years | $-10,060 |
| 11 years | $-7,851 |
| 13 years | $-5,643 |
| 15 years | $-3,434 |
| 17 years | $-1,226 |
| 19 years | $983 |
| 21 years | $3,191 |
| 23 years | $5,400 |
| 25 years | $7,608 |
Top Solar Installers in New Richmond
Trying to install solar panels on your own can be a challenging project, which is why hiring a solar installation company is a good option for many homeowners. Another good thing about going with a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
If you're searching for a solar installer in New Richmond, the EcoWatch team has put together a list of our top suggestions here:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in New Richmond
Factors that Affect Solar Panel Costs in New Richmond
There are a number of criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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 $3,880.There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many New Richmond homeowners choose to finance their solar panel systems to make going solar more affordable.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in New Richmond is the company you choose to install your PV system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different costs.The company’s size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion 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 | $4.04 | $16,948 | $11,375 | 15.0 years |
| 8 kW | $3.96 | $22,163 | $15,601 | 14.7 years |
| 10 kW | $3.88 | $27,160 | $20,045 | 14.4 years |
| 12 kW | $3.80 | $31,940 | $24,706 | 14.1 years |
| 14 kW | $3.72 | $36,503 | $29,584 | 13.8 years |
| 16 kW | $3.65 | $40,849 | $34,679 | 13.5 years |
| 18 kW | $3.57 | $44,977 | $39,992 | 13.2 years |
| 20 kW | $3.49 | $48,888 | $45,522 | 12.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- 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 ask for their list of options before deciding.
- Warranty: Warranties that provide coverage for 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.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's New Richmond, WI Solar Cost FAQs
What is the average cost of installing solar panels in New Richmond?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,400 for a 5-kW system and $38,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does New Richmond have a net metering program?
Each state has some form 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 electricity bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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 install between 20 and 35 panels to cover 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.