Solar Panel Cost Guide in Richfield, WI (2024 Update)
- Richfield Solar Installation Cost: $19,492
- 25-Year Savings: $25,343
- Payback Period: 12.7 Years
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Average Cost of Solar Panels in Richfield
Let’s have a look at the average cost of solar in Richfield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richfield, the typical cost of solar panels is 4 per watt.The average solar panel system size in Richfield is around 7.2 kilowatts, meaning a cost of about $19,492 for a solar installation, or $27,874 before the 0 federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you may differ based on your specific situation and what company you choose to go with.With typical savings of about $20,000 on electricity bills over 20 years, many homeowners in Richfield find installing solar panels can be quite rewarding.
To get a free estimate from a vetted solar installation company in Richfield, you can click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-18,196 |
| 3 years | $-15,605 |
| 5 years | $-13,014 |
| 7 years | $-10,423 |
| 9 years | $-7,832 |
| 11 years | $-5,242 |
| 13 years | $-2,651 |
| 15 years | $-60 |
| 17 years | $2,531 |
| 19 years | $5,122 |
| 21 years | $7,713 |
| 23 years | $10,304 |
| 25 years | $12,895 |
Top Solar Installers in Richfield
Installing solar panels yourself can be a dangerous project, which is why using a solar installer is a good option for many homeowners. The payback period of solar panels will vary depending on factors like your location and energy needs, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you're searching for a solar installer in Richfield, the EcoWatch team has compiled 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
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 Richfield
Factors that Affect Solar Panel Costs in Richfield
The cost of installing a solar system in Richfield can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,880. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Richfield average.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Richfield, and each can charge varying amounts for labor and equipment.Additionally, some companies in Richfield are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $4.04 | $16,948 | $15,160 | 13.2 years |
| 8 kW | $3.96 | $22,163 | $20,647 | 12.9 years |
| 10 kW | $3.88 | $27,160 | $26,352 | 12.7 years |
| 12 kW | $3.80 | $31,940 | $32,275 | 12.4 years |
| 14 kW | $3.72 | $36,503 | $38,414 | 12.2 years |
| 16 kW | $3.65 | $40,849 | $44,771 | 11.9 years |
| 18 kW | $3.57 | $44,977 | $51,345 | 11.7 years |
| 20 kW | $3.49 | $48,888 | $58,137 | 11.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Installation Process: One of the most important things to understand when adopting solar energy 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 installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
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 Richfield, WI Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $19,400 for a 5-kW system and $38,800 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Richfield?
Leasing solar panels can be an attractive choice, because 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 get the most savings.
Does Richfield 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 give you credit toward your future power bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.