Solar Panel Cost Guide in Richfield, WI (Mar 2023)
- Richfield Solar Installation Cost: $13,068
- 25-Year Savings: $25,337
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richfield
We break down average solar pricing in Richfield.
The average cost of solar panels in Richfield is 2.6 per watt. To account for the typical energy needs of the average home in Richfield, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs about $13,068, or $18,687 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you may look different based on your specific situation and what company you want to go with. Many homeowners find going solar is a sound investment. The average homeowner in Richfield can save around $20,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-11,531 |
| 3 years | $-8,459 |
| 5 years | $-5,387 |
| 7 years | $-2,314 |
| 9 years | $758 |
| 11 years | $3,830 |
| 13 years | $6,903 |
| 15 years | $9,975 |
| 17 years | $13,047 |
| 19 years | $16,120 |
| 21 years | $19,192 |
| 23 years | $22,265 |
| 25 years | $25,337 |
Top Solar Installers in Richfield
Many homeowners choose to hire a solar installation company since figuring out how to install solar panels yourself can be challenging. The payback period on a solar system will vary depending on factors like your location and energy needs, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
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
For many Richfield homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Richfield, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Richfield, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. When trying to figure 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 lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can impact how much you pay. Richfield's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.70 | $11,357 | $20,751 | 8.8 years |
| 8 kW | $2.65 | $14,851 | $27,959 | 8.7 years |
| 10 kW | $2.60 | $18,200 | $35,312 | 8.5 years |
| 12 kW | $2.55 | $21,403 | $42,812 | 8.3 years |
| 14 kW | $2.50 | $24,461 | $50,457 | 8.2 years |
| 16 kW | $2.44 | $27,373 | $58,247 | 8.0 years |
| 18 kW | $2.39 | $30,139 | $66,183 | 7.8 years |
| 20 kW | $2.34 | $32,760 | $74,265 | 7.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
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
How much does it cost to install solar panels in Richfield?
The average cost of solar panels in Richfield is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Richfield?
Solar panels aren't free in Richfield, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Richfield?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.