Solar Panel Cost Guide in Richfield, WI (2023 Update)
- Richfield Solar Installation Cost: $13,062
- 25-Year Savings: $25,343
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richfield
Find out what the average cost of solar panel installation is in Richfield.
The average cost of solar panels in Richfield is 2.6 per watt. Because a 7.2-kW system is needed to cover the energy needs of a typical home in Richfield, the average price of going solar will be about $13,068 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what company you go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $20,000 over 20 years on electricity bills.
To get a free quote 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 | $-11,766 |
| 3 years | $-9,175 |
| 5 years | $-6,584 |
| 7 years | $-3,993 |
| 9 years | $-1,402 |
| 11 years | $1,189 |
| 13 years | $3,780 |
| 15 years | $6,371 |
| 17 years | $8,962 |
| 19 years | $11,553 |
| 21 years | $14,144 |
| 23 years | $16,735 |
| 25 years | $19,326 |
Top Solar Installers in Richfield
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar company can make your switch to solar power much easier. Another perk of using a solar company is that they can help you maximize your investment by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 Richfield
Factors that Affect Solar Panel Costs in Richfield
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Richfield: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most important 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 spend about $2,600 per kilowatt in Richfield. There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only 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 energy bills over many years, but they can also be a significant investment. That's why many Richfield homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by promoting 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
There are many companies to choose from in Richfield, 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:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
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 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 $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 things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richfield?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.