Solar Panel Cost Guide in Richmond, WI (2024 Update)
- 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 Richmond
Let’s have a look at the average cost of solar in Richmond.
In Richmond, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Richmond, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,998, or $28,597 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Richmond homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Richmond see about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a top solar company in Richmond that can help you get a more accurate cost estimate for your home.
Solar savings over time in 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 Richmond
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using an installer can make swapping over to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 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 Richmond
Factors that Affect Solar Panel Costs in Richmond
There are many criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Richmond, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by around $3,880 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Richmond, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Richmond homeowners opt to finance their solar panel systems to make going solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Richmond, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger 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 a large number of companies available in Richmond, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: The model of solar panel you need to install plays a part in which installer you should opt for, since different companies have access to different panels.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 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 Richmond, WI Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Richmond?
You can’t get solar panels for free in Richmond. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Richmond?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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.