Solar Panel Cost Guide in Richmond, WI (2023 Update)
- Richmond Solar Installation Cost: $13,401
- 25-Year Savings: $21,357
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richmond
We break down average solar pricing in Richmond.
Although the national average of solar panels is $2.66 per watt, solar panels in Richmond generally cost about 2.6. The average solar panel system size in Richmond is around 7.4 kilowatts, meaning a cost of about $13,395 for a solar installation, or $19,155 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Richmond homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Richmond find going solar has a decent ROI.
To receive a free quote from a highly rated solar installer in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-12,296 |
| 3 years | $-10,088 |
| 5 years | $-7,879 |
| 7 years | $-5,671 |
| 9 years | $-3,462 |
| 11 years | $-1,254 |
| 13 years | $955 |
| 15 years | $3,163 |
| 17 years | $5,372 |
| 19 years | $7,580 |
| 21 years | $9,789 |
| 23 years | $11,997 |
| 25 years | $14,206 |
Top Solar Installers in Richmond
Although you can install solar panels on your own, it requires extra effort and knowledge. Because of that, most homeowners choose a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
The cost of installing a solar system in Richmond can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel 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 chiefly based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $2,600 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Richmond, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Richmond, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Richmond, and each can charge different amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $16,966 | 10.0 years |
| 8 kW | $2.65 | $14,851 | $22,913 | 9.8 years |
| 10 kW | $2.60 | $18,200 | $29,005 | 9.6 years |
| 12 kW | $2.55 | $21,403 | $35,243 | 9.4 years |
| 14 kW | $2.50 | $24,461 | $41,626 | 9.3 years |
| 16 kW | $2.44 | $27,373 | $48,155 | 9.1 years |
| 18 kW | $2.39 | $30,139 | $54,830 | 8.9 years |
| 20 kW | $2.34 | $32,760 | $61,650 | 8.7 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. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies carry different brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Warranty: If you're worried about the durability of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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
How much does it cost to install solar panels in Richmond?
The average cost of solar panels in Richmond 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 kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Richmond?
Leasing solar panels can be an option if you can't 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 home 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.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $944.10 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.