Solar Panel Cost Guide in Richmond, WI (Mar 2023)
- Richmond Solar Installation Cost: $13,395
- 25-Year Savings: $21,362
- Payback Period: 9.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Richmond
Let's have a look at the average cost of solar panels in Richmond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Richmond, the typical cost of solar panels is 2.6 per watt. Since a 7.4-kW system is needed to cover the energy usage of a typical home in Richmond, the average price of going solar will be about $13,395 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and how much solar costs for you will most likely differ based on your energy needs and what company you want to go with. With average savings of about $18,000 on utility bills over 20 years, many homeowners in Richmond find investing in solar has a decent ROI.
To receive a free estimate from a top solar installer in Richmond, you can click the button below.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-12,005 |
| 3 years | $-9,224 |
| 5 years | $-6,444 |
| 7 years | $-3,663 |
| 9 years | $-883 |
| 11 years | $1,898 |
| 13 years | $4,679 |
| 15 years | $7,459 |
| 17 years | $10,240 |
| 19 years | $13,020 |
| 21 years | $15,801 |
| 23 years | $18,581 |
| 25 years | $21,362 |
Top Solar Installers in Richmond
Many homeowners decide to hire a solar installer since trying to put up solar panels on your own can be a labor-intensive endeavor. Plus, if you aren't sure what type of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
If you're searching for a solar installer in Richmond, we've put together a list of our top suggestions here:
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 Richmond
Factors that Affect Solar Panel Costs in Richmond
For many Richmond homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Richmond, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
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 chiefly based on your home's energy usage, which you can figure out by looking at past power bills. Your total cost can increase by about $2,600 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Richmond average.
Solar Financing Terms
Most solar companies in Richmond have solar loans, which reduce your upfront costs of installing a solar system. Although solar loans make going solar more accessible for Richmond homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Richmond is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that offer a range of services at different costs. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, 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 lot of companies to choose from 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:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
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 Richmond, WI Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
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 get a solar loan, but since you don't own the system, you don't have access to 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 bang for your buck from going solar.
Can solar panels eliminate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Richmond, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.