Solar Panel Cost Guide in Richmond, TX (2024 Update)
- Richmond Solar Installation Cost: $17,743
- 25-Year Savings: $22,855
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Richmond
See how much it might cost to switch to solar power in Richmond.
The average cost of a solar system in Richmond is 3 per watt.To cover the typical energy usage of the average home in Richmond, most homeowners require a 7.6-kilowatt system. Using the figure above, a solar installation costs around $17,743, or $25,372 before the federal solar tax credit of 0 is applied.
Keep 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.For most homeowners, the upfront cost of solar panels is worth paying. On average Richmond homeowners see about $20,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar installer in your area for a custom estimate.
Solar savings over time in Richmond
| Year | Return on Investment |
|---|---|
| 1 years | $-16,322 |
| 3 years | $-13,479 |
| 5 years | $-10,637 |
| 7 years | $-7,795 |
| 9 years | $-4,953 |
| 11 years | $-2,111 |
| 13 years | $731 |
| 15 years | $3,574 |
| 17 years | $6,416 |
| 19 years | $9,258 |
| 21 years | $12,100 |
| 23 years | $14,942 |
| 25 years | $17,784 |
Top Solar Installers in Richmond
Although it's possible to install solar panels yourself, it takes extra labor and knowledge. Because of that, most homeowners choose to go with a solar panel installer. Some solar installers, particularly local ones, can help you make the most of incentives in Richmond, optimizing your ROI.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Richmond
Factors that Affect Solar Panel Costs in Richmond
Though the average cost of a solar system in Richmond is $17,743, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The type of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Richmond to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time because of interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating in Richmond, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $3.46 | $14,545 | $14,769 | 12.4 years |
| 8 kW | $3.40 | $19,021 | $20,064 | 12.2 years |
| 10 kW | $3.33 | $23,310 | $25,547 | 11.9 years |
| 12 kW | $3.26 | $27,413 | $31,215 | 11.7 years |
| 14 kW | $3.20 | $31,329 | $37,071 | 11.5 years |
| 16 kW | $3.13 | $35,058 | $43,112 | 11.2 years |
| 18 kW | $3.06 | $38,601 | $49,341 | 11.0 years |
| 20 kW | $3.00 | $41,958 | $55,755 | 10.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: The brand of solar panel you’d like plays a part in which company you should choose, since different companies provide different panels.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Richmond, TX Solar Cost FAQs
What is the average cost of installing solar panels in Richmond?
The average cost of solar panels in Richmond is about $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type 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 install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $977.13 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 account for 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.