Richmond Solar Panels: Cost and Local Incentives

traveler1116/E+/Getty images

Richmond solar panels

Richmond is a great place to switch to solar, thanks to the Virginia’s investment in renewable energy. Richmond residents can easily find a solar option that works for their home, as the state is a high producer of solar energy. SaveOnEnergy can help you understand the solar industry and connect with a local installer. We’ll explore useful information about solar panel installations and costs in Richmond, and how to find the right solar option for your need

Cost of solar panels in Richmond

If you’re looking for solar panels in Richmond, you’re in luck. The average cost of solar panel installation runs slightly above the national average, at $4.01 per watt. Given that Richmond has an average system size of 9 kilowatts (kW), a typical array would cost $36,090. The U.S. average is $3.91 per watt, which would total to $35,190 for a 9-kW system.

Keep in mind that solar panel costs vary based on factors such as size, location, and installer. When shopping for solar panels in Richmond, it helps to compare several options before you buy.

How much do solar panels cost in Richmond in 2022?

The average Richmond homeowner can expect to pay about $36,090 for a solar array. However, you can bring your costs down substantially by taking advantage of various tax credits and incentives.

The most significant credit available is the Residential Clean Energy Credit. This program, which was recently extended to 2032, earns you a tax credit worth 30% of the cost of your solar panels. If you buy a system at Richmond’s average cost of $36,090, you could lower the eventual net cost to $25,263 after factoring in the credit.

A huge benefit of adding solar panels to your home in Richmond is that you’ll save money in the long run, despite the high upfront cost. According to our data, Virginia residents pay an average monthly electricity rate of $162.13. If your solar panels supply 100% of your electricity needs, you could recoup the cost of your system in just under 13 years.

Given how quickly you can recoup the costs, you could continue saving money over the next decade or longer. With a solar system in Richmond, you could save around $23,376 on electricity costs after 25 years with solar — and that’s likely a low estimate since the costs of electricity rise over time.

Average solar panel cost by system size in Richmond

Your average electricity usage can help you determine the necessary cost and size of a solar system for your Richmond home. Use your utility bills to estimate your average annual usage, then plug that into a solar calculator to find out what size system you need. If you want to cover 100% of your energy consumption, your solar system will need to produce as much as your monthly usage.

The Residential Clean Energy Credit can help you lower your total solar cost. With the 30% federal credit, the average Richmond homeowner could save $10,827. 

Get your free solar savings estimate

You can significantly lower your energy costs by investing in solar panels. Enter some basic information below and we’ll provide an instant, free estimate of solar cost and savings for your home.

Incentives for solar panels in Richmond

The cost of installing solar panels can present a significant hurdle for many homeowners and businesses. You can utilize incentives and tax credits from the government or local utilities to make your solar installation more affordable. Here are some of the current incentives and credits available:

Solar companies in Richmond

When looking for solar panels for your Richmond home, you have plenty of options to consider. The state already boasts 218 different solar installers, manufacturers, and developers. It’s important to find an easy way to understand the options in your area.

SaveOnEnergy can simplify this process for you. We can connect you with a trusted Virginia installer that fits your needs. Fill out our form or call today to speak with one of our solar advisors.

Is going solar in Richmond right for you?

Installing a solar array isn’t the only way to access solar energy for your home. You can share the costs and avoid installing your own system in several ways.

Solar for renters

Renters can’t purchase their own solar array for their homes, so they are in a great position to benefit from other options like community solar. These programs allow you to share a solar array with other residents in exchange for credits on your utility bill.

Solar for homeowners

Richmond homeowners can’t access renewable power through solar leasing because Virginia doesn’t currently allow solar leases. However, it does allow power purchase agreements (PPAs), a similar option. Through a PPA, you make fixed payments to a third-party developer who owns and manages the system on your home. 

However, Virginia residents ultimately may be better off purchasing their own solar array. With the available incentives and long-term savings potential, this option gets you the most lengthy benefits. Once you recover the installation costs, you can make substantial electricity savings and increase the resale value of your home.