Best 5 Solar Companies in Richmond, IN

How To Choose the Best Solar Company in Richmond

Choosing a company is the first step toward an effective and cost-efficient solar energy system. Consider all of these factors in your company search.

Licensing and Training

Indiana does not issue electrical or solar contracting licenses at the state level, but localities might adopt their own licensing programs. Solar installers can also pursue accreditations from standards organizations and trade groups. The most respected ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.

Cost of Solar Panels in Richmond

The kind of solar panels you purchase decides how much energy you can produce. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.

You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can enhance your solar system's performance. Not all solar companies offer these additional features, so look for a contractor that installs them if it's crucial for you.

If you're a resident of Richmond and are considering getting a five-kilowatt solar energy system, you could expect to pay about $20,500 for materials and labor. Find more information on specific component and solar panel costs in the table.

Financing Solar Energy in Richmond

Solar companies use multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar loans, cash payments, solar leases and power purchase agreements (PPAs). We suggest making a cash payment or securing a solar loan for the best return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also have full ownership of your system and can apply for solar panel incentives to reduce your total costs. Solar loans are another solid option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still benefiting from energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) enables you to pay a monthly rate based only on the energy you use, like an electric bill. We generally don’t recommend these two choices because you won't own the solar system and are disqualified from using solar incentives. Ask each provider you're evaluating about the payment options it offers. A staff member can help you determine the best option for your pocketbook.

The table below lists the average payback periods for different capacities of solar systems in Richmond.

You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even more.