Solar Panels Cost 7.8k-18k in New Richmond, WI | October, 2024

Solar Panels Cost $7.8k-$18k in New Richmond, WI | October, 2024

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How much do solar panels cost in New Richmond, WI in 2024?

In New Richmond, WI in the month of October, 2024 you will pay approximately $3.72/W to get a solar system.

In other words, solar panel installations will cost you about $3,720 per 1000 watts (1 kW) of generation capacity. When you subtract the 30% federal tax credit, you can expect to spend around $13,020 for a 5 kW solar panel install in New Richmond. Please consider, a 5kW system may not be big enough to fully meet your energy needs.

Select your county from the menu on the left to find out the average roof size and maximum residential solar capacity for homes in your area. Outlined below are the price, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
New Richmond: $13,020US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
New Richmond: 11 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
New Richmond: $5,196US Average: $15,784

Solar Potential in New Richmond

Estimated system size and solar electricity production per median viable roof in
New Richmond.

Roof size 644sq. ft.
Capacity 9kW DC
Electricity 10.1kkWh AC per yr.

Electricity Costs in New Richmond, WI & What that Means for Your Solar Panel Pricing

In New Richmond, the typical electric bill is $99.15 per month, with an average consumption of 723 kWh. These statistics also reflects the energy consumption patterns of smaller residences, such as apartments.

In October 2024, the electricity rate in New Richmond, WI is 13.71¢ per kWh.

If you’re a typical electricity user in New Richmond, you may require a solar panel system sized at 7 kW or larger to meet your electricity needs. Presently, a 7 kW solar panel system will initially set you back around $26,040, but the 30% tax credit lowers the cost to $18,228.

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Average solar panel costs by system size in New Richmond

To your left, we have provided a detailed cost breakdown for the various solar panel system sizes installed in New Richmond. While a bigger solar installation carries a higher price, it also offers increased electricity savings and larger income tax credits.

The calculator down and to the right gives a detailed summary of solar panel costs and benefits, based on an average electric bill of $99.15 in New Richmond. If you desire tailored results, modify the $99.15 to your average electricity bill amount.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $600 a year
Est. Price
$7,812
Savings from a 3kWthis system
  • Est. yearly production 4,288 kWh
  • Est. monthly savings $50
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 3.01 tons a year
  • Equivalent to planting 138 trees a year
  • Equivalent to driving 7,459 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $800 a year
Est. Price
$10,416
Savings from a 4kWthis system
  • Est. yearly production 5,718 kWh
  • Est. monthly savings $67
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 4.02 tons a year
  • Equivalent to planting 185 trees a year
  • Equivalent to driving 9,945 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,001 a year
Est. Price
$13,020
Savings from a 5kWthis system
  • Est. yearly production 7,147 kWh
  • Est. monthly savings $83
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 5.02 tons a year
  • Equivalent to planting 231 trees a year
  • Equivalent to driving 12,432 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,201 a year
Est. Price
$15,624
Savings from a 6kWthis system
  • Est. yearly production 8,576 kWh
  • Est. monthly savings $99
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 5.96 tons a year
  • Equivalent to planting 274 trees a year
  • Equivalent to driving 14,760 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,401 a year
Est. Price
$18,228
Savings from a 7kWthis system
  • Est. yearly production 10,006 kWh
  • Est. monthly savings $99
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 5.96 tons a year
  • Equivalent to planting 274 trees a year
  • Equivalent to driving 14,760 mi less a year

New Richmond Solar Panel Installation Incentives & Rebates | 2024

Rural farmers and small business owners could have between 80% and 100% of their solar or wind turbine installation expenses covered by the REAP Grant. Wondering if you fit this category? Verify your eligibility with our REAP Grant eligibility tool.

The 30% federal income tax credit for residential solar is accessible to nearly all homeowners, which makes solar energy a smart choice in numerous regions nationwide. On top of that, there are numerous state and local incentives to further encourage the adoption of solar energy.

Wisconsin has 12 solar incentive and rebate initiatives available through a variety of utilities and government agencies.

Solar incentives in WI

Renewable Energy Competitive Incentive Program

Value:Up to $500,000

Through Wisconsin's Focus on Energy program, nonprofits and public-sector agencies may receive grants to fund large-scale renewable energy investments. The current grant amount is variable per kilowatt hour for power generation or per kBTU for thermal systems. There are two requests for proposals (RFPs) opened annually. Organizations must include the technical specifications for their planned equipment, estimated energy/cost savings, and a suggested funding amount based on rate schedule guidelines. Additional information is available from the Focus on Energy website.

Design Assistance Program

Value:Up to $0.15

Through Wisconsin's Focus on Energy program, architects, building engineers, contractors, and property owners may be incentivized for meeting green construction standards. Qualifying projects include walls, lighting, windows/doors, insulation/weatherization, HVAC, water heating, and new renewable energy equipment. Awards are paid on a per-property basis; any home, business, or industrial facility may qualify. The current rebate amount is based on energy efficiency at a rate per kilowatt hour saved. Builders will receive a rebate during construction; property owners will receive their smaller rebate after construction is complete.

Renewable Rewards Program

Value:Up to $1,000

Wisconsin homeowners may be eligible for rebates on new solar PV/thermal and geothermal devices. For solar panels, the current rebate stands at $500 per array. Business customers are eligible for similar incentives but will be paid a capacity-based rebate. The maximum possible rebate is currently $1,000 for homes and $50,000 for businesses. Additional information is available from the Focus on Energy website.

Renewable Energy Sales Tax Exemptions

Value:Varies

Wisconsin sales/use tax exemptions apply to biofuel for residential energy production. Qualifying purchases include some agricultural crops, landfill gas, pellets, and wood chips/pellets/sawdust. Components used to store biofuels are not eligible for the exemption. Interested customers should submit a completed form S-211 to their retailer, who will apply for the exemption and offer a discount. Additional information and the necessary paperwork are available from the state Department of Revenue.

Net Metering

Value:Varies

In Wisconsin, all private and local public electrical utilities are required to offer net metering to their interconnected renewable customers up to a maximum quota. Cooperatives may participate in net metering, but they are not required to offer it. Any system up to 300 kW is eligible. Upon entering a net metering contract, the customer's utility will install a bidirectional meter to measure net excess generation (NEG) sent back to the grid. Customers will receive either monthly or annual bill credits for the NEG they export at a fixed, avoided-cost rate. Fees and capacity limits may apply. The Public Service Commission reserves the right to alter any net metering or energy tariff program.

Renewable Portfolio Standard

Value:Varies

Wisconsin first established a renewable portfolio standard in 1999. Initial goals required at least 10% of the state's retail electricity to be generated using renewable technology. New specific goals have never been implemented, but utilities are nonetheless obligated to increase their renewable energy activities at a rate of 6% per year. Carve-out provisions apply to keep most renewable investments within state lines. Compliance is measured using renewable energy credit (REC) and renewable resource credit (RRC) systems pegging one megawatt hour of electricity to a fluctuating dollar value. Utilities may generate credits through the use of their own renewable installations or purchase them through tariff arrangements and power purchase agreements. Each credit expires after four years of use.

Focus on Energy - Business & Marketing Grant

Value:Varies

Focus on Energy grant funding is available for Wisconsin businesses making new renewable energy investments or energy efficiency improvements. The maximum available grant is $10,000 to fund half of project costs. Eligible projects include new solar, wind, or biomass energy systems not involved in academic or corporate research and development. Grants may also support professional training and marketing initiatives. To apply, the business should be located in a participating utility's service area and submit a successful proposal. Additional information is available from the Focus on Energy website.

Energy Innovation Grant Program

Value:Varies

Wisconsin Energy Innovation grants are available to local governments, public schools, and manufacturing businesses making renewable energy investments or energy efficiency improvements. The Public Service Commission keeps an annual grant budget of roughly $5 million to award in proportion. Grants can fund new generation/energy storage equipment, sustainable transportation, and engineering reviews/project studies. Application periods, known as requests for proposals, are opened annually. Additional information is available on the Public Service Commission's website.

Interconnection Standards

Value:Varies

Distributed generation and grid interconnection practices have been standardized in Wisconsin since 2004. Each new solar, wind, or other renewable energy system is sorted into one of four regulatory "categories" based on capacity. Category 1 ends at 20 kW, Category 2 at 200 kW, and Category 3 at one megawatt. The category of a system will determine the UL/IEEE standards it must follow and the rigor of its permitting process, including application fees and review turnaround time. The state requires all system owners, even of Category 1 systems, to hold minimum liability insurance coverage of more than $300,000 per occurrence. Utilities may further require the installation of external disconnect switches, but may not charge additional fees or require additional regulatory reviews beyond what is necessary. Additional information is available from the Wisconsin Public Service Commission.

Public Benefits Fund

Value:Varies

In 1999, the Wisconsin legislature first established a public benefits fund for renewable energy and energy efficiency among low-income residents. The fund's day-to-day business is managed by a public/private partnership between Focus on Energy and the Department of Administration. Current fund initiatives support incentives, loans, and grants to home and business owners. Funding is sourced through both consumer surcharges and mandatory utility "buy-ins." Additional information is available from the Focus on Energy website.

Energy Efficiency and Green Building Standards for State Buildings

Value:Varies

Public buildings in Wisconsin are subject to sustainability and green construction standards set by the state's Department of Administration. Standards apply to new and existing buildings. New buildings must demonstrate energy efficiency of at least 30% above the state's commercial building codes, themselves based on LEED standards. Remodeling projects in existing facilities should procure only those building materials and appliances which have earned ENERGY STAR certification or which meet EPA/ASHRAE standards. Additional information, including compliance reports, is available from the Department of Administration.

Focus on Energy Program

Value:Varies

Wisconsin Focus on Energy (FoE) is a public benefits fund providing a central management infrastructure for energy efficiency and renewable energy incentive and financing programs. Utilities may tap from the fund to support loans, grants, rebates, and educational initiatives. Funding is supported through customer surcharges and mandatory utility "buy-ins." Additional information is available from the FoE website.

Are solar panels worth it in Wisconsin?

If you intend to reside in your home beyond the payback period of your solar system, solar panels are an clear choice in New Richmond. With a 5 kW solar system in New Richmond, WI, the average savings over a 20 period is $10,776, with break even usually occurring at 11 years.

The cost of not having solar panels in New Richmond, WI

Not installing solar panels or any other backup energy system results in missing the earlier mentioned savings and full dependence on your electric utility for electricity. The news has recently proven that relying entirely on your utility provider isn't always ideal.

In recent years, New Richmond has seen an average of 0.7 utility outages per customer each year. The average length of an outage is 81.61 minutes. However, during significant events such as aging infrastructure, earthquakes or planned maintenance, this duration can grow considerably.

A solar panel system, with or without a backup battery, could reduce the effects of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in St. Croix County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in New Richmond, WI?

Your Energy Needs - Despite the higher initial expense, the cost per watt drops when using larger solar panel systems. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is advantageous, providing significant savings.

Make & Model - Solar panels, like many other products, are offered in a variety of makes and models. As the contractor might have particular system preferences, it's important to select a highly rated company. Choosing superior quality materials generally ensures a more satisfying long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels are widely recognized as the standard in the industry, and for good cause. These panels are more expensive but offer a higher energy efficiency. Many installers in the industry utilize panels crafted of this material.

Your Property - Uneven ground, trees, or additional challenges can increase the difficulty of the installation. The majority of solar installers today are able to utilize satellite imagery to evaluate your home and factor in these aspects in the first cost estimate.

Labor Rates - Various wages are paid to employees by various companies, and these costs are transferred to the consumers. Higher wages often correlate with better reviews for companies' work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees change locally and will impact your installation cost. That said, reputable local installers will be able to incorporate these numbers into your initial quotes so there are no surprises.

See what solar panels cost in other WI cities

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Who are the best solar installers in New Richmond?

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Reparation of solar arrays.

SunVest Solar

Pewaukee, WI(262) 547-1200

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Micrometer Engineering

Scottsdale, AZ(602) 790-5749

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Eagle Point Solar

Dubuque, IA(563) 582-4044

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Generac

Waukesha, WI(888) 436-3722

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

ConEdison Solutions

Valhalla CDP, NY(914) 286-7000

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Bright Skies

Pleasant Grove, UT(608) 293-1163

Services

  • Installation of solar arrays.
  • Reparation of batteries.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Olson Solar Energy

Onalaska, WI(608) 780-2347

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Sunrun

San Francisco, CA(833) 394-3384

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

DT Solar

(888) 984-6786

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

New Richmond, WI Solar Panel Cost FAQs

  • As of October, 2024, the average per-watt cost for solar panels in New Richmond, WI is $3.72/W. The cost of installing a 5 kW solar panel system in New Richmond, WI is about $13,020 post federal tax credit.
  • Utilities and government agencies in Wisconsin are currently offering 12 different rebates and incentives. Furthermore, the majority of people qualify for the 30% federal tax credit.
  • While paying cash provides the highest savings, there are now various financing options for solar panels that are also financially advantageous. Many installers will include information about their financing partners in the initial quotes they provide.
  • Yes, homeowners in New Richmond, WI generally see a payback time of 11 years for 5 kW solar panel systems, with electricity savings averaging $10,776 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01