Solar Cost Breakdown for Richmond
Here's what a typical 4.9 kW solar installation costs in Richmond, VA in 2026, based on current market pricing and live utility data from Dominion Energy.
| Cost Item | Amount | Notes |
|---|---|---|
| Gross System Cost (4.9 kW) | $15,800 | Before any incentives |
| Federal ITC (30%) | -$4,740 | Applied to tax return (Form 5695) |
| Net Cost to Homeowner | $11,060 | After federal tax credit |
| Monthly Loan Payment (25yr @ 5.99%) | ~$71/mo | $0 down solar loan |
| Monthly Bill Savings | ~$72/mo | Based on Dominion Energy 13.4¢/kWh |
Solar Production in Richmond
Richmond averages 4.6 peak sun hours per day — good for solar energy production. A 4.9 kW system here will generate approximately:
| Timeframe | Estimated Production | Value @ 13.4¢/kWh |
|---|---|---|
| Daily (avg) | 18.0 kWh | $2.42 |
| Monthly (avg) | 541 kWh | $72 |
| Annual | 6,582 kWh | $882 |
| 25-Year Total | 164,542 kWh | $36,000 |
VA Solar Incentives
Homeowners in Richmond, VA can stack multiple incentives to reduce the net cost of solar significantly:
| Incentive | Value | How to Claim |
|---|---|---|
| Federal Investment Tax Credit (ITC) | 30% of system cost = $4,740 | IRS Form 5695 at tax time |
| VA Solar Tax Credit | Varies | Through installer or VA tax return |
| Property Tax Exemption | Solar value excluded from property tax | Automatic in most VA counties |
| Net Metering (Dominion Energy) | Credit for excess solar exported to grid | Applied automatically to monthly bill |
💡 Total potential savings: Between the 30% federal ITC ($4,740) and state incentives in VA, many Richmond homeowners reduce their net system cost by 35–45% before financing.
Dominion Energy: Your Local Rate
Your Richmond utility provider is Dominion Energy, currently charging 13.4¢ per kWh (source: EIA, June 2026). This rate determines how valuable solar is for your home — higher rates mean faster payback.
US electricity rates have increased an average of 3.4% per year since 2010. If Dominion Energy's rate continues rising, your solar savings will grow each year — meaning real payback is often faster than static estimates suggest.
| Year | Projected Rate | Annual Solar Savings (4.9 kW) |
|---|---|---|
| 2026 (now) | 13.4¢/kWh | $882 |
| 2031 (+5yr) | 15.8¢/kWh | $1,042 |
| 2036 (+10yr) | 18.7¢/kWh | $1,232 |
| 2046 (+20yr) | 26.2¢/kWh | $1,721 |
Get Your Exact Richmond Solar Quote
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Calculate My Richmond Solar Cost →Compare Nearby Cities
See how solar costs compare in cities near Richmond: