Solar Panel Cost Guide in Greenwood, IN (2024 Update)
- Greenwood Solar Installation Cost: $25,125
- 25-Year Savings: $25,535
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Greenwood
See how much it might cost to go solar in Greenwood.
The national average cost of solar panels is $2.66 per watt, but in Greenwood it’s 4 per watt.Using this figure, a typical 8.8-kW system would cost about $25,125 before the 0 federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Greenwood depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Greenwood can save about $18,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-23,827 |
| 3 years | $-21,230 |
| 5 years | $-18,633 |
| 7 years | $-16,037 |
| 9 years | $-13,440 |
| 11 years | $-10,843 |
| 13 years | $-8,246 |
| 15 years | $-5,649 |
| 17 years | $-3,053 |
| 19 years | $-456 |
| 21 years | $2,141 |
| 23 years | $4,738 |
| 25 years | $7,335 |
Top Solar Installers in Greenwood
Trying to put up solar panels by yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Greenwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $4,100 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Greenwood, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your overall costs, so it’s important to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Greenwood, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $10,848 | 15.6 years |
| 8 kW | $4.18 | $23,419 | $14,923 | 15.3 years |
| 10 kW | $4.10 | $28,700 | $19,227 | 15.0 years |
| 12 kW | $4.02 | $33,751 | $23,762 | 14.7 years |
| 14 kW | $3.94 | $38,573 | $28,525 | 14.4 years |
| 16 kW | $3.85 | $43,165 | $33,519 | 14.1 years |
| 18 kW | $3.77 | $47,527 | $38,742 | 13.8 years |
| 20 kW | $3.69 | $51,660 | $44,195 | 13.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Greenwood, IN Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Greenwood?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Greenwood have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.