Solar Panel Cost Guide in Greenwood, AR (2024 Update)
- Greenwood Solar Installation Cost: $20,596
- 25-Year Savings: $19,937
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Greenwood
We break down average solar pricing in Greenwood.
The average cost of solar panels in Greenwood is 3 per watt.Using this figure, a typical 8.4-kW system would cost about $20,596 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy usage and what company you go with.But, once you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
To get a free estimate from a vetted solar installer in Greenwood, you can click the button below.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-19,499 |
| 3 years | $-17,305 |
| 5 years | $-15,111 |
| 7 years | $-12,917 |
| 9 years | $-10,723 |
| 11 years | $-8,529 |
| 13 years | $-6,335 |
| 15 years | $-4,141 |
| 17 years | $-1,947 |
| 19 years | $247 |
| 21 years | $2,441 |
| 23 years | $4,635 |
| 25 years | $6,828 |
Top Solar Installers in Greenwood
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using a solar company can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,490 per kilowatt in Greenwood.There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can affect your pricing. Greenwood’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Greenwood have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.63 | $15,244 | $9,613 | 15.3 years |
| 8 kW | $3.56 | $19,935 | $13,208 | 15.0 years |
| 10 kW | $3.49 | $24,430 | $16,998 | 14.7 years |
| 12 kW | $3.42 | $28,730 | $20,984 | 14.4 years |
| 14 kW | $3.35 | $32,834 | $25,165 | 14.2 years |
| 16 kW | $3.28 | $36,743 | $29,542 | 13.9 years |
| 18 kW | $3.21 | $40,456 | $34,115 | 13.6 years |
| 20 kW | $3.14 | $43,974 | $38,882 | 13.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Greenwood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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, AR Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Greenwood?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 savings from going solar.
How will solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenwood is currently $213,278, so you could be looking at a value of about $8,744 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greenwood is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.