Solar Panel Cost Guide in Greenwood, AR (2023 Update)
- Greenwood Solar Installation Cost: $14,989
- 25-Year Savings: $19,937
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Greenwood
Let's take a look at the average cost of solar panels in Greenwood.
The national average cost of solar panels is $2.66 per watt, but in Greenwood it's 2.54 per watt. The average Greenwood homeowner needs a 8.4-kilowatt system, which would cost about $14,989 with the federal tax credit, or $21,434 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Greenwood can save about $16,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Greenwood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-13,592 |
| 3 years | $-10,797 |
| 5 years | $-8,003 |
| 7 years | $-5,209 |
| 9 years | $-2,415 |
| 11 years | $379 |
| 13 years | $3,173 |
| 15 years | $5,967 |
| 17 years | $8,761 |
| 19 years | $11,555 |
| 21 years | $14,349 |
| 23 years | $17,143 |
| 25 years | $19,937 |
Top Solar Installers in Greenwood
Although you can install solar panels by yourself, it requires extra effort and knowledge. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you decide which one will be best for your home.
If you'd like to make the switch to solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers in Greenwood:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
For many Greenwood homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Greenwood, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,540. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Greenwood average.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwood to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time because of interest. Though solar loans make going solar more accessible for Greenwood homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Greenwood, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.64 | $11,095 | $13,762 | 11.2 years |
| 8 kW | $2.59 | $14,508 | $18,634 | 10.9 years |
| 10 kW | $2.54 | $17,780 | $23,648 | 10.7 years |
| 12 kW | $2.49 | $20,909 | $28,804 | 10.5 years |
| 14 kW | $2.44 | $23,896 | $34,103 | 10.3 years |
| 16 kW | $2.39 | $26,741 | $39,544 | 10.1 years |
| 18 kW | $2.34 | $29,444 | $45,127 | 9.9 years |
| 20 kW | $2.29 | $32,004 | $50,852 | 9.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Greenwood, AR Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.