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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenwood, the typical cost of solar panels is 3 per watt.To cover the typical energy needs of the average home in Greenwood, most homeowners require a 8.4-kilowatt system. Using the figure above, a solar installation costs around $20,596, or $29,452 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.With typical savings of about $16,000 on electricity bills over 20 years, many homeowners in Greenwood find going solar can pay off big.
To calculate your potential ROI and connect with a local solar expert, 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
Many homeowners choose to hire a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you’d like to start using solar energy but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in Greenwood:
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
For many Greenwood homeowners, the decision to install solar panels comes down to 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 a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Greenwood, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $3,490 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact your pricing. Greenwood’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Greenwood know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies have 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: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Installation Process: When making the switch to solar power, it’s crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Contract: Before signing a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
EcoWatch's Greenwood, AR Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Greenwood?
Leasing solar panels can be an option if you can’t pay upfront or secure 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.
How will having solar panels impact the value of my home?
Solar panels 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, which means you can expect a value of about $8,744 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Greenwood is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 home 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.