Solar Panel Cost Guide in Greenwood, AR (Nov 2022)

  • Greenwood Solar Installation Cost: $14,989
  • 25-Year Savings: $19,937
  • Payback Period: 10.7 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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 $3 per watt. The average Greenwood homeowner needs a 8.4-kilowatt system, which would cost about $14,989, or $11,092 after the federal solar tax credit of 30% 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 National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • 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

★★★★★
4.0

  • 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 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 National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Greenwood, AR Solar Cost FAQs

What is the average cost of installing solar panels in Greenwood?

The average cost of solar panels in Greenwood is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.

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 home 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.

Can solar panels significantly reduce my energy bills?

Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $828.56 per year.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy needs 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 install 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.

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