Solar Panel Cost Guide in Greenville, IL (Mar 2023)
- Greenville Solar Installation Cost: $11,753
- 25-Year Savings: $16,253
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Greenville
Here's how much it might cost to install solar panels in Greenville.
While the national average of solar panels is $2.66 per watt, solar panels in Greenville typically cost around 2.73. Using this figure, a typical 6.2-kW system would cost about $11,753 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely look different based on factors unique to your home and what company you want to go with. Even with the high upfront cost, the average Greenville homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Greenville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,632 |
| 3 years | $-8,392 |
| 5 years | $-6,151 |
| 7 years | $-3,911 |
| 9 years | $-1,670 |
| 11 years | $570 |
| 13 years | $2,810 |
| 15 years | $5,051 |
| 17 years | $7,291 |
| 19 years | $9,532 |
| 21 years | $11,772 |
| 23 years | $14,013 |
| 25 years | $16,253 |
Top Solar Installers in Greenville
Trying to install solar panels on your own can be a difficult task, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Greenville
Factors that Affect Solar Panel Costs in Greenville
For many Greenville homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Greenville, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The brand and kind of equipment you choose for your solar system can increase or decrease 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Greenville homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you pick will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that has the products, warranties and services you want and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $15,399 | 10.9 years |
| 8 kW | $2.78 | $15,594 | $20,838 | 10.7 years |
| 10 kW | $2.73 | $19,110 | $26,429 | 10.5 years |
| 12 kW | $2.68 | $22,473 | $32,174 | 10.3 years |
| 14 kW | $2.62 | $25,684 | $38,071 | 10.1 years |
| 16 kW | $2.57 | $28,741 | $44,121 | 9.9 years |
| 18 kW | $2.51 | $31,646 | $50,324 | 9.7 years |
| 20 kW | $2.46 | $34,398 | $56,680 | 9.4 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Installation Process: Get details 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 (coming 2022)
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 Greenville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Greenville?
The average cost of solar panels in Greenville is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Greenville have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Greenville?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.