Solar Panel Cost Guide in Greenwood, IL (2025 Update)
- Greenwood Solar Installation Cost: $17,168
- 25-Year Savings: $10,147
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Greenwood
We go over average solar pricing in Greenwood.
The national average cost of solar panels is $2.66 per watt, but in Greenwood it’s 4 per watt.To account for the typical energy usage of the average home in Greenwood, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,168, or $24,550 before the federal solar tax credit of 0 is applied.
These figures are just averages, and your own solar costs will most likely vary based on the amount of energy your home requires and what company you choose to go with.But, after you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on power bills.
To get a free quote from a top solar installation company in Greenwood, you can click the button below.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-16,012 |
| 3 years | $-13,700 |
| 5 years | $-11,387 |
| 7 years | $-9,075 |
| 9 years | $-6,762 |
| 11 years | $-4,450 |
| 13 years | $-2,138 |
| 15 years | $175 |
| 17 years | $2,487 |
| 19 years | $4,799 |
| 21 years | $7,112 |
| 23 years | $9,424 |
| 25 years | $11,736 |
Top Solar Installers in Greenwood
When going solar, many homeowners opt to hire a solar installer since DIY solar panel installation can be a difficult project. Some solar installers, especially local ones, can help you make the most of incentives in Greenwood, therefore optimizing your ROI.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Greenwood:
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you’re looking to get 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Greenwood homeowners opt to finance their solar panel systems to make paying for solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Greenwood is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, you’ll have no shortage of solar installers that offer a range of services at different costs.Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $4,375 | 19.7 years |
| 8 kW | $3.84 | $21,477 | $6,255 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,345 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,646 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,157 | 18.2 years |
| 16 kW | $3.53 | $39,585 | $15,879 | 17.8 years |
| 18 kW | $3.46 | $43,586 | $18,812 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,955 | 17.1 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 models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
EcoWatch's Greenwood, IL Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Greenwood?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
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 usually produce about 250 to 400 watt-hours per hour, the average household 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.