Solar Panel Cost Guide in Greenwood, IL (Mar 2023)
- Greenwood Solar Installation Cost: $12,460
- 25-Year Savings: $10,152
- Payback Period: 13.8 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 2.73 per watt. The average Greenwood homeowner needs a 6.5-kilowatt system, which would cost about $12,460 with the federal tax credit, or $17,818 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Greenwood homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on energy bills.
To receive 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 | $-11,555 |
| 3 years | $-9,746 |
| 5 years | $-7,937 |
| 7 years | $-6,128 |
| 9 years | $-4,319 |
| 11 years | $-2,511 |
| 13 years | $-702 |
| 15 years | $1,107 |
| 17 years | $2,916 |
| 19 years | $4,725 |
| 21 years | $6,534 |
| 23 years | $8,343 |
| 25 years | $10,152 |
Top Solar Installers in Greenwood
Although it's possible to install solar panels yourself, it involves extra effort and handiness. That's why almost all homeowners choose to hire a solar panel installer. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
There are a number of licensed solar professionals that can install solar panels for you. 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 Greenwood
Factors that Affect Solar Panel Costs in Greenwood
The cost of installing a solar system in Greenwood can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar panel 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 primarily based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwood to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can influence your pricing. Greenwood's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for 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 | $8,875 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,138 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,555 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,125 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,848 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,723 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,751 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,933 | 12.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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 big role in the company you choose.
- Warranty: If you're worried about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
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 Greenwood, IL Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenwood is currently $196,031, which means you could be looking at a value of about $8,037 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 get 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.