Solar Panel Cost Guide in Greenfield, IN (2023 Update)
- Greenfield Solar Installation Cost: $16,621
- 25-Year Savings: $23,453
- Payback Period: 10.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Greenfield
Find out what the average cost of solar panel installation is in Greenfield.
In Greenfield, solar panels cost about 2.68 per watt on average. To cover the typical energy needs of the average home in Greenfield, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,621, or $23,768 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Greenfield see about $17,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Greenfield
| Year | Return on Investment |
|---|---|
| 1 years | $-15,018 |
| 3 years | $-11,812 |
| 5 years | $-8,606 |
| 7 years | $-5,400 |
| 9 years | $-2,195 |
| 11 years | $1,011 |
| 13 years | $4,217 |
| 15 years | $7,423 |
| 17 years | $10,629 |
| 19 years | $13,835 |
| 21 years | $17,041 |
| 23 years | $20,247 |
| 25 years | $23,453 |
Top Solar Installers in Greenfield
Putting up solar panels on your own can be a time-consuming undertaking, which is why getting a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you're searching for a solar company in Greenfield, the EcoWatch team has put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Greenfield
Factors that Affect Solar Panel Costs in Greenfield
Even though the average cost of a solar system in Greenfield is $16,621, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Greenfield, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install 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
If paying for solar panels in cash is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Greenfield is the company you get to install your solar system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $2.79 | $11,706 | $15,419 | 10.8 years |
| 8 kW | $2.73 | $15,308 | $20,858 | 10.6 years |
| 10 kW | $2.68 | $18,760 | $26,448 | 10.4 years |
| 12 kW | $2.63 | $22,062 | $32,188 | 10.2 years |
| 14 kW | $2.57 | $25,213 | $38,078 | 10.0 years |
| 16 kW | $2.52 | $28,215 | $44,118 | 9.8 years |
| 18 kW | $2.47 | $31,067 | $50,308 | 9.5 years |
| 20 kW | $2.41 | $33,768 | $56,648 | 9.3 years |
How to Save on Solar Panels
There are numerous companies available in Greenfield, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Warranty: If you're concerned about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers 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.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Greenfield, IN Solar Cost FAQs
How much does it cost to install solar panels in Greenfield?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Greenfield?
You can't get solar panels for free in Greenfield. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Greenfield have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.
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.