Solar Panel Cost Guide in Greenfield, IN (2023 Update)
- Greenfield Solar Installation Cost: $16,630
- 25-Year Savings: $23,445
- Payback Period: 10.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenfield
Find out what the average cost of a solar system is in Greenfield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenfield, the typical cost of a solar system is 2.68 per watt. The average Greenfield homeowner needs a 8.9-kilowatt system, which would cost about $16,621 with the federal tax credit, or $23,768 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Greenfield can save about $17,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.
Solar savings over time in Greenfield
| Year | Return on Investment |
|---|---|
| 1 years | $-16,496 |
| 3 years | $-16,229 |
| 5 years | $-15,962 |
| 7 years | $-15,695 |
| 9 years | $-15,427 |
| 11 years | $-15,160 |
| 13 years | $-14,893 |
| 15 years | $-14,626 |
| 17 years | $-14,359 |
| 19 years | $-14,092 |
| 21 years | $-13,824 |
| 23 years | $-13,557 |
| 25 years | $-13,290 |
Top Solar Installers in Greenfield
When going solar, many homeowners choose to go with a solar installer since installing a solar system yourself can be a time-consuming project. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be right for you.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our recommendations for providers nearby:
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
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Greenfield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. The model of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Greenfield 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 amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can impact the cost. Greenfield's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
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
What is the average cost of installing solar panels in Greenfield?
The average cost of solar panels in Greenfield is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Greenfield?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
How much can I save on electricity bills after switching to solar?
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 $904.16 per year.
How often do you have to replace solar panels?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.