Solar Panel Cost Guide in Greenwood, IN (2024 Update)

  • Greenwood Solar Installation Cost: $25,125
  • 25-Year Savings: $25,535
  • Payback Period: 15.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Greenwood

See how much it might cost to go solar in Greenwood.

In Greenwood, solar panels cost about 4 per watt on average.To cover the typical energy usage of the average home in Greenwood, most homeowners require a 8.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $25,125, or $35,929 before the federal solar tax credit of 0 is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Greenwood homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.

To get a free quote from a pre-vetted solar installer in Greenwood, you can click the button below.

Solar savings over time in Greenwood

Year Return on Investment
1 years $-23,827
3 years $-21,230
5 years $-18,633
7 years $-16,037
9 years $-13,440
11 years $-10,843
13 years $-8,246
15 years $-5,649
17 years $-3,053
19 years $-456
21 years $2,141
23 years $4,738
25 years $7,335

Top Solar Installers in Greenwood

When going solar, many homeowners decide to go with a solar company since DIY solar panel installation can be a challenging project. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.

You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Greenwood:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

For many Greenwood homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Greenwood, 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 panels 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 generation use 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 $4,100.There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Most solar companies in Greenwood have solar loans, which reduce your upfront costs of installing solar.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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

The solar installer you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies in Greenwood, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 $4.26 $17,909 $10,848 15.6 years
8 kW $4.18 $23,419 $14,923 15.3 years
10 kW $4.10 $28,700 $19,227 15.0 years
12 kW $4.02 $33,751 $23,762 14.7 years
14 kW $3.94 $38,573 $28,525 14.4 years
16 kW $3.85 $43,165 $33,519 14.1 years
18 kW $3.77 $47,527 $38,742 13.8 years
20 kW $3.69 $51,660 $44,195 13.5 years

How to Save on Solar Panels

The solar company you choose will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:

  • Solar Panel Brands: Different companies will offer various brands and models of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
  • Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
  • Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
  • Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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, IN Solar Cost FAQs

How much does it cost to install solar panels in Greenwood?

This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in Greenwood?

Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Does Greenwood have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know 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 home 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.

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