Solar Panel Cost Guide in Greenwood, IN (2023 Update)
- Greenwood Solar Installation Cost: $16,423
- 25-Year Savings: $25,535
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenwood
Let's have a look at the average cost of solar in Greenwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenwood, the average cost of solar panels is 2.68 per watt. Using this figure, a typical 8.8-kW system would cost about $16,415 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Greenwood based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. Even with the high initial cost, the average Greenwood homeowner can save around $18,000 on their energy bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-16,284 |
| 3 years | $-16,004 |
| 5 years | $-15,724 |
| 7 years | $-15,444 |
| 9 years | $-15,165 |
| 11 years | $-14,885 |
| 13 years | $-14,605 |
| 15 years | $-14,326 |
| 17 years | $-14,046 |
| 19 years | $-13,766 |
| 21 years | $-13,486 |
| 23 years | $-13,207 |
| 25 years | $-12,927 |
Top Solar Installers in Greenwood
Many homeowners choose to hire a solar panel company since trying to put up solar panels yourself can be time-consuming. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for your family.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Although the average cost of a solar system in Greenwood is $16,415, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to install 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
Many homeowners find the average cost of solar in Greenwood to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. Even though solar loans make switching to solar energy more accessible for Greenwood homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a role in determining your pricing. Greenwood's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced 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 | $2.79 | $11,706 | $17,050 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $23,034 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,167 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,451 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $41,885 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,469 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,203 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,087 | 8.8 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose significantly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: The kind of solar panel you need to install plays a role in which installer you should go with, since different companies have access to different panels.
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the completion timeline.
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 Greenwood, IN Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally 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 cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Greenwood?
Leasing solar panels can be an appealing choice, because it often 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 option if you want to get the most savings.
Can you sell solar power back to the grid in Greenwood?
The majority of states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Greenwood?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.