Solar Panel Cost Guide in Greenwood, IN (Mar 2023)
- Greenwood Solar Installation Cost: $16,415
- 25-Year Savings: $25,544
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Greenwood
Let's have a look at the average cost of solar panels in Greenwood.
The average cost of a solar panel system in Greenwood is 2.68 per watt. Since a 8.8-kW system is needed to cover the energy usage of a typical home in Greenwood, the average price of going solar will be about $16,415 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary based on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Greenwood can save around $18,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar panel company in your area for a personalized quote.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-14,737 |
| 3 years | $-11,380 |
| 5 years | $-8,023 |
| 7 years | $-4,667 |
| 9 years | $-1,310 |
| 11 years | $2,047 |
| 13 years | $5,403 |
| 15 years | $8,760 |
| 17 years | $12,117 |
| 19 years | $15,473 |
| 21 years | $18,830 |
| 23 years | $22,187 |
| 25 years | $25,544 |
Top Solar Installers in Greenwood
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar company can make your switch to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar company in Greenwood, the EcoWatch team has compiled 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 (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
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 many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar energy system in Greenwood, one of the most important 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 determine by looking at past electricity bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Greenwood, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Greenwood, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Even though solar loans make switching to solar energy more accessible for Greenwood homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Greenwood is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: The type of solar panel you want plays a role in which company you should opt for, since different companies provide different panels.
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, IN Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Greenwood?
You can't get solar panels for free in Greenwood. 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.
How will having solar panels impact how much my home is worth?
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 $166,577, so you can look forward to a value of about $6,830 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greenwood is a rewarding investment.
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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to 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.