Solar Panel Cost Guide in Greenwood, IN (Nov 2022)

  • Greenwood Solar Installation Cost: $16,415
  • 25-Year Savings: $25,544
  • Payback Period: 9.8 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

Why you can trust EcoWatch

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

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 $3 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 before 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 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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 solar panels 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 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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

What is the average cost of installing 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 kind of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider aside from cost when buying solar panels?

Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Is making the switch to solar worth it?

Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.

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 house 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us