Solar Panel Cost Guide in Greenwood, LA (2023 Update)
- Greenwood Solar Installation Cost: $18,346
- 25-Year Savings: $26,501
- Payback Period: 10.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenwood
Find out what the average cost of installing solar panels is in Greenwood.
In Greenwood, solar panels cost about 2.57 per watt on average. Using this figure, a typical 10.2-kW system would cost about $18,350 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you may vary based on your energy needs and what company you choose to go with. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $17,000 over 20 years on utility bills.
Click the button below to get connected to a top solar company in Greenwood for a customized estimate.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-18,196 |
| 3 years | $-17,897 |
| 5 years | $-17,598 |
| 7 years | $-17,299 |
| 9 years | $-17,000 |
| 11 years | $-16,701 |
| 13 years | $-16,402 |
| 15 years | $-16,103 |
| 17 years | $-15,804 |
| 19 years | $-15,505 |
| 21 years | $-15,206 |
| 23 years | $-14,907 |
| 25 years | $-14,608 |
Top Solar Installers in Greenwood
Putting up solar panels on your own can be a challenging undertaking, which is why using a solar installer is a good option for many homeowners. Local solar installers can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
The cost of installing a solar system in Greenwood can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar 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 mainly based on your home's energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,570 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Greenwood average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Greenwood, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating in Greenwood, and each can charge different amounts for labor and equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater 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 discount 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 | $2.67 | $11,226 | $15,160 | 10.6 years |
| 8 kW | $2.62 | $14,680 | $20,501 | 10.4 years |
| 10 kW | $2.57 | $17,990 | $25,987 | 10.2 years |
| 12 kW | $2.52 | $21,156 | $31,616 | 10.0 years |
| 14 kW | $2.47 | $24,179 | $37,389 | 9.8 years |
| 16 kW | $2.42 | $27,057 | $43,306 | 9.6 years |
| 18 kW | $2.36 | $29,791 | $49,366 | 9.4 years |
| 20 kW | $2.31 | $32,382 | $55,571 | 9.2 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:
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
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, LA Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $12,850 for a 5-kW system and $25,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Greenwood?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenwood is currently $155,890, which means you could be looking at a value of about $6,391 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Greenwood is a worthwhile investment.
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 choose to replace them after having 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.