Solar Panel Cost Guide in Greenville, MI (2023 Update)
- Greenville Solar Installation Cost: $12,097
- 25-Year Savings: $21,597
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Greenville
Find out what the average cost of installing solar panels is in Greenville.
In Greenville, solar panels cost about 2.81 per watt on average. Since a 6.2-kW system is needed to cover the energy costs of a typical home in Greenville, the average price of going solar will be about $12,097 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more. Even with the large initial cost, the average Greenville homeowner can save around $21,000 on their energy bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Greenville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,054 |
| 5 years | $-5,358 |
| 7 years | $-2,663 |
| 9 years | $33 |
| 11 years | $2,728 |
| 13 years | $5,424 |
| 15 years | $8,119 |
| 17 years | $10,815 |
| 19 years | $13,510 |
| 21 years | $16,206 |
| 23 years | $18,901 |
| 25 years | $21,597 |
Top Solar Installers in Greenville
When making the switch to solar, many homeowners choose to go with a solar installer since handling can be a challenging project. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Greenville
Factors that Affect Solar Panel Costs in Greenville
For many Greenville homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Greenville, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Greenville. The type of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make going solar more accessible for Greenville homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Greenville, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price 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 offers the products, warranties and services you're looking for and also fits within 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 | $2.92 | $12,274 | $20,606 | 9.3 years |
| 8 kW | $2.87 | $16,051 | $27,789 | 9.2 years |
| 10 kW | $2.81 | $19,670 | $35,130 | 9.0 years |
| 12 kW | $2.75 | $23,132 | $42,628 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $50,284 | 8.6 years |
| 16 kW | $2.64 | $29,584 | $58,097 | 8.4 years |
| 18 kW | $2.59 | $32,574 | $66,067 | 8.3 years |
| 20 kW | $2.53 | $35,406 | $74,194 | 8.1 years |
How to Save on Solar Panels
There are a large number of companies available in Greenville, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Greenville, MI Solar Cost FAQs
How much does it cost to install solar panels in Greenville?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart 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.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenville is currently $127,300, so you could be looking at a value of about $5,219 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greenville is a fruitful investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.