Solar Panel Cost Guide in Greenwood, MO (2024 Update)
- Greenwood Solar Installation Cost: $17,010
- 25-Year Savings: $20,203
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Greenwood
Find out what the average cost of installing solar panels is in Greenwood.
The average cost of a solar panel system in Greenwood is 3 per watt.The average Greenwood homeowner needs a 7.2-kilowatt system, which would cost about $17,010 with the federal tax credit, or $24,324 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Greenwood homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Greenwood see about $18,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-15,602 |
| 3 years | $-12,786 |
| 5 years | $-9,970 |
| 7 years | $-7,154 |
| 9 years | $-4,338 |
| 11 years | $-1,522 |
| 13 years | $1,294 |
| 15 years | $4,110 |
| 17 years | $6,926 |
| 19 years | $9,742 |
| 21 years | $12,558 |
| 23 years | $15,374 |
| 25 years | $18,190 |
Top Solar Installers in Greenwood
Installing solar panels yourself can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- 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
- 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 $17,010, your final cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Greenwood, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. 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 a challenge. Solar loans are provided by most installers in Greenwood, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
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 choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that provide a range of services at different price points.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.50 | $14,720 | $12,968 | 13.3 years |
| 8 kW | $3.44 | $19,249 | $17,668 | 13.0 years |
| 10 kW | $3.37 | $23,590 | $22,557 | 12.8 years |
| 12 kW | $3.30 | $27,742 | $27,634 | 12.5 years |
| 14 kW | $3.24 | $31,705 | $32,900 | 12.3 years |
| 16 kW | $3.17 | $35,479 | $38,355 | 12.0 years |
| 18 kW | $3.10 | $39,065 | $43,999 | 11.8 years |
| 20 kW | $3.03 | $42,462 | $49,831 | 11.5 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 decide on the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Installation Process: Make sure you’re aligned with the installer in regard to 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.
Best National Provider
SunPower
- 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
- 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, MO Solar Cost FAQs
How much does it cost to install solar panels in Greenwood?
The average cost of solar panels in Greenwood is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Greenwood?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $922.93 per year.
How long do solar panels last in Greenwood?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.