Solar Panel Cost Guide in Greenwood, MO (2023 Update)
- Greenwood Solar Installation Cost: $13,072
- 25-Year Savings: $20,204
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Greenwood
Find out what the average cost of solar panels are in Greenwood.
Although the national average of solar panels is $2.66 per watt, solar panels in Greenwood typically cost around 2.59. Using this figure, a typical 7.2-kW system would cost about $13,072 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will differ based on your specific situation and what company you want to go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Greenwood can save about $18,000 on their electricity bills over 20 years.
Click the button below to get connected to a top solar company in Greenwood for a personalized quote.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-11,741 |
| 3 years | $-9,079 |
| 5 years | $-6,417 |
| 7 years | $-3,755 |
| 9 years | $-1,092 |
| 11 years | $1,570 |
| 13 years | $4,232 |
| 15 years | $6,894 |
| 17 years | $9,556 |
| 19 years | $12,218 |
| 21 years | $14,880 |
| 23 years | $17,542 |
| 25 years | $20,204 |
Top Solar Installers in Greenwood
Many homeowners choose to hire a solar installation company since trying to install solar panels on your own can be challenging. The expertise that solar installers offer can be helpful as well, especially if you don't quite know what kind of solar equipment would be right for your home.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,590 per kilowatt in Greenwood. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwood to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time because of interest. 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can impact your pricing. Greenwood's solar companies all have different labor costs and add varying upcharges to equipment. 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 specials 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 | $2.69 | $11,313 | $16,375 | 10.2 years |
| 8 kW | $2.64 | $14,794 | $22,123 | 10.0 years |
| 10 kW | $2.59 | $18,130 | $28,017 | 9.8 years |
| 12 kW | $2.54 | $21,321 | $34,055 | 9.6 years |
| 14 kW | $2.49 | $24,367 | $40,239 | 9.4 years |
| 16 kW | $2.43 | $27,268 | $46,567 | 9.2 years |
| 18 kW | $2.38 | $30,023 | $53,041 | 9.0 years |
| 20 kW | $2.33 | $32,634 | $59,659 | 8.8 years |
How to Save on Solar Panels
There are many companies available in Greenwood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Greenwood, MO Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $12,950 for a 5-kW system and $25,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Greenwood?
Solar panels aren't free in Greenwood, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Greenwood have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.