Solar Panel Cost Guide in Greenwood, MO (Sep 2022)

  • Greenwood Solar Installation Cost: $13,072
  • 25-Year Savings: $20,204
  • Payback Period: 9.8 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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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 $3. Using this figure, a typical 7.2 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 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

The Green Panel

★★★★★
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

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 Size

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

Solar Incentives in Greenwood

Name Local Option - Clean Energy Development Boards
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Property Tax Exemption
Incentive Amount 100% exemption
More Info Click here

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 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

The Green Panel

★★★★★
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, 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 $12,950 for a 5-kW system and $25,900 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.

Should I 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 get the most savings.

Can solar panels eliminate my electricity bills?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Greenwood, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Greenwood?

On average, the lifespan of solar panels is 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 larger 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.

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