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 solar panels in Greenwood is 3 per watt.To cover the typical energy needs of the average home in Greenwood, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $17,010, or $24,324 before the federal solar tax credit of 0 is applied.
How much you pay can go above or below the average in Greenwood based on a few factors, such as the type of solar panels you choose and the solar installer you hire.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar company in your area for a personalized quote.
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
Although you can install solar panels yourself, it involves extra labor and know-how. That's why almost all homeowners choose to go with a solar panel installer. Another great thing about going with a reliable solar installer is that it'll likely provide warranties and free repairs, which help protect your solar system over time.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most important 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 energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,370 per kilowatt in Greenwood.There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.While solar loans make going solar more accessible for Greenwood homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Greenwood is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, you’ll have many options for solar installers that offer a range of services at different costs.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 pricing because they have more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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
Since the brand of solar panels and the company you choose considerably impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
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
What is the average cost of installing solar panels in Greenwood?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $16,850 for a 5-kW system and $33,700 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 above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Greenwood?
Leasing solar panels can be an option if you can’t afford to 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 financial benefits from going solar.
Can solar panels eliminate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in 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 check with a local solar installer to see how many panels can fit on your roof.
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 should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.