Solar Panel Cost Guide in Greenwood, MS (Nov 2022)

  • Greenwood Solar Installation Cost: $15,597
  • 25-Year Savings: $23,264
  • Payback Period: 10.0 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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 national average cost of solar panels is $2.66 per watt, but in Greenwood it's $3 per watt. To cover the typical energy needs of the average home in Greenwood, most homeowners require a 8.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,597, or $11,542 after the federal solar tax credit of 30% is applied.

Remember 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 equipment you want, your solar contractor and more. Despite the high initial cost, the average Greenwood homeowner can save about $17,000 on their power bills over 20 years, which is one of the perks of solar.

Click the button below to get connected to a highly rated solar installer in Greenwood for a custom estimate.

Solar savings over time in Greenwood

Year Return on Investment
1 years $-14,043
3 years $-10,934
5 years $-7,825
7 years $-4,716
9 years $-1,607
11 years $1,502
13 years $4,610
15 years $7,719
17 years $10,828
19 years $13,937
21 years $17,046
23 years $20,155
25 years $23,264

Top Solar Installers in Greenwood

Many homeowners opt for a solar panel company since trying to install solar panels on your own can be a lot of work. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.

If you're searching for a solar company in Greenwood, we've organized a list of our top suggestions here:

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 Technology

Tesla Energy

★★★★★
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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • 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

For many Greenwood homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Greenwood, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.

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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,640 per kilowatt in Greenwood. The brand of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

Most solar installers in Greenwood offer solar loans, which reduce your upfront costs of installing solar. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The final major cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Greenwood, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Greenwood have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.75 $11,532 $16,085 10.4 years
8 kW $2.69 $15,080 $21,742 10.2 years
10 kW $2.64 $18,480 $27,547 10.0 years
12 kW $2.59 $21,732 $33,500 9.8 years
14 kW $2.53 $24,837 $39,601 9.6 years
16 kW $2.48 $27,794 $45,850 9.4 years
18 kW $2.43 $30,603 $52,246 9.2 years
20 kW $2.38 $33,264 $58,790 9.0 years

How to Save on Solar Panels

The solar installer you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:

  • Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
  • Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, completion timeline rebates and warranties.

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 Technology

Tesla Energy

★★★★★
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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Greenwood, MS Solar Cost FAQs

How much does it cost to install solar panels in Greenwood?

The average cost of solar panels in Greenwood is about $13,200 for a 5-kW system and $26,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Greenwood?

Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Do solar panels increase the value of your home?

Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

What solar power system size is right for my home?

To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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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