Solar Panel Cost Guide in Greenwood, MS (2024 Update)
- Greenwood Solar Installation Cost: $18,558
- 25-Year Savings: $23,258
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Greenwood
Find out how much it might cost to go solar 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 usage of the average home in Greenwood, most homeowners require a 8.4-kilowatt system. Using the figure above, a solar installation costs about $18,558, or $26,538 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Greenwood homeowner. The cost 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.Despite the large upfront cost, the average Greenwood homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a highly rated solar installer in Greenwood for a personalized quote.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-17,096 |
| 3 years | $-14,172 |
| 5 years | $-11,249 |
| 7 years | $-8,325 |
| 9 years | $-5,402 |
| 11 years | $-2,479 |
| 13 years | $445 |
| 15 years | $3,368 |
| 17 years | $6,292 |
| 19 years | $9,215 |
| 21 years | $12,139 |
| 23 years | $15,062 |
| 25 years | $17,985 |
Top Solar Installers in Greenwood
Installing solar panels by yourself can be a dangerous task, which is why hiring a solar installer is a good option for many homeowners. Also, companies with an outstanding 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’d like to switch to solar energy but still aren’t certain which solar company to go with, here are our recommendations for providers nearby:
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 $18,558, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 pay about $3,140 per kilowatt in Greenwood.The type of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Greenwood, which can reduce, or in some cases 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
The solar company you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating in Greenwood, and each can charge different amounts for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that has the products, warranties and services you want and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.27 | $13,716 | $13,901 | 12.4 years |
| 8 kW | $3.20 | $17,936 | $18,886 | 12.2 years |
| 10 kW | $3.14 | $21,980 | $24,047 | 11.9 years |
| 12 kW | $3.08 | $25,848 | $29,384 | 11.7 years |
| 14 kW | $3.01 | $29,541 | $34,897 | 11.5 years |
| 16 kW | $2.95 | $33,058 | $40,586 | 11.2 years |
| 18 kW | $2.89 | $36,399 | $46,450 | 11.0 years |
| 20 kW | $2.83 | $39,564 | $52,490 | 10.7 years |
How to Save on Solar Panels
The solar company you go with will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Solar Panel Brands: The model of solar panel you’d like to get plays a part in which installer you should opt for, since different companies offer different panels.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you care about the longevity of your solar system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project timeline.
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, MS Solar Cost FAQs
How much does it cost to install 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 $15,700 for a 5-kW system and $31,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Greenwood?
Leasing solar panels can be an appealing choice, as it often 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Greenwood?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though 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 their energy production will have decreased significantly after that point. You can replace them after having 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.