Solar Panel Cost Guide in Greenwood, MS (2023 Update)
- Greenwood Solar Installation Cost: $15,597
- 25-Year Savings: $23,264
- Payback Period: 10.0 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 installing solar panels is in Greenwood.
In Greenwood, solar panels cost about 2.64 per watt on average. The average solar panel system size in Greenwood is around 8.4 kilowatts, meaning a cost of about $15,597 for a solar installation, or $22,304 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will most likely look different based on the amount of energy your home requires and what company you want to go with. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Greenwood see about $17,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar company in Greenwood that can help you get a more accurate cost estimate for your home.
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
When making the switch to solar, many homeowners prefer to hire a solar installation company since putting up a solar system yourself can be a difficult project. Another benefit of going with a solar company is that they can help you maximize your investment by reducing your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Greenwood:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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
The cost of installing a solar system in Greenwood can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Greenwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can determine by looking at past power bills. Your overall cost can increase by around $2,640 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Greenwood homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Greenwood, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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
There are numerous companies to choose from in Greenwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: If you're worried about the longevity of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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
What is the average cost of installing 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 actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Greenwood?
You can't get solar panels for free in Greenwood. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your property value?
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."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.