Solar Panel Cost Guide in Greenwood, SC (2023 Update)
- Greenwood Solar Installation Cost: $15,139
- 25-Year Savings: $25,825
- Payback Period: 9.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Greenwood
Find out what the average cost of a solar system is in Greenwood.
The average cost of solar panels in Greenwood is 2.72 per watt. Since a 8.0-kW system is needed to cover the energy costs of a typical home in Greenwood, the average price of going solar will be about $15,137 after claiming the federal solar tax credit of 30%.
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 be different depending on factors unique to you, like your household energy use and solar contractor. Despite the large initial cost, the average Greenwood homeowner can save about $20,000 on their energy bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer 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 | $-13,654 |
| 3 years | $-10,683 |
| 5 years | $-7,712 |
| 7 years | $-4,742 |
| 9 years | $-1,771 |
| 11 years | $1,199 |
| 13 years | $4,170 |
| 15 years | $7,140 |
| 17 years | $10,111 |
| 19 years | $13,081 |
| 21 years | $16,052 |
| 23 years | $19,022 |
| 25 years | $21,993 |
Top Solar Installers in Greenwood
Many homeowners decide to use a solar installation company since trying to put up solar panels on your own can be hard. Plus, if you'd like to maximize your investment in solar, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
If you're looking for a solar company in Greenwood, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
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 is dependent on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Greenwood, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can affect your pricing. Greenwood's solar companies all have different labor costs and add varying upcharges to 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 find a company that offers the products, warranties and services you want and also fit into 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 | $2.83 | $11,881 | $19,031 | 9.6 years |
| 8 kW | $2.77 | $15,537 | $25,679 | 9.4 years |
| 10 kW | $2.72 | $19,040 | $32,480 | 9.2 years |
| 12 kW | $2.67 | $22,391 | $39,433 | 9.1 years |
| 14 kW | $2.61 | $25,590 | $46,538 | 8.9 years |
| 16 kW | $2.56 | $28,636 | $53,796 | 8.7 years |
| 18 kW | $2.50 | $31,530 | $61,205 | 8.5 years |
| 20 kW | $2.45 | $34,272 | $68,768 | 8.3 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: If you're concerned about the durability of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Greenwood, SC Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Greenwood?
Solar panels aren't free in Greenwood, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Greenwood have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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.