Solar Panel Cost Guide in Greenwood, SC (2024 Update)
- Greenwood Solar Installation Cost: $19,202
- 25-Year Savings: $25,825
- Payback Period: 11.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Greenwood
Find out what the average cost of solar panel installation is in Greenwood.
In Greenwood, solar panels cost about 3 per watt on average.To cover the typical energy usage of the average home in Greenwood, most homeowners require a 8.0-kilowatt system. Using the figure above, a solar installation costs about $19,202, or $27,459 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you will look different based on the amount of energy your home requires and what company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $20,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar panel company in Greenwood for a custom quote.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-17,717 |
| 3 years | $-14,746 |
| 5 years | $-11,775 |
| 7 years | $-8,805 |
| 9 years | $-5,834 |
| 11 years | $-2,864 |
| 13 years | $107 |
| 15 years | $3,077 |
| 17 years | $6,048 |
| 19 years | $9,018 |
| 21 years | $11,989 |
| 23 years | $14,959 |
| 25 years | $17,930 |
Top Solar Installers in Greenwood
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make swapping over to solar power much easier. The expertise that solar installers offer can be useful as well, especially if you don’t quite know what brand of solar equipment you need.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Though the average cost of a solar system in Greenwood is $19,202, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
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 uses, the larger your system will likely need to be. You can expect to pay around $3,450 per kilowatt in Greenwood.Some solar brands — like Maxeon from SunPower — cost more 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 limited 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 solar panels out of pocket is too expensive, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of 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 more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you choose will influence your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Greenwood have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $3.59 | $15,070 | $15,842 | 12.2 years |
| 8 kW | $3.52 | $19,706 | $21,509 | 12.0 years |
| 10 kW | $3.45 | $24,150 | $27,370 | 11.7 years |
| 12 kW | $3.38 | $28,400 | $33,423 | 11.5 years |
| 14 kW | $3.31 | $32,458 | $39,670 | 11.3 years |
| 16 kW | $3.24 | $36,322 | $46,110 | 11.0 years |
| 18 kW | $3.17 | $39,992 | $52,743 | 10.8 years |
| 20 kW | $3.11 | $43,470 | $59,570 | 10.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Contract: Before signing a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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?
The average cost of solar panels in Greenwood is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Greenwood?
You can’t get solar panels for free in Greenwood. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenwood is currently $172,263, so you could be looking at a value of about $7,063 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greenwood is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.