Solar Panel Cost Guide in Greenwood, SC (Feb 2023)
- Greenwood Solar Installation Cost: $15,137
- 25-Year Savings: $25,827
- Payback Period: 9.2 Years
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Top Solar Installers in Greenwood
Trying to install solar panels on your own can be a difficult task, which is why using a solar installer is a good option for many homeowners. Some solar companies, especially local ones, can help you take advantage of incentives in Greenwood, optimizing your ROI.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,720 per kilowatt in Greenwood. The model of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Greenwood, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. 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 installer you go with to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Greenwood, and each can charge different amounts for labor and equipment. Additionally, some companies in Greenwood know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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||$2.83||$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
The solar installer you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- 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 what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Greenwood, SC Solar Cost FAQs
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.