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
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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.The average solar panel system size in Greenwood is around 8.0 kilowatts, meaning a cost of about $19,202 for a solar installation, or $27,459 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Greenwood depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.Many homeowners find installing solar panels is a sound investment. The average homeowner in Greenwood can save around $20,000 on their energy bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
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
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using a solar panel installer can make swapping over to solar power much easier. The expertise that solar companies offer can be invaluable as well, particularly if you don’t quite know what type of solar equipment would be right for your home.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Greenwood
Factors that Affect Solar Panel Costs in Greenwood
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Greenwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
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 power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,450 per kilowatt in Greenwood.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installation company you select will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Greenwood know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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
There are many companies to choose from in Greenwood, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Greenwood, SC Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Greenwood?
A solar panel system isn’t free in Greenwood, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for 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 can look forward to 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 rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 get between 20 and 35 panels to cover 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.