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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Greenwood

We go over average solar pricing in Greenwood.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenwood, the typical cost of a solar system is $3 per watt. Since a 8.0-kW system is needed to cover the energy usage of a typical home in Greenwood, the average price of going solar will be about $15,137 before claiming the federal solar tax credit of 30%.

Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $20,000 over 20 years on power bills.

To receive a free quote from a vetted solar installation company in Greenwood, you can click the button below.

Solar savings over time in Greenwood

Year Return on Investment
1 years $-13,498
3 years $-10,221
5 years $-6,944
7 years $-3,667
9 years $-390
11 years $2,887
13 years $6,164
15 years $9,442
17 years $12,719
19 years $15,996
21 years $19,273
23 years $22,550
25 years $25,827

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:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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

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.

Solar Equipment

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.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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 difficult question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

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'd prefer to own your solar panels, you can finance them with a solar loan.

Is going solar worth it?

Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.

How long do solar panels last in Greenwood?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.

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.

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