Solar Panel Cost Guide in Greenfield, IN (2024 Update)
- Greenfield Solar Installation Cost: $25,441
- 25-Year Savings: $23,445
- Payback Period: 15.9 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Greenfield
Let’s take a look at the average cost of solar panels in Greenfield.
The average cost of solar panels in Greenfield is 4 per watt.The average Greenfield homeowner needs a 8.9-kilowatt system, which would cost about $25,441 with the federal tax credit, or $36,381 before the 0 tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely look different based on the amount of energy your home requires and what company you choose to go with.Many homeowners find adopting solar power is a solid investment. The average homeowner in Greenfield can save about $17,000 on their power bills over 20 years.
To get a free quote from a pre-vetted solar installation company in Greenfield, you can click the button below.
Solar savings over time in Greenfield
Year | Return on Investment |
---|---|
1 years | $-24,058 |
3 years | $-21,291 |
5 years | $-18,525 |
7 years | $-15,758 |
9 years | $-12,992 |
11 years | $-10,225 |
13 years | $-7,459 |
15 years | $-4,692 |
17 years | $-1,926 |
19 years | $841 |
21 years | $3,607 |
23 years | $6,374 |
25 years | $9,140 |
Top Solar Installers in Greenfield
When going solar, many homeowners prefer to use a solar company since installing a solar system yourself can be a difficult project. Some solar installers, especially local ones, can help you take advantage of incentives in Greenfield, optimizing your ROI.
If you’d like to make the switch to solar but still aren’t sure which solar system company to go with, here are our suggestions for providers in Greenfield:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Greenfield
Factors that Affect Solar Panel Costs in Greenfield
The cost of installing a solar system in Greenfield can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important 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 electricity your household uses, the larger your system will likely need to be. You can expect to spend about $4,100 per kilowatt in Greenfield.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenfield to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.Although solar loans make adopting solar energy more accessible for Greenfield homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Greenfield are more knowledgeable about local solar incentives and can help you make good use 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 | $4.26 | $17,909 | $9,216 | 16.5 years |
8 kW | $4.18 | $23,419 | $12,747 | 16.2 years |
10 kW | $4.10 | $28,700 | $16,508 | 15.9 years |
12 kW | $4.02 | $33,751 | $20,499 | 15.6 years |
14 kW | $3.94 | $38,573 | $24,719 | 15.2 years |
16 kW | $3.85 | $43,165 | $29,168 | 14.9 years |
18 kW | $3.77 | $47,527 | $33,847 | 14.6 years |
20 kW | $3.69 | $51,660 | $38,756 | 14.3 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project timeline rebates and warranties.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: If you’re worried about the durability of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Greenfield, IN Solar Cost FAQs
How much does it cost to install solar panels in Greenfield?
The average cost of solar panels in Greenfield is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Greenfield?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 average daily 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 install 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.