Solar Panel Cost Guide in Greenwood, MS (2024 Update)
- Greenwood Solar Installation Cost: $18,558
- 25-Year Savings: $23,258
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Greenwood
Find out how much it might cost to go solar in Greenwood.
The national average cost of solar panels is $2.66 per watt, but in Greenwood it’s 3 per watt.To account for the typical energy needs of the average home in Greenwood, most homeowners require a 8.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,558, or $26,538 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Greenwood homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Greenwood can save about $17,000 on their energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a personalized quote.
Solar savings over time in Greenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-17,096 |
| 3 years | $-14,172 |
| 5 years | $-11,249 |
| 7 years | $-8,325 |
| 9 years | $-5,402 |
| 11 years | $-2,479 |
| 13 years | $445 |
| 15 years | $3,368 |
| 17 years | $6,292 |
| 19 years | $9,215 |
| 21 years | $12,139 |
| 23 years | $15,062 |
| 25 years | $17,985 |
Top Solar Installers in Greenwood
Although you can install solar panels on your own, it requires extra labor and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
If you’d like to make the switch to solar but still aren’t certain which solar panel installer to go with, here are our recommendations for providers in Greenwood:
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 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 Greenwood
Factors that Affect Solar Panel Costs in Greenwood
The cost of installing a solar system in Greenwood can vary by more than $10,000 from home to home. Your actual cost is determined by 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
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,140. There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Greenwood offer solar loans, which reduce your upfront costs of installing solar.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Greenwood, and each can charge varying amounts for labor and equipment.Additionally, some companies in Greenwood know more about local solar incentives and can help you learn about 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 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 | $3.27 | $13,716 | $13,901 | 12.4 years |
| 8 kW | $3.20 | $17,936 | $18,886 | 12.2 years |
| 10 kW | $3.14 | $21,980 | $24,047 | 11.9 years |
| 12 kW | $3.08 | $25,848 | $29,384 | 11.7 years |
| 14 kW | $3.01 | $29,541 | $34,897 | 11.5 years |
| 16 kW | $2.95 | $33,058 | $40,586 | 11.2 years |
| 18 kW | $2.89 | $36,399 | $46,450 | 11.0 years |
| 20 kW | $2.83 | $39,564 | $52,490 | 10.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project completion timeline.
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 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 Greenwood, MS Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $15,700 for a 5-kW system and $31,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Greenwood?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.