Solar Panels Cost 11k-20k in Greenwood, AR | October, 2024

Solar Panels Cost $11k-$20k in Greenwood, AR | October, 2024

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How much do solar panels cost in Greenwood, AR in 2024?

In Greenwood, AR in the month of October, 2024 you will spend about $3.33 per watt to go solar.

It will cost you $3,330, on average, for every 1K (or 1000 watts) of capacity that your solar panels have. After receiving the 30% federal tax credit, you can expect to pay around $11,655 for a 5 kW solar setup in Greenwood. Please keep in mind that a bigger system might be needed to adequately cover your energy consumption.

To the left, you can choose your county to see the average roof size and average maximum capacity for solar panels on homes in your area. Below is an analysis of the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Greenwood: $11,655US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Greenwood: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Greenwood: $14,464US Average: $15,784

Solar Potential in Greenwood

Estimated system size and solar electricity production per median viable roof in
Greenwood.

Roof size 894sq. ft.
Capacity 12.5kW DC
Electricity 15.5kkWh AC per yr.

Electricity Costs in Greenwood, AR & What that Means for Your Solar Panel Pricing

On average, Greenwood residents pay $129.64 for their electric bill each month and use 1,039 kWh. These statistics also include apartments and other smaller residences with reduced energy demand.

The average rate for electricity in Greenwood, AR in October, 2024 is 12.48¢ per kWh.

Average citizens in Greenwood will want a solar panel system with a generation capacity of 9 kW or larger to satisfy their full electricity consumption requirements. Installing a a 9 kW solar panel installation will be priced at about $29,970 initially, but with the 30% federal tax credit, you can receive a 30% reimbursement, reducing the cost to $20,979.

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Average solar panel costs by system size in Greenwood

Located below and to the left, there is the price breakdown for different sizes of the solar panel systems set up in Greenwood. The bigger the solar array, the higher the initial expense, but also the greater electricity savings and income tax credits you'll get.

The solar panel cost and benefit breakdown, shown in the calculator below and to the right, is based on an average electric bill of $129.64 in Greenwood. Change the $129.64 to match your average electricity bill payment for custom results.

System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $902 a year
Est. Price
$11,655
Savings from a 5kWthis system
  • Est. yearly production 7,519 kWh
  • Est. monthly savings $75
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 4.26 tons a year
  • Equivalent to planting 195 trees a year
  • Equivalent to driving 10,533 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,083 a year
Est. Price
$13,986
Savings from a 6kWthis system
  • Est. yearly production 9,023 kWh
  • Est. monthly savings $90
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 5.11 tons a year
  • Equivalent to planting 235 trees a year
  • Equivalent to driving 12,639 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,263 a year
Est. Price
$16,317
Savings from a 7kWthis system
  • Est. yearly production 10,527 kWh
  • Est. monthly savings $105
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 5.96 tons a year
  • Equivalent to planting 274 trees a year
  • Equivalent to driving 14,746 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,444 a year
Est. Price
$18,648
Savings from a 8kWthis system
  • Est. yearly production 12,031 kWh
  • Est. monthly savings $120
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 6.81 tons a year
  • Equivalent to planting 313 trees a year
  • Equivalent to driving 16,852 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,624 a year
Est. Price
$20,979
Savings from a 9kWthis system
  • Est. yearly production 13,535 kWh
  • Est. monthly savings $130
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 7.36 tons a year
  • Equivalent to planting 338 trees a year
  • Equivalent to driving 18,209 mi less a year

Greenwood Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can potentially cover between 80% and 100% of the installation costs for solar or wind turbines for rural small businesses and agricultural businesses. If you feel you might be eligible, we suggest utilizing our REAP Grant eligibility tool to verify your qualification.

The federal government offers a 30% tax credit for residential solar systems, making solar practical and practical for a diverse set of homeowners. A variety of state and local incentives are offered to promote the use of solar energy.

Arkansas features 4 solar rebate and incentive initiatives provided by multiple utilities and government organizations.

Sustainable Building Design Revolving Loan Fund

Value:Varies

The ABA Revolving Loan Fund is an interest-free loan program adopted by Arkansas in 2009 (as loan payments go to the fund, the fund may continue indefinitely). It provides a way for state agencies, boards, and commissions (including those attached to institutions of higher learning) who own their own facilities to make renovations up to $25,000. It is funded by a grant from the American Recovery and Reinvestment Act of 2009 with contributions from the state general improvement funds. The loan encourages debtors to use the funds for ways to save and create energy for their buildings. For further information, check out the Arkansas Building Authority site.

Green Building Standards for State Facilities

Value:Varies

As of July 1, 2005, all state agencies are encouraged to use the Leadership in Energy and Environmental Design and Green Globes rating system as much as possible. They receive additional credit for use of agri-fiber and composite wood products, post-consumer recycled content, and other environment-friendly products. The Sustainable Energy-Efficient Building Program directed the Arkansas Energy Office to reduce energy use in all state-owned major facilities by 30% by 2017 and conserve all utilities to reduce total energy consumption as justified by a life cycle cost analysis. Other state agencies have been encouraged to develop their own strategic energy plans.

Net Metering

Value:Varies

In April 2001, the Arkansas Public Service Commission was directed to establish rules for net metering of some renewable energy systems. By 2012 they amended those rules to exempt government entities and agencies from indemnity agreements. In 2013 it would add new net-metering tariffs for all utilities under its jurisdiction and in 2014 it would modify provisions for excess generation, including increasing the cap for non-residential customers and opening the docket for appropriate fees and terms. Of special note is that customers with multiple meters who generate excess electricity may, with 30 days' notice, use the funds generated for any meter within the same utility.

Solar Hot Water Contractor Licensing

Value:Varies

Arkansas offers limited specialty solar thermal installer licenses with assistance from the Arkansas Department of Health. These licenses are the Restricted Solar Mechanic, Supervising Solar Mechanic, and Solar Mechanic Trainee. The Restricted Solar Mechanic license only allows a mechanic to install systems used to heat domestic hot water; the person must show evidence of relevant training and experience, including four years with a Restricted Solar Mechanic Trainee license. The Supervising Solar Mechanic is allowed to supervise, install, and maintain solar and hydronic domestic hot water systems; applicants must have at least one year with a Restricted Solar Mechanic and five years of solar mechanic experience.

Are solar panels worth it in Arkansas?

For those expecting to remain in their homes after the solar system's payback period, installing solar panels is a obvious choice in Greenwood. By installing a 5 kW solar system in Greenwood, AR, you can expect to save roughly $19,458.6 over 20 years, with the break even point usually being 7 years.

The cost of not having solar panels in Greenwood, AR

Without solar panels or another backup power source, you miss out on the savings discussed previously and rely entirely on your electric utility for electricity. As we've seen in many recent news reports, full reliance on your utility isn't always ideal.

Recently, the average number of utility outages per customer in Greenwood has been 1.81 annually. Outages generally last for an average of 282.44 minutes. During major occurrences like landslides, aging infrastructure, or construction accidents, these times can extend significantly.

Whether or not a backup battery is included, a solar panel system could help ease the impact of future power outages you might face.

Power Outages

Currently, 0 customers are being tracked in Sebastian County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Greenwood, AR?

Your Energy Needs - Larger solar panel systems require more upfront investment, but the cost per watt decreases as the size of the system increases. Many people find it useful to install a solar energy system that can replace their entire electric bill. This results in optimal savings.

Make & Model - There are a variety of makes and models of solar panels and mounting equipment. Taking into account the certain brand preferences an installer might have, picking a reputable contractor is important. Choosing superior quality equipment usually provides a more favorable long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and deservedly so. They have a higher price, but they provide more energy. Most solar panel installers choose this type of material.

Your Property - Trees, sloped land, or additional considerations can increase the complexity of the installation. Nowadays, the majority of solar installers can assess your home with satellite images and incorporate these elements in the preliminary cost estimate.

Labor Rates - Companies compensate their employees in varying amounts, and these costs are passed down to consumers. Higher wages frequently lead to companies getting better reviews for their services and customer service.

Permitting & Interconnection - The local permitting and utility interconnection fees, which vary by region, will affect your final installation price. Quality installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other AR cities

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Who are the best solar installers in Greenwood?

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Reparation of solar arrays.

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Auditing of energy requirements for independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Reparation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Fluent Solar

Lindon, UT(866) 736-1253

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

LightEdison

Denver, CO(888) 966-6377

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Greenwood, AR Solar Panel Cost FAQs

  • The average solar panel cost in Greenwood, AR as of October, 2024 is estimated at $3.33/W. Post federal tax credit, a 5 kW solar panel system installation in Greenwood, AR will roughly cost $11,655.

  • Currently, Arkansas residents can benefit from 4 rebates and incentives available through various utilities and government bodies. On top of that, nearly everyone can qualify for the 30% federal tax credit.

  • Paying cash provides the most savings, yet there are many financing options available today for solar panels that are also beneficial. Financing options are frequently available through installers and will be included in your initial quotes.

  • Yes, the average 5 kW solar panel payback time in Greenwood, AR is 7 years, with expected savings of $19,458.6 on electricity over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01