Solar Panels Cost $13k-$24k in Greenwood, IN | May, 2025

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

For energy consumers in Greenwood, the average electric bill amounts to $134.16 per month, with a typical usage of 1,046 kWh. Flats and other smaller living spaces with reduced energy consumption are covered in this figure.

The rate of electricity in Greenwood, IN, on average, is 12.82¢ per kWh in May 2025.

If your household consumes an average amount of electricity in Greenwood, you will want a solar power system of 9 kW or higher to fully cover your full electricity usage requirements. The initial cost for a 9 kW setup amounts to $35,100, but after receiving a 30% federal tax credit, your total comes down to $24,570.

Are solar panels worth it in Indiana?

Intending to stay in your house beyond the solar payback period? Solar panels are a wise investment in Greenwood. A 5 kW system in Greenwood, IN will help you save you, on average, $18,548.4 over a 20 period and the average break even point is 8 years.

The cost of not having solar panels in Greenwood, IN

Without solar panels or another backup power source, you lose out on the earlier mentioned savings and are entirely dependent on your electric utility for electricity. As we have seen in many recent news reports, complete reliance on your utility is not always ideal.

Recently, Greenwood has seen an average of 0.84 utility outages per customer each year. On average, each outage lasts for 84.07 minutes. Major events like lightning strikes, equipment failure, or construction accidents can considerably extend these durations.

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

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

Your Energy Needs - Larger solar panel setups come with a higher price tag, yet the cost per watt lowers as the size of the system expands. For most individuals, installing a system that can generate enough power to fully offset their entire electric bill is beneficial, providing significant savings.

Make & Model - Solar panels, just like many other products, come in different makes and models. The preferences for brand that your contractor has may make it vital to select a reputable installer. Choosing higher quality materials typically ensures a more satisfying long-term experience for the buyer.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. Despite the higher price tag, these panels generate greater energy output. Many installation experts use panels constructed from this material.

Your Property - Every home and property is unique. Uneven land, trees, or v can increase the complexity of the installation. By using satellite images, many solar installers these days can evaluate your home and incorporate these considerations into the preliminary cost estimate.

Labor Rates - Employees get varied wages from different companies, and these costs are passed on to the consumers. Businesses paying more to their employees frequently receive higher reviews for their work and customer service.

Permitting & Interconnection - The final price of your installation will be impacted by local permitting and utility interconnection fees, which differ by location. That said, experienced local installers will be able to build these numbers into your initial quotes so there are no surprises.