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Best 4 Solar Companies in Greenwood, IN

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Written By Max Peterson | Last Updated: February 05, 2024

Greenwood homeowners enjoy 5,400,000 sunny days annually, making the city an ideal environment for solar power. While embracing solar power comes with upfront costs, local homeowners could ultimately save $960 per kilowatt on their electric bills. A professional company can help you select the best panels to maximize your savings. In this guide, we'll show you Greenwood's best solar providers and offer advice for your company choice, so you can find the right one for your residence.

Best High-Efficiency System
4.8
  • Builds custom, high-efficiency solar systems suited to each home
  • Extensive coverage area throughout the country
  • Offers energy storage and EV charger add-ons
Most Reputable
4.4
  • Offers high-efficiency panels and storage options
  • Provides unique in-house financing options
  • Recognized as one of the most reputable solar companies

Top Greenwood Solar Companies

Solar Energy Solutions Logo

Solar Energy Solutions

4.7/5
Based on 17 customer reviews.

Services Offered

Financing Assistance Panel Installation Tesla Powerwall Battery Storage

Highlights

  • Free quotes
  • Informative resources
  • Reliable customer support
7966 Zionsville Rd, Indianapolis, IN 812-226-4688 sesre.com
Bone Dry Solar Logo

Bone Dry Solar

4.4/5
Based on 15 customer reviews.

Services Offered

Consultation Skilled Repairs Panel Installation Cleaning And Maintenance

Highlights

  • Free quotes
  • Informative resources
  • Clear pricing policy
7735 Winton Dr, Indianapolis, IN 317-873-6005 bonedry.solar
Atomic Electric and Solar Logo

Atomic Electric and Solar

4.4/5
Based on 39 customer reviews.

Services Offered

Off-Grid Solar Systems Battery Storage Grid-Tied Solar System Panel Installation

Highlights

  • Informative resources
  • Clear pricing policy
  • Reliable customer support
1401 S Madison St, Bloomington, IN 812-325-5164 atomicsolarelectric.com

Ranking Methodology

Our team has thoroughly vetted dozens of solar companies near Greenwood, with emphasis on the following criteria:

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Facts about Greenwood
Average Max Temp: 61°F
Solar Payback Period: 10.4 years
Average Daily Sunlight: 53%
Homes Powered by Solar: 605
Average Annual Energy Bill: $1,298
Solar Power per Capita Percentile: 48.0%

Expert Tips By

This Old House empowers homeowners with the knowledge and tools they need to tackle various projects and navigate the complexities of homeownership.

Benefits of Solar Energy

Solar energy provides multiple benefits. Here are some highlights.

  • Better energy independence: Solar panels can keep your home running through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with an optional battery storage system.
  • Reduced carbon footprint: Utilizing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
  • Smaller power bills: Producing some or all of your own electricity will spend less on electricity long-term.

What Solar Incentives Are Available to Greenwood Homeowners?

Indiana homeowners who go solar could qualify for rebates, reimbursements, tax credits and special financing. Here are just a few of the area's incentive offerings.

Incentive Type: Property Tax Incentive

Website: in.gov

Incentive Amount:

Solar energy systems used for heating or cooling: out-of-pocket expenditures by the owner for the components and labor
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system

Incentive Type: Rebate Program

Website: rse.coop

Incentive Amount:

Geothermal Heat Pump: $1,500
Mini-Split Heat Pump: $300-$1,500
Heat Pump/Hybrid Water Heater: $500
Single Speed Compressor: $800
Dual/Variable Speed Compressor: $750 - $1,500
HVAC Tune-Up: 50% of cost
Lighting: Varies

Incentive Type: Rebate Program

Website: powermoves.com

Incentive Amount:

Dual Fuel Heat Pump: $500
Pool Pumps: $250/unit
Heat Pump Water Heaters: $400/unit
Air-Source Heat Pumps: $250 - $1,500/unit
Geothermal Heat Pumps: $1,500/unit

Incentive Type: Rebate Program

Website: sciremc.com

Incentive Amount:

Heat Pump Water Heater: $500
Geothermal Heat Pump: $1,500
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Dual/Variable Speed Compressor: $750
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Single Speed Compressor Replacing Electric Resistance Heat: $800
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Dual/Variable Speed Compressor Replacing Electric Resistance Heat: $1,500

Incentive Type: Rebate Program

Website: nobleremc.com

Incentive Amount:

Dual Fuel Heat Pump: $500
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250-$750
Ground Source Heat Pump: $1500
Heat Pump Water Heater: $400

Incentive Type: Rebate Program

Website: jcremc.com

Incentive Amount:

Air Source Heat Pumps: $750/unit - $1,500/unit
Geothermal Heat Pumps: $1,500/unit
Heat Pump Water Heater: $500/unit
Mini-Split ductless Heat Pump: $750/unit - $1500/unit
Lighting: Instant rebates through online lighting store (small businesses, farms, or workshops)

Incentive Type: Feed-in Tariff

Website: nipsco.com

Incentive Amount:

Wind 3 - 10 kW: $0.23 - $0.25/kWh
Wind 10 kW-200 kW: $0.15 - $0.138/kWh
Solar 5 kW - 10 kW: $0.17 - $0.1564/kWh
Solar 10 - 200 kW: $0.15/kWh - $0.138/kWh
Biomass 100kW - 1 MW: $0.0918/kWh

Incentive Type: Rebate Program

Website: duke-energy.com

Incentive Amount:

HVAC Install (Heat Pumps, Geothermal Heat Pumps, Central Air Conditioners): $300 - $400/unit with additional $125 if installed along with a smart thermostat
Heat Pump Water Heater: $350
Attic Insulation and Air Sealing: $250/unit
Duct Sealing: $100/unit
Variable Speed Pool Pump: $300

Incentive Type: Personal Tax Credit

Website: ecowatch.com

Incentive Amount:

30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

How To Choose the Best Solar Company in Greenwood

Choosing a company is the first step toward an effective and cost-efficient solar energy system. Make your choice based on the following vital factors.

Licensing and Training

Indiana does not issue electrical or solar contracting licenses at the state level, but cities and counties might adopt their own licensing programs. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar sector's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.

Cost of Solar Panels in Greenwood

Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power. Polycrystalline panels provide a lower price point but produce less power. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.

If you want to charge an electric vehicle (EV) or use your solar power in cloudy weather, you can pay extra for add-ons. By choosing the right components, you can make your system more efficient and user-friendly. Not every solar provider offers these add-ons, so look for a contractor that installs them if it's crucial for you.

You can expect to pay about $20,500 on average for a five-kilowatt solar energy system in Greenwood. Check the table in this section to get an idea of the amount Greenwood solar companies might quote for your specific system.

Solar Panel Cost Average Cost
Solar Monocrystalline $1,122
Solar Polycrystalline $875
Thin-Film $512
Solar Battery $718
Solar Home EV Charger $2,693

Financing Solar Energy in Greenwood

Solar companies offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar loans, solar leases, power purchase agreements (PPAs) and cash payments. Though it requires a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases let you use your panels for a set monthly rate, while PPAs let you pay only for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for installers that offer multiple payment plans to find the right fit for your pocket.

The table below lists the average payback periods for different capacities of solar systems in Greenwood.

You are eligible for a 26% federal tax credit for new solar energy devices until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you more.

Solar System Capacity Estimated Payback period
1 kW 2.1 years
2 kW 4.1 years
5 kW 10.4 years
10 kW 20.7 years

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Frequently Asked Questions About Solar in Greenwood

How much energy and money could I save per year by switching to solar?

On average, Greenwood homeowners shell out around $1,298 per year for energy. Once you pay off your solar array, you could save $958.55 for every kilowatt you produce.

Is solar energy common in Greenwood?

Yes, solar energy is on the rise in Greenwood. Some homes already generate solar power on-site or through utility grids, and they're fortified by a state solar economy with 3600 jobs and counting.

Will a solar PV system raise my Greenwood home price?

Yes, a solar PV system will raise your property value. According to the National Renewable Energy Laboratory, for every dollar you reduce on energy bills, your home value increases by $20. So, if your panels save you $600 per year on energy costs, your property could appreciate $12,000.

How long will a typical solar system last?

Today's solar panels are incredibly durable, lasting up to 25 years. Monocrystalline panels and other top-tier models tend to last longer than "budget-friendly" models.

Is solar installation a fast job?

There's no universal answer for how long a solar project might take. Ultimately, it depends on local weather, the necessary prework, system size, panel style, and the permitting and inspection process. Most homeowners can be solar-ready within two months from their initial estimate visit.

What's the average solar system size in Greenwood?

A typical Greenwood solar home has a 8.8-kW panel array, but you might need a larger system if your energy needs are more demanding. Solar experts will evaluate your property's energy consumption and roof shading to determine the proper system for you.

What is "net metering," and how does it work?

Net metering is a system that credits solar homeowners for any excess electricity they generate and feed back to the grid.

Some states or energy providers oblige you to join net metering when installing your solar system, while others give you a choice. Either way, once you participate, you'll get a check or bill credit for your excess generation at a wholesale or retail rate.

How are a solar lease and PPA different?

Choosing a leasing option means your solar provider will handle panel maintenance while you make fixed monthly payments. PPAs differ slightly because you pay based on the electricity you produce.

You don't own the panels with either option, though you can choose to opt out of the contract for a fee.

To share feedback or ask a question about this article, send a note to our Reviews Team at reviewsteam@thisoldhousereviews.com.

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