Solar Panel Cost Guide in Hope, AR (2024 Update)

  • Hope Solar Installation Cost: $20,323
  • 25-Year Savings: $23,602
  • Payback Period: 13.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hope

Let’s take a look at the average cost of solar in Hope.

The average cost of a solar panel system in Hope is 3 per watt.Using this figure, a typical 8.3-kW system would cost about $20,323 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with.Even with the large upfront cost, the average Hope homeowner can save about $18,000 on their energy bills over 20 years, which is one of the advantages of solar.

Click the button below to get connected to a highly rated solar company in Hope for a personalized estimate.

Solar savings over time in Hope

Year Return on Investment
1 years $-18,910
3 years $-16,085
5 years $-13,260
7 years $-10,434
9 years $-7,609
11 years $-4,784
13 years $-1,958
15 years $867
17 years $3,693
19 years $6,518
21 years $9,343
23 years $12,169
25 years $14,994

Top Solar Installers in Hope

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make converting to solar power much easier. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some in Hope:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
3.2

  • 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 Hope

Factors that Affect Solar Panel Costs in Hope

There are a number of factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

One of the most significant 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 energy your household consumes, the larger your system will likely need to be. You can expect to pay around $3,490 per kilowatt in Hope.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Hope to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.

Solar Panel Installation Company

The solar installation company you choose will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that provides the products, warranties and services you want and also fits within your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.63 $15,244 $12,446 13.8 years
8 kW $3.56 $19,935 $16,986 13.5 years
10 kW $3.49 $24,430 $21,721 13.2 years
12 kW $3.42 $28,730 $26,651 13.0 years
14 kW $3.35 $32,834 $31,777 12.7 years
16 kW $3.28 $36,743 $37,099 12.4 years
18 kW $3.21 $40,456 $42,616 12.2 years
20 kW $3.14 $43,974 $48,328 11.9 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 can get. When choosing a solar company, there are a few important things you should take into account, including:

  • Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
  • Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
  • Contract: Before signing a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
3.2

  • 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 Hope, AR Solar Cost FAQs

What is the average cost of installing solar panels in Hope?

This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Are solar panels free in Hope?

Solar panels aren’t free in Hope, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Can you sell solar power back to the grid in Hope?

The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

How many solar panels should I get to power my home?

To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.

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.

Follow us