Solar Panel Cost Guide in Hot Springs, AR (2024 Update)
- Hot Springs Solar Installation Cost: $20,673
- 25-Year Savings: $22,182
- Payback Period: 13.9 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Hot Springs
See how much it might cost to switch to solar power in Hot Springs.
In Hot Springs, solar panels cost about 3 per watt on average.The average solar panel system size in Hot Springs is around 8.5 kilowatts, meaning a cost of about $20,673 for a solar installation, or $29,562 before the 0 federal solar tax credit is applied.
The actual price you pay can be above or below the average in Hot Springs based on several factors, such as the kind of solar panels you choose and the solar installer you hire.Despite the significant upfront cost, the average Hot Springs homeowner can save around $17,000 on their power bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Hot Springs
Year | Return on Investment |
---|---|
1 years | $-19,217 |
3 years | $-16,305 |
5 years | $-13,393 |
7 years | $-10,481 |
9 years | $-7,569 |
11 years | $-4,657 |
13 years | $-1,745 |
15 years | $1,167 |
17 years | $4,080 |
19 years | $6,992 |
21 years | $9,904 |
23 years | $12,816 |
25 years | $15,728 |
Top Solar Installers in Hot Springs
When switching to solar energy, many homeowners decide to use a solar installation company since DIY solar panel installation can be a challenging project. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Hot Springs
Factors that Affect Solar Panel Costs in Hot Springs
The cost of installing a solar system in Hot Springs 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 energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,490. The brand and kind of equipment you want 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 have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Hot Springs, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $11,151 | 14.4 years |
8 kW | $3.56 | $19,935 | $15,259 | 14.2 years |
10 kW | $3.49 | $24,430 | $19,563 | 13.9 years |
12 kW | $3.42 | $28,730 | $24,061 | 13.6 years |
14 kW | $3.35 | $32,834 | $28,756 | 13.3 years |
16 kW | $3.28 | $36,743 | $33,645 | 13.1 years |
18 kW | $3.21 | $40,456 | $38,731 | 12.8 years |
20 kW | $3.14 | $43,974 | $44,011 | 12.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: The type of solar panel you need to install plays a part in which installer you should go with, since different companies have access to different panels.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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 Hot Springs, AR Solar Cost FAQs
What is the average cost of installing solar panels in Hot Springs?
The average cost of solar panels in Hot Springs is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.