Solar Panel Cost Guide in Hot Springs Village, AR (2024 Update)

  • Hot Springs Village Solar Installation Cost: $20,610
  • 25-Year Savings: $22,480
  • Payback Period: 13.7 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

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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 Hot Springs Village

We go over average solar pricing in Hot Springs Village.

In Hot Springs Village, solar panels cost about 3 per watt on average.Using this figure, a typical 8.4-kW system would cost about $20,610 before the 0 federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average Hot Springs Village homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar power is worth paying. On average Hot Springs Village homeowners see about $17,000 in savings on utility bills over 20 years.

To receive a free quote from a vetted solar installer in Hot Springs Village, you can click the button below.

Solar savings over time in Hot Springs Village

Year Return on Investment
1 years $-19,154
3 years $-16,242
5 years $-13,330
7 years $-10,418
9 years $-7,506
11 years $-4,594
13 years $-1,682
15 years $1,231
17 years $4,143
19 years $7,055
21 years $9,967
23 years $12,879
25 years $15,791

Top Solar Installers in Hot Springs Village

Many homeowners choose to use a solar panel installer since trying to install solar panels yourself can be a lot of work. Local solar companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.

If you're looking for a solar installer in Hot Springs Village, we've put together a list of our top suggestions here:

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 Hot Springs Village

Factors that Affect Solar Panel Costs in Hot Springs Village

For many Hot Springs Village homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Hot Springs Village, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.

Solar Equipment

When it comes to estimating the price of a solar system in Hot Springs Village, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by around $3,490 for each additional kilowatt you need.The kind of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Hot Springs Village homeowners decide to finance their solar panel systems to offset upfront costs.Though solar loans make switching to solar energy more accessible for Hot Springs Village homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Hot Springs Village is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services at different costs.Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 $11,411 14.3 years
8 kW $3.56 $19,935 $15,606 14.0 years
10 kW $3.49 $24,430 $19,996 13.7 years
12 kW $3.42 $28,730 $24,581 13.5 years
14 kW $3.35 $32,834 $29,362 13.2 years
16 kW $3.28 $36,743 $34,338 12.9 years
18 kW $3.21 $40,456 $39,510 12.6 years
20 kW $3.14 $43,974 $44,877 12.4 years

How to Save on Solar Panels

There are a lot of companies available in Hot Springs Village, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
  • Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.

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 Hot Springs Village, AR Solar Cost FAQs

What is the average cost of installing solar panels in Hot Springs Village?

This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly 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 higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Are solar panels free in Hot Springs Village?

A solar panel system isn’t free in Hot Springs Village, but there are some options that can make getting them more affordable, 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 solar panels completely eradicate my electricity bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $888.51 per year.

How long do solar panels last in Hot Springs Village?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.

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.

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