Solar Panel Cost Guide in Magnolia, AR (2024 Update)
- Magnolia Solar Installation Cost: $19,954
- 25-Year Savings: $23,222
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Magnolia
We go over average solar pricing in Magnolia.
In Magnolia, solar panels cost about 3 per watt on average.To cover the typical energy usage of the average home in Magnolia, most homeowners require a 8.2-kilowatt system. Using the figure above, a solar installation costs about $19,954, or $28,534 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you choose, your solar contractor and more.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on power bills.
You can click the button below to get connected with a top solar company in Magnolia that can help you get a more accurate cost estimate for your home.
Solar savings over time in Magnolia
| Year | Return on Investment |
|---|---|
| 1 years | $-18,498 |
| 3 years | $-15,586 |
| 5 years | $-12,674 |
| 7 years | $-9,762 |
| 9 years | $-6,850 |
| 11 years | $-3,937 |
| 13 years | $-1,025 |
| 15 years | $1,887 |
| 17 years | $4,799 |
| 19 years | $7,711 |
| 21 years | $10,623 |
| 23 years | $13,535 |
| 25 years | $16,447 |
Top Solar Installers in Magnolia
Trying to put up solar panels by yourself can be a difficult task, which is why using a solar installer is a good option for many homeowners. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
If you’d like to start using solar energy but still aren’t sure which solar system company to go with, here are our recommendations for providers near you:
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 Magnolia
Factors that Affect Solar Panel Costs in Magnolia
For many Magnolia homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Magnolia, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Magnolia, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Magnolia offer solar loans, which reduce the initial cost of installing solar panels.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Magnolia is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.The company’s size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $12,482 | 13.7 years |
| 8 kW | $3.56 | $19,935 | $17,034 | 13.5 years |
| 10 kW | $3.49 | $24,430 | $21,781 | 13.2 years |
| 12 kW | $3.42 | $28,730 | $26,723 | 13.0 years |
| 14 kW | $3.35 | $32,834 | $31,861 | 12.7 years |
| 16 kW | $3.28 | $36,743 | $37,194 | 12.4 years |
| 18 kW | $3.21 | $40,456 | $42,723 | 12.2 years |
| 20 kW | $3.14 | $43,974 | $48,447 | 11.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose considerably impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 Magnolia, AR Solar Cost FAQs
How much does it cost to install solar panels in Magnolia?
The average cost of solar panels in Magnolia 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Magnolia?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
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 larger level 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.