Solar Panel Cost Guide in West Memphis, AR (2024 Update)
- West Memphis Solar Installation Cost: $20,660
- 25-Year Savings: $17,491
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in West Memphis
We break down average solar pricing in West Memphis.
In West Memphis, solar panels cost about 3 per watt on average.The average solar panel system size in West Memphis is around 8.5 kilowatts, meaning a cost of about $20,660 for a solar installation, or $29,544 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you want, your solar contractor and more.With average savings of about $15,000 on utility bills over 20 years, many homeowners in West Memphis find installing solar panels can be quite rewarding.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in West Memphis
| Year | Return on Investment |
|---|---|
| 1 years | $-19,204 |
| 3 years | $-16,292 |
| 5 years | $-13,380 |
| 7 years | $-10,468 |
| 9 years | $-7,556 |
| 11 years | $-4,644 |
| 13 years | $-1,731 |
| 15 years | $1,181 |
| 17 years | $4,093 |
| 19 years | $7,005 |
| 21 years | $9,917 |
| 23 years | $12,829 |
| 25 years | $15,741 |
Top Solar Installers in West Memphis
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a lot of work. Plus, if you’re not certain what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're searching for a solar company in West Memphis, the EcoWatch team has organized a list of our top suggestions here:
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 West Memphis
Factors that Affect Solar Panel Costs in West Memphis
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in West Memphis: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,490.There are several different solar panel brands and the one you pick also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in West Memphis, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your total costs, so it’s crucial to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in West Memphis, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in West Memphis know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,833 | 16.5 years |
| 8 kW | $3.56 | $19,935 | $10,835 | 16.2 years |
| 10 kW | $3.49 | $24,430 | $14,032 | 15.9 years |
| 12 kW | $3.42 | $28,730 | $17,425 | 15.6 years |
| 14 kW | $3.35 | $32,834 | $21,013 | 15.2 years |
| 16 kW | $3.28 | $36,743 | $24,797 | 14.9 years |
| 18 kW | $3.21 | $40,456 | $28,776 | 14.6 years |
| 20 kW | $3.14 | $43,974 | $32,950 | 14.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 satisfied reviews from past customers.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
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 West Memphis, AR Solar Cost FAQs
What is the average cost of installing solar panels in West Memphis?
This is a hard question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in West Memphis?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will installing solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in West Memphis is currently $106,955, which means you can expect a value of about $4,385 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in West Memphis is a fruitful investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.