Solar Panel Cost Guide in El Dorado, AR (2023 Update)
- El Dorado Solar Installation Cost: $14,526
- 25-Year Savings: $26,320
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in El Dorado
Find out how much it might cost to go solar in El Dorado.
The national average cost of solar panels is $2.66 per watt, but in El Dorado it's 2.54 per watt. To cover the typical energy usage of the average home in El Dorado, most homeowners require a 8.2-kilowatt system. Using the figure above, a solar installation costs around $14,526, or $20,772 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you want to get, your solar contractor and more. With typical savings of about $19,000 on electricity bills over 20 years, many homeowners in El Dorado find investing in solar 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 El Dorado
| Year | Return on Investment |
|---|---|
| 1 years | $-12,892 |
| 3 years | $-9,625 |
| 5 years | $-6,357 |
| 7 years | $-3,089 |
| 9 years | $178 |
| 11 years | $3,446 |
| 13 years | $6,714 |
| 15 years | $9,981 |
| 17 years | $13,249 |
| 19 years | $16,517 |
| 21 years | $19,785 |
| 23 years | $23,052 |
| 25 years | $26,320 |
Top Solar Installers in El Dorado
Although it's possible to install solar panels on your own, it requires extra energy and knowledge. That's why most people choose a solar panel installer. Another benefit of utilizing a solar installer is that they can help you maximize your ROI by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our suggestions for providers in El Dorado:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 El Dorado
Factors that Affect Solar Panel Costs in El Dorado
There are a number of criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need 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 $2,540. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bring your total well above the El Dorado average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many El Dorado homeowners opt to finance their solar panel systems to offset upfront costs. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you pick will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater 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 companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.64 | $11,095 | $18,895 | 9.2 years |
| 8 kW | $2.59 | $14,508 | $25,478 | 9.1 years |
| 10 kW | $2.54 | $17,780 | $32,204 | 8.9 years |
| 12 kW | $2.49 | $20,909 | $39,071 | 8.7 years |
| 14 kW | $2.44 | $23,896 | $46,081 | 8.5 years |
| 16 kW | $2.39 | $26,741 | $53,233 | 8.4 years |
| 18 kW | $2.34 | $29,444 | $60,527 | 8.2 years |
| 20 kW | $2.29 | $32,004 | $67,963 | 8.0 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: If you care about the longevity of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 El Dorado, AR Solar Cost FAQs
What is the average cost of installing solar panels in El Dorado?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 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 above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in El Dorado?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in El Dorado?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in El Dorado?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.