Solar Panel Cost Guide in Elkins, AR (2023 Update)
- Elkins Solar Installation Cost: $15,267
- 25-Year Savings: $19,812
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elkins
See how much it might cost to make the switch to solar in Elkins.
The average cost of a solar panel system in Elkins is 2.54 per watt. To account for the typical energy usage of the average home in Elkins, most homeowners require a 8.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,273, or $21,840 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. With average savings of about $16,000 on utility bills over 20 years, many homeowners in Elkins find installing solar panels has a decent ROI.
To get a free quote from a highly rated solar company in Elkins, you can click the button below.
Solar savings over time in Elkins
| Year | Return on Investment |
|---|---|
| 1 years | $-15,150 |
| 3 years | $-14,916 |
| 5 years | $-14,682 |
| 7 years | $-14,448 |
| 9 years | $-14,215 |
| 11 years | $-13,981 |
| 13 years | $-13,747 |
| 15 years | $-13,513 |
| 17 years | $-13,279 |
| 19 years | $-13,045 |
| 21 years | $-12,811 |
| 23 years | $-12,578 |
| 25 years | $-12,344 |
Top Solar Installers in Elkins
Trying to install solar panels by yourself can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar power, going with a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
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 Elkins
Factors that Affect Solar Panel Costs in Elkins
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Elkins: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Elkins, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Elkins, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining your pricing. Elkins' solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Elkins have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $2.64 | $11,095 | $13,417 | 11.3 years |
| 8 kW | $2.59 | $14,508 | $18,174 | 11.1 years |
| 10 kW | $2.54 | $17,780 | $23,073 | 10.9 years |
| 12 kW | $2.49 | $20,909 | $28,114 | 10.7 years |
| 14 kW | $2.44 | $23,896 | $33,298 | 10.4 years |
| 16 kW | $2.39 | $26,741 | $38,624 | 10.2 years |
| 18 kW | $2.34 | $29,444 | $44,092 | 10.0 years |
| 20 kW | $2.29 | $32,004 | $49,702 | 9.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which model 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 offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a good company.
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 Elkins, AR Solar Cost FAQs
How much does it cost to install solar panels in Elkins?
The average cost of solar panels in Elkins is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Elkins?
You can't get solar panels for free in Elkins. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elkins is currently $202,688, which means you can expect a value of about $8,310 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elkins is a fruitful investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.