Solar Panel Cost Guide in Farmington, AR (Mar 2023)
- Farmington Solar Installation Cost: $15,273
- 25-Year Savings: $20,230
- Payback Period: 10.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Farmington
We break down average solar pricing in Farmington.
The average cost of a solar system in Farmington is 2.54 per watt. To account for the typical energy needs of the average home in Farmington, 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 energy system could cost. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what company you go with. But, after you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on utility bills.
To get a free estimate from a top solar installer in Farmington, you can click the button below.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-13,853 |
| 3 years | $-11,013 |
| 5 years | $-8,172 |
| 7 years | $-5,332 |
| 9 years | $-2,492 |
| 11 years | $348 |
| 13 years | $3,189 |
| 15 years | $6,029 |
| 17 years | $8,869 |
| 19 years | $11,709 |
| 21 years | $14,549 |
| 23 years | $17,390 |
| 25 years | $20,230 |
Top Solar Installers in Farmington
Many homeowners opt for a solar installer since installing solar panels on your own can be time-consuming. Solar warranties and repairs are ordinarily included in the cost of installation when you go with a solar company too, which can save you more money after your upfront investment.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Farmington
Factors that Affect Solar Panel Costs in Farmington
For many Farmington homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Farmington, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Farmington. The type of solar equipment you choose can bring your price up or down 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. In addition, add-on products, like solar batteries, can bring your total well above the Farmington average.
Solar Financing Terms
Many homeowners find the average cost of solar in Farmington to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. However, the interest on solar loans also adds to your total costs, so it's vital to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect the cost. Farmington's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.64 | $11,095 | $13,713 | 11.2 years |
| 8 kW | $2.59 | $14,508 | $18,569 | 11.0 years |
| 10 kW | $2.54 | $17,780 | $23,567 | 10.8 years |
| 12 kW | $2.49 | $20,909 | $28,707 | 10.5 years |
| 14 kW | $2.44 | $23,896 | $33,989 | 10.3 years |
| 16 kW | $2.39 | $26,741 | $39,414 | 10.1 years |
| 18 kW | $2.34 | $29,444 | $44,981 | 9.9 years |
| 20 kW | $2.29 | $32,004 | $50,690 | 9.7 years |
How to Save on Solar Panels
There are numerous companies available in Farmington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Farmington, AR Solar Cost FAQs
What is the average cost of installing solar panels in Farmington?
The average cost of solar panels in Farmington is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Farmington?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Farmington?
On average, the lifespan of solar panels is 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.