Solar Panel Cost Guide in Hope, AR (2024 Update)
- Hope Solar Installation Cost: $20,323
- 25-Year Savings: $23,602
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Hope
Let’s take a look at the average cost of solar in Hope.
The average cost of a solar panel system in Hope is 3 per watt.To cover the typical energy needs of the average home in Hope, most homeowners require a 8.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $20,323, or $29,062 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and how much solar costs for you will differ based on factors unique to your home and what company you want to go with.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Hope see about $18,000 in savings on energy bills over 20 years.
To get a free estimate from a pre-vetted solar company in Hope, you can click the button below.
Solar savings over time in Hope
| Year | Return on Investment |
|---|---|
| 1 years | $-18,910 |
| 3 years | $-16,085 |
| 5 years | $-13,260 |
| 7 years | $-10,434 |
| 9 years | $-7,609 |
| 11 years | $-4,784 |
| 13 years | $-1,958 |
| 15 years | $867 |
| 17 years | $3,693 |
| 19 years | $6,518 |
| 21 years | $9,343 |
| 23 years | $12,169 |
| 25 years | $14,994 |
Top Solar Installers in Hope
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be hard. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
See all of the solar companies in Hope
Factors that Affect Solar Panel Costs in Hope
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Hope: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,490.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Hope average.
Solar Financing Terms
Most solar installers in Hope provide solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating in Hope, and each can charge different amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $3.63 | $15,244 | $12,446 | 13.8 years |
| 8 kW | $3.56 | $19,935 | $16,986 | 13.5 years |
| 10 kW | $3.49 | $24,430 | $21,721 | 13.2 years |
| 12 kW | $3.42 | $28,730 | $26,651 | 13.0 years |
| 14 kW | $3.35 | $32,834 | $31,777 | 12.7 years |
| 16 kW | $3.28 | $36,743 | $37,099 | 12.4 years |
| 18 kW | $3.21 | $40,456 | $42,616 | 12.2 years |
| 20 kW | $3.14 | $43,974 | $48,328 | 11.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: Before you sign a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
EcoWatch's Hope, AR Solar Cost FAQs
What is the average cost of installing solar panels in Hope?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Hope?
A solar panel system isn’t free in Hope, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Hope have a net metering program?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.