Solar Panel Cost Guide in Hope, AR (2023 Update)
- Hope Solar Installation Cost: $14,793
- 25-Year Savings: $23,600
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hope
See how much it might cost to make the switch to solar in Hope.
In Hope, solar panels cost about 2.54 per watt on average. Using this figure, a typical 8.3-kW system would cost about $14,793 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what installation company you go with. With typical savings of about $18,000 on power bills over 20 years, many homeowners in Hope find going solar can pay off big.
To get a free quote from a top solar installation company in Hope, you can click the button below.
Solar savings over time in Hope
| Year | Return on Investment |
|---|---|
| 1 years | $-13,257 |
| 3 years | $-10,186 |
| 5 years | $-7,114 |
| 7 years | $-4,043 |
| 9 years | $-972 |
| 11 years | $2,100 |
| 13 years | $5,171 |
| 15 years | $8,243 |
| 17 years | $11,314 |
| 19 years | $14,385 |
| 21 years | $17,457 |
| 23 years | $20,528 |
| 25 years | $23,600 |
Top Solar Installers in Hope
Although you can install solar panels by yourself, it requires extra energy and expertise. For that reason, almost all homeowners choose to hire a solar panel installer. Some solar installers, particularly local ones, can help you better understand incentives in Hope, optimizing your ROI.
If you'd like to make the switch to solar but still aren't sure which solar system installer to go with, here are our recommendations for providers near you:
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 Hope
Factors that Affect Solar Panel Costs in Hope
The cost of installing a solar system in Hope can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require 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 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 energy bills. In addition, extra products, like solar batteries, can bring your total well above the Hope average.
Solar Financing Terms
Most solar installers in Hope provide solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can play a part in determining how much it costs. Hope's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Hope are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $16,596 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,412 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,371 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,472 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,715 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,100 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,628 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $60,298 | 8.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- 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 positive reviews from previous customers.
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 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 a few different 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. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Hope?
Leasing solar panels can be an option if you can't afford to 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 financial benefits from going solar.
Is going solar worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know 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 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.