Solar Panel Cost Guide in Hot Springs, AR (Nov 2022)

  • Hot Springs Solar Installation Cost: $15,042
  • 25-Year Savings: $22,186
  • Payback Period: 10.1 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hot Springs

We break down average solar pricing in Hot Springs.

The average cost of solar panels in Hot Springs is $3 per watt. The average solar panel system size in Hot Springs is around 8.5 kilowatts, meaning a cost of about $15,042 for a solar installation, or $11,131 after the 30% federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $17,000 over 20 years on utility bills.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Hot Springs

Year Return on Investment
1 years $-13,553
3 years $-10,574
5 years $-7,596
7 years $-4,618
9 years $-1,640
11 years $1,339
13 years $4,317
15 years $7,295
17 years $10,273
19 years $13,252
21 years $16,230
23 years $19,208
25 years $22,186

Top Solar Installers in Hot Springs

Installing solar panels yourself can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers offer can be useful as well, especially if you don't quite know what kind of solar equipment would be right for your home.

Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Hot Springs

Factors that Affect Solar Panel Costs in Hot Springs

For many Hot Springs homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Hot Springs, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment

When it comes to estimating the cost of a solar energy system in Hot Springs, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly 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. The brand of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.

Solar Financing Terms

If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.

Solar Panel Installation Company

The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Hot Springs, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more 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 down 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 $15,301 10.5 years
8 kW $2.59 $14,508 $20,686 10.3 years
10 kW $2.54 $17,780 $26,213 10.1 years
12 kW $2.49 $20,909 $31,882 9.9 years
14 kW $2.44 $23,896 $37,693 9.7 years
16 kW $2.39 $26,741 $43,647 9.5 years
18 kW $2.34 $29,444 $49,743 9.3 years
20 kW $2.29 $32,004 $55,981 9.1 years

How to Save on Solar Panels

The solar installer you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:

  • Solar Panel Brands: The type of solar panel you want to get plays a role in which company you should opt for, since different companies offer different panels.
  • Installation Process: When going solar, it's important to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the project completion timeline.
  • Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
  • Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Hot Springs, AR Solar Cost FAQs

How much does it cost to install solar panels in Hot Springs?

The average cost of solar panels in Hot Springs 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 like the type of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider other than cost when buying solar panels?

Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Can solar panels significantly reduce my electricity bills?

Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $879.85 per year.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.

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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us