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

  • Hot Springs Solar Installation Cost: $15,901
  • 25-Year Savings: $21,327
  • Payback Period: 10.7 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Hot Springs

Find out what the average cost of installing solar panels is in Hot Springs.

The national average cost of solar panels is $2.66 per watt, but in Hot Springs it's $3 per watt. Since an 8.5-kW system is needed to cover the energy consumption of a typical home in Hot Springs, the average price of going solar will be about $15,901 before claiming the federal solar tax credit.

The actual price you pay can be above or below the average in Hot Springs based on a few factors, such as the type of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $17,000 in savings on electricity bills over 20 years.

To receive a free quote from a vetted solar installer in Hot Springs, you can click the button below.

Solar savings over time in Hot Springs

Year Return on Investment
1 years $-14,412
3 years $-11,434
5 years $-8,456
7 years $-5,478
9 years $-2,499
11 years $479
13 years $3,457
15 years $6,436
17 years $9,414
19 years $12,392
21 years $15,370
23 years $18,349
25 years $21,327

Top Solar Installers in Hot Springs

Many homeowners choose to hire a solar panel company since figuring out how to install solar panels by yourself can be hard. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.

If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our suggestions for providers near you:

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

The Green Panel

★★★★★
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

Even though the average cost of solar panels in Hot Springs is $15,901, your final cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.

Solar Equipment Size

The size of the solar panel system you need to offset your energy usage is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,540. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar companies in Hot Springs offer solar loans, which reduce the initial cost of installing a solar system. Although solar loans make adopting solar energy more accessible for Hot Springs homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Hot Springs, and each can charge varying amounts for labor and equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with the company that offers the products, warranties and services you're looking for and also is within your budget.

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 $11,729 $14,667 11.1 years
8 kW $2.59 $15,338 $19,857 10.9 years
10 kW $2.54 $18,796 $25,197 10.7 years
12 kW $2.49 $22,104 $30,687 10.5 years
14 kW $2.44 $25,262 $36,328 10.3 years
16 kW $2.39 $28,269 $42,119 10.0 years
18 kW $2.34 $31,126 $48,061 9.8 years
20 kW $2.29 $33,833 $54,152 9.6 years

Solar Incentives in Hot Springs

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

How to Save on Solar Panels

The solar panel company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:

  • Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
  • Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
  • Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.

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

The Green Panel

★★★★★
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?

This is a hard question to answer precisely, because the cost depends on many 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 higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Hot Springs?

Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside 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 get the most savings.

Is going solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.

What solar power system size is right for my home?

To figure out what solar panel system size 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.

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