Solar Panel Cost Guide in Hot Springs, AR (Mar 2023)
- Hot Springs Solar Installation Cost: $15,042
- 25-Year Savings: $22,186
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hot Springs
We break down average solar pricing in Hot Springs.
The national average cost of solar panels is $2.66 per watt, but in Hot Springs it's 2.54 per watt. Using this figure, a typical 8.5-kW system would cost about $15,042 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 installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Hot Springs can save around $17,000 on their energy 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 | $-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
Many homeowners opt for a solar installer since trying to put up solar panels on your own can be hard. Plus, if you're not certain what kind of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Hot Springs
Factors that Affect Solar Panel Costs in Hot Springs
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Hot Springs: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase 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 opt for 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, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Hot Springs average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Hot Springs homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your all-in costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Hot Springs is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Hot Springs have more knowledge 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 end up saving you 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 | $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
There are numerous companies to choose from in Hot Springs, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
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 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 a few different factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Hot Springs?
Leasing solar panels can be an appealing choice, because it often 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 get the most savings.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. 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.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out 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 house 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.