Solar Panel Cost Guide in Hot Springs, AR (2023 Update)
- Hot Springs Solar Installation Cost: $15,046
- 25-Year Savings: $22,182
- Payback Period: 10.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hot Springs
Let's have a look at the average cost of solar in Hot Springs.
The average cost of a solar panel system in Hot Springs is 2.54 per watt. The average Hot Springs homeowner needs a 8.5-kilowatt system, which would cost about $15,042 with the federal tax credit, or $21,510 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of equipment you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Hot Springs that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hot Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-14,922 |
| 3 years | $-14,674 |
| 5 years | $-14,426 |
| 7 years | $-14,177 |
| 9 years | $-13,929 |
| 11 years | $-13,681 |
| 13 years | $-13,433 |
| 15 years | $-13,185 |
| 17 years | $-12,936 |
| 19 years | $-12,688 |
| 21 years | $-12,440 |
| 23 years | $-12,192 |
| 25 years | $-11,944 |
Top Solar Installers in Hot Springs
When making the switch to solar, many homeowners choose to hire a solar installation company since DIY solar panel installation can be a challenging project. Plus, if you're not certain what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar installer in Hot Springs, the EcoWatch team has put together a list of our top suggestions here:
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 Hot Springs
Factors that Affect Solar Panel Costs in Hot Springs
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major 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 discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Hot Springs. 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, more efficient panels could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Hot Springs average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Hot Springs, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you want and also fit into 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 | $11,095 | $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 a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the project completion timeline.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
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 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.
Are solar panels free in Hot Springs?
You can't get solar panels for free in Hot Springs. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Hot Springs have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power 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 buy 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.