Solar Panel Cost Guide in Hot Springs, AR (2024 Update)
- Hot Springs Solar Installation Cost: $20,673
- 25-Year Savings: $22,182
- Payback Period: 13.9 Years
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Average Cost of Solar Panels in Hot Springs
See how much it might cost to switch to solar power in Hot Springs.
In Hot Springs, solar panels cost about 3 per watt on average.Because a 8.5-kW system is needed to cover the energy needs of a typical home in Hot Springs, the average price of going solar will be about $20,673 after claiming the federal solar tax credit of 0.
These figures are just estimates, and your own solar costs may look different based on your specific situation and what company you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a reputable solar panel company in your area for a personalized estimate.
Solar savings over time in Hot Springs
Year | Return on Investment |
---|---|
1 years | $-19,217 |
3 years | $-16,305 |
5 years | $-13,393 |
7 years | $-10,481 |
9 years | $-7,569 |
11 years | $-4,657 |
13 years | $-1,745 |
15 years | $1,167 |
17 years | $4,080 |
19 years | $6,992 |
21 years | $9,904 |
23 years | $12,816 |
25 years | $15,728 |
Top Solar Installers in Hot Springs
When making the switch to solar, many homeowners choose to go with a solar company since putting up solar panels yourself can be a time-consuming project. Plus, if you’re not certain what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar installer in Hot Springs, the EcoWatch team has compiled 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
For many Hot Springs homeowners, the decision to go solar rests 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 considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main 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 $3,490.The 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. However, higher efficiency could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Hot Springs average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Hot Springs, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact the cost. Hot Springs’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
---|---|---|---|---|
6 kW | $3.63 | $15,244 | $11,151 | 14.4 years |
8 kW | $3.56 | $19,935 | $15,259 | 14.2 years |
10 kW | $3.49 | $24,430 | $19,563 | 13.9 years |
12 kW | $3.42 | $28,730 | $24,061 | 13.6 years |
14 kW | $3.35 | $32,834 | $28,756 | 13.3 years |
16 kW | $3.28 | $36,743 | $33,645 | 13.1 years |
18 kW | $3.21 | $40,456 | $38,731 | 12.8 years |
20 kW | $3.14 | $43,974 | $44,011 | 12.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose considerably affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
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
What is the average cost of installing solar panels in Hot Springs?
The average cost of solar panels in Hot Springs is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact the value of my home?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Hot Springs?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.