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

  • Hot Springs Village Solar Installation Cost: $15,006
  • 25-Year Savings: $22,473
  • Payback Period: 10.0 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Hot Springs Village

We break down average solar pricing in Hot Springs Village.

While the national average of solar panels is $2.66 per watt, solar panels in Hot Springs Village typically cost about $3. Because a 8.4-kW system is needed to cover the energy usage of a typical home in Hot Springs Village, the average price of going solar will be about $15,006 before claiming the federal solar tax credit of 30%.

Bear in mind that the figures above are only estimates based on the average energy use of Hot Springs Village homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the large initial cost, the average Hot Springs Village homeowner can save around $17,000 on their power bills over 20 years, which is one of the positives of solar.

Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.

Solar savings over time in Hot Springs Village

Year Return on Investment
1 years $-13,507
3 years $-10,509
5 years $-7,510
7 years $-4,512
9 years $-1,514
11 years $1,485
13 years $4,483
15 years $7,482
17 years $10,480
19 years $13,478
21 years $16,477
23 years $19,475
25 years $22,473

Top Solar Installers in Hot Springs Village

Putting up solar panels by yourself can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar power, using a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.

You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some 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 Village

Factors that Affect Solar Panel Costs in Hot Springs Village

For many Hot Springs Village homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Hot Springs Village, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment Size

The size of the system you need is one of the largest factors that affects the overall cost of going solar. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Hot Springs Village, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Hot Springs Village, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar panel installation company you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.

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 $15,561 10.4 years
8 kW $2.59 $14,508 $21,032 10.2 years
10 kW $2.54 $17,780 $26,646 10.0 years
12 kW $2.49 $20,909 $32,401 9.8 years
14 kW $2.44 $23,896 $38,299 9.6 years
16 kW $2.39 $26,741 $44,340 9.4 years
18 kW $2.34 $29,444 $50,522 9.2 years
20 kW $2.29 $32,004 $56,847 9.0 years

Solar Incentives in Hot Springs Village

Name First Electric Cooperative - Home Improvement Loans
Incentive Amount $500- $15,000
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:

  • Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, project timeline rebates and warranties.
  • Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
  • Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.

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 Village, AR Solar Cost FAQs

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

This is a difficult 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Hot Springs Village?

Leasing solar panels can be an attractive choice, because it commonly 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Do solar panels increase how much your home is worth?

Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't choose 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 many solar panels do I need to power my home?

To figure out how many solar panels you need, you should find out how much energy your home uses 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 home 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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