Solar Panel Cost Guide in Hot Springs Village, AR (2023 Update)
- Hot Springs Village Solar Installation Cost: $15,006
- 25-Year Savings: $22,473
- Payback Period: 10.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
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 2.54. 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 after 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 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
Solar system size, which is measured in kilowatts, 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 |
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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 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 exactly, because the cost depends on many 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. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Hot Springs Village?
Solar panels aren't free in Hot Springs Village, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hot Springs Village is currently $149,163, which means you can expect a value of about $6,116 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hot Springs Village is a rewarding investment.
How often do you have to replace solar panels?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.