Solar Panel Cost Guide in Hot Springs Village, AR (2024 Update)
- Hot Springs Village Solar Installation Cost: $20,610
- 25-Year Savings: $22,480
- Payback Period: 13.7 Years
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Average Cost of Solar Panels in Hot Springs Village
We go over average solar pricing in Hot Springs Village.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hot Springs Village, the typical cost of a solar system is 3 per watt.Since a 8.4-kW system is needed to cover the energy consumption of a typical home in Hot Springs Village, the average price of going solar will be about $20,610 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what company you go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $17,000 over 20 years on electricity bills.
To receive a free quote from a vetted solar installer in Hot Springs Village, you can click the button below.
Solar savings over time in Hot Springs Village
| Year | Return on Investment |
|---|---|
| 1 years | $-19,154 |
| 3 years | $-16,242 |
| 5 years | $-13,330 |
| 7 years | $-10,418 |
| 9 years | $-7,506 |
| 11 years | $-4,594 |
| 13 years | $-1,682 |
| 15 years | $1,231 |
| 17 years | $4,143 |
| 19 years | $7,055 |
| 21 years | $9,967 |
| 23 years | $12,879 |
| 25 years | $15,791 |
Top Solar Installers in Hot Springs Village
When switching to solar energy, many homeowners opt to go with a solar installer since installing a solar system yourself can be a challenging project. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Hot Springs Village
Factors that Affect Solar Panel Costs in Hot Springs Village
Even though the average cost of a solar system in Hot Springs Village is $20,610, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 spend about $3,490 per kilowatt in Hot Springs Village.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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, higher efficiency could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Hot Springs Village average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Hot Springs Village, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also adds to your overall costs, so it’s vital to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a part in determining your pricing. Hot Springs Village’s solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $11,411 | 14.3 years |
| 8 kW | $3.56 | $19,935 | $15,606 | 14.0 years |
| 10 kW | $3.49 | $24,430 | $19,996 | 13.7 years |
| 12 kW | $3.42 | $28,730 | $24,581 | 13.5 years |
| 14 kW | $3.35 | $32,834 | $29,362 | 13.2 years |
| 16 kW | $3.28 | $36,743 | $34,338 | 12.9 years |
| 18 kW | $3.21 | $40,456 | $39,510 | 12.6 years |
| 20 kW | $3.14 | $43,974 | $44,877 | 12.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Contract: Before you sign a contract with a solar installer, make sure to read it through completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, 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?
You can’t get solar panels for free in Hot Springs Village. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Hot Springs Village, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Hot Springs Village?
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 choose to replace them once you've had 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.