Solar Panel Cost Guide in Lonoke, AR (Mar 2023)
- Lonoke Solar Installation Cost: $14,846
- 25-Year Savings: $22,633
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lonoke
Find out what the average cost of solar panels are in Lonoke.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lonoke, the average cost of solar panels is 2.54 per watt. To account for the typical energy needs of the average home in Lonoke, most homeowners require a 8.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $14,846, or $21,230 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Lonoke based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. Even with the significant upfront cost, the average Lonoke homeowner can save about $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 panel company in your area for a custom estimate.
Solar savings over time in Lonoke
| Year | Return on Investment |
|---|---|
| 1 years | $-13,347 |
| 3 years | $-10,349 |
| 5 years | $-7,350 |
| 7 years | $-4,352 |
| 9 years | $-1,354 |
| 11 years | $1,645 |
| 13 years | $4,643 |
| 15 years | $7,642 |
| 17 years | $10,640 |
| 19 years | $13,638 |
| 21 years | $16,637 |
| 23 years | $19,635 |
| 25 years | $22,633 |
Top Solar Installers in Lonoke
When making the switch to solar, many homeowners prefer to go with a solar installation company since installing solar panels yourself can be a time-consuming project. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be right for your family.
If you'd like to make the switch to solar but still aren't certain which solar company to go with, here are our recommendations for providers near you:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lonoke
Factors that Affect Solar Panel Costs in Lonoke
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Lonoke: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Lonoke, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,540 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Lonoke, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Lonoke, you'll have many options to choose from, but each comes at various price points for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials 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 | $2.64 | $11,095 | $15,826 | 10.3 years |
| 8 kW | $2.59 | $14,508 | $21,386 | 10.1 years |
| 10 kW | $2.54 | $17,780 | $27,088 | 9.9 years |
| 12 kW | $2.49 | $20,909 | $32,933 | 9.7 years |
| 14 kW | $2.44 | $23,896 | $38,919 | 9.5 years |
| 16 kW | $2.39 | $26,741 | $45,048 | 9.3 years |
| 18 kW | $2.34 | $29,444 | $51,319 | 9.1 years |
| 20 kW | $2.29 | $32,004 | $57,733 | 8.9 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: When making the switch to solar, it's important to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the completion timeline.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lonoke, AR Solar Cost FAQs
How much does it cost to install solar panels in Lonoke?
This is a hard question to answer exactly, because the cost depends on a few different 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 cost more if you want other solar equipment or higher quality 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.
Is it better to lease or buy solar panels in Lonoke?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Lonoke have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility 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 get between 20 and 35 panels to cover 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.