Solar Panel Cost Guide in Lonoke, AR (2024 Update)
- Lonoke Solar Installation Cost: $20,407
- 25-Year Savings: $22,628
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Lonoke
Find out what the average cost of solar panels are in Lonoke.
Although the national average of solar panels is $2.66 per watt, solar panels in Lonoke generally cost about 3.The average solar panel system size in Lonoke is around 8.4 kilowatts, meaning a cost of about $20,407 for a solar installation, or $29,182 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what solar installer you go with.For many homeowners, the upfront cost of solar power is worth paying. On average Lonoke homeowners see about $17,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Lonoke that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lonoke
| Year | Return on Investment |
|---|---|
| 1 years | $-18,951 |
| 3 years | $-16,039 |
| 5 years | $-13,127 |
| 7 years | $-10,214 |
| 9 years | $-7,302 |
| 11 years | $-4,390 |
| 13 years | $-1,478 |
| 15 years | $1,434 |
| 17 years | $4,346 |
| 19 years | $7,258 |
| 21 years | $10,170 |
| 23 years | $13,082 |
| 25 years | $15,995 |
Top Solar Installers in Lonoke
Installing solar panels on your own can be a difficult undertaking, which is why hiring a solar installation company is a good option for many homeowners. Another perk of utilizing a solar installer is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
See all of the solar companies in Lonoke
Factors that Affect Solar Panel Costs in Lonoke
The cost of installing a solar system in Lonoke can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Lonoke, one of the most crucial 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 electricity bills. Your total cost can increase by about $3,490 for each additional kilowatt you need.The type 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. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lonoke average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Lonoke homeowners opt to finance their solar panel systems to make paying for solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Lonoke, and each can charge varying amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.
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 | $11,677 | 14.2 years |
| 8 kW | $3.56 | $19,935 | $15,960 | 13.9 years |
| 10 kW | $3.49 | $24,430 | $20,438 | 13.6 years |
| 12 kW | $3.42 | $28,730 | $25,112 | 13.3 years |
| 14 kW | $3.35 | $32,834 | $29,982 | 13.1 years |
| 16 kW | $3.28 | $36,743 | $35,047 | 12.8 years |
| 18 kW | $3.21 | $40,456 | $40,307 | 12.5 years |
| 20 kW | $3.14 | $43,974 | $45,763 | 12.3 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
EcoWatch's Lonoke, AR Solar Cost FAQs
What is the average cost of installing solar panels in Lonoke?
The average cost of solar panels in Lonoke 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 things such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lonoke?
You can’t get solar panels for free in Lonoke. 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 prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lonoke, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can 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 buy between 20 and 35 panels to account for 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.