Solar Panel Cost Guide in Magnolia, AR (2024 Update)
- Magnolia Solar Installation Cost: $19,954
- 25-Year Savings: $23,222
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Magnolia
We go over average solar pricing in Magnolia.
In Magnolia, solar panels cost about 3 per watt on average.Because a 8.2-kW system is needed to cover the energy consumption of a typical home in Magnolia, the average price of going solar will be about $19,954 after claiming the federal solar tax credit of 0.
How much you pay can go above or below the average in Magnolia depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the savings for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Magnolia
| Year | Return on Investment |
|---|---|
| 1 years | $-18,498 |
| 3 years | $-15,586 |
| 5 years | $-12,674 |
| 7 years | $-9,762 |
| 9 years | $-6,850 |
| 11 years | $-3,937 |
| 13 years | $-1,025 |
| 15 years | $1,887 |
| 17 years | $4,799 |
| 19 years | $7,711 |
| 21 years | $10,623 |
| 23 years | $13,535 |
| 25 years | $16,447 |
Top Solar Installers in Magnolia
When going solar, many homeowners prefer to hire a solar company since handling can be a time-consuming project. Another perk of utilizing a solar company is that they can help you maximize your return of investment by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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 Magnolia
Factors that Affect Solar Panel Costs in Magnolia
For many Magnolia homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Magnolia, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Magnolia average.
Solar Financing Terms
Most solar companies in Magnolia have solar loans, which reduce your upfront costs of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact your pricing. Magnolia’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 | $12,482 | 13.7 years |
| 8 kW | $3.56 | $19,935 | $17,034 | 13.5 years |
| 10 kW | $3.49 | $24,430 | $21,781 | 13.2 years |
| 12 kW | $3.42 | $28,730 | $26,723 | 13.0 years |
| 14 kW | $3.35 | $32,834 | $31,861 | 12.7 years |
| 16 kW | $3.28 | $36,743 | $37,194 | 12.4 years |
| 18 kW | $3.21 | $40,456 | $42,723 | 12.2 years |
| 20 kW | $3.14 | $43,974 | $48,447 | 11.9 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Magnolia, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
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 Magnolia, AR Solar Cost FAQs
What is the average cost of installing solar panels in Magnolia?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.