Solar Panel Cost Guide in Magnolia, AR (2023 Update)
- Magnolia Solar Installation Cost: $14,526
- 25-Year Savings: $23,218
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Magnolia
We break down average solar pricing in Magnolia.
The national average cost of solar panels is $2.66 per watt, but in Magnolia it's 2.54 per watt. Using this figure, a typical 8.2-kW system would cost about $14,526 before the 30% federal solar tax credit is applied.
The actual price you pay can be above or below the average in Magnolia depending on a few factors, such as the type of solar panels you choose and the solar company you hire. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Magnolia see about $18,000 in savings on energy bills over 20 years.
To get a free estimate from a vetted solar company in Magnolia, you can click the button below.
Solar savings over time in Magnolia
| Year | Return on Investment |
|---|---|
| 1 years | $-13,016 |
| 3 years | $-9,997 |
| 5 years | $-6,977 |
| 7 years | $-3,958 |
| 9 years | $-938 |
| 11 years | $2,081 |
| 13 years | $5,101 |
| 15 years | $8,121 |
| 17 years | $11,140 |
| 19 years | $14,160 |
| 21 years | $17,179 |
| 23 years | $20,199 |
| 25 years | $23,218 |
Top Solar Installers in Magnolia
Many homeowners decide to use a solar installer since trying to install solar panels on your own can be challenging. Plus, if you'd like to maximize your investment in solar energy, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
If you're searching for a solar company in Magnolia, we've compiled a list of our top suggestions here:
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 Magnolia
Factors that Affect Solar Panel Costs in Magnolia
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Magnolia: 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
Solar 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 gauge the size of the solar energy system needed for your home by figuring out your average energy use. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Magnolia, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Magnolia, you'll have many options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Magnolia are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $16,632 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,460 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,431 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,544 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,799 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,196 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $53,736 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,417 | 8.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Reputation: Long-standing companies 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.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
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 Magnolia, AR Solar Cost FAQs
How much does it cost to install solar panels in Magnolia?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 additional 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.
Should I lease or buy solar panels in Magnolia?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
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 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.