Solar Panel Cost Guide in Malvern, AR (2023 Update)
- Malvern Solar Installation Cost: $14,896
- 25-Year Savings: $25,374
- Payback Period: 9.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Malvern
See how much it might cost to install solar panels in Malvern.
In Malvern, solar panels cost about 2.54 per watt on average. The average Malvern homeowner needs a 8.4-kilowatt system, which would cost about $14,900 with the federal tax credit, or $21,307 before the 30% tax credit is applied.
The true price you pay can be above or below the average in Malvern depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Malvern see about $18,000 in savings on utility bills over 20 years.
To get a free quote from a highly rated solar installation company in Malvern, you can click the button below.
Solar savings over time in Malvern
| Year | Return on Investment |
|---|---|
| 1 years | $-14,762 |
| 3 years | $-14,493 |
| 5 years | $-14,225 |
| 7 years | $-13,956 |
| 9 years | $-13,688 |
| 11 years | $-13,419 |
| 13 years | $-13,151 |
| 15 years | $-12,883 |
| 17 years | $-12,614 |
| 19 years | $-12,346 |
| 21 years | $-12,077 |
| 23 years | $-11,809 |
| 25 years | $-11,540 |
Top Solar Installers in Malvern
Although it's possible to install solar panels on your own, it takes extra labor and know-how. Because of that, most people choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for your family.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Malvern
Factors that Affect Solar Panel Costs in Malvern
For many Malvern homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Malvern, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,540. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Malvern, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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 a solar system in cash is too expensive, solar loans are a popular option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. Even though solar loans make switching to solar energy more accessible for Malvern homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies in Malvern, and each can charge varying amounts for labor and equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $17,745 | 9.6 years |
| 8 kW | $2.59 | $14,508 | $23,945 | 9.4 years |
| 10 kW | $2.54 | $17,780 | $30,286 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $36,770 | 9.1 years |
| 14 kW | $2.44 | $23,896 | $43,397 | 8.9 years |
| 16 kW | $2.39 | $26,741 | $50,165 | 8.7 years |
| 18 kW | $2.34 | $29,444 | $57,076 | 8.5 years |
| 20 kW | $2.29 | $32,004 | $64,129 | 8.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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 Malvern, AR Solar Cost FAQs
What is the average cost of installing solar panels in Malvern?
The average cost of solar panels in Malvern is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Malvern?
Leasing solar panels can be an option if you can't 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 financial benefits from going solar.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $961.33 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.