Solar Panel Cost Guide in Malvern, AR (2024 Update)
- Malvern Solar Installation Cost: $20,467
- 25-Year Savings: $25,374
- Payback Period: 12.7 Years
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Average Cost of Solar Panels in Malvern
Let’s have a look at the average cost of solar in Malvern.
Although the national average of solar panels is $2.66 per watt, solar panels in Malvern typically cost about 3.To cover the typical energy needs of the average home in Malvern, most homeowners require a 8.4-kilowatt system. Using the figure above, a solar installation costs about $20,467, or $29,268 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy consumption and what company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Malvern
| Year | Return on Investment |
|---|---|
| 1 years | $-19,011 |
| 3 years | $-16,099 |
| 5 years | $-13,187 |
| 7 years | $-10,275 |
| 9 years | $-7,363 |
| 11 years | $-4,451 |
| 13 years | $-1,539 |
| 15 years | $1,374 |
| 17 years | $4,286 |
| 19 years | $7,198 |
| 21 years | $10,110 |
| 23 years | $13,022 |
| 25 years | $15,934 |
Top Solar Installers in Malvern
Installing solar panels on your own can be a dangerous task, which is why hiring a solar installer is a good option for many homeowners. The payback period of solar panels will vary based on factors like your roof configuration and energy needs, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in Malvern:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Malvern: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Malvern, 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 determine by looking at past power bills. Your overall cost can increase by about $3,490 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Malvern offer solar loans, which reduce the initial cost of installing solar panels.While solar loans make adopting solar energy more accessible for Malvern homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Malvern, and each can charge different amounts for labor and equipment.The company’s size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk 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 discount 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 | $3.63 | $15,244 | $13,596 | 13.2 years |
| 8 kW | $3.56 | $19,935 | $18,518 | 13.0 years |
| 10 kW | $3.49 | $24,430 | $23,636 | 12.7 years |
| 12 kW | $3.42 | $28,730 | $28,950 | 12.5 years |
| 14 kW | $3.35 | $32,834 | $34,459 | 12.2 years |
| 16 kW | $3.28 | $36,743 | $40,164 | 11.9 years |
| 18 kW | $3.21 | $40,456 | $46,064 | 11.7 years |
| 20 kW | $3.14 | $43,974 | $52,159 | 11.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Before signing a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
How much does it cost to install solar panels in Malvern?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Malvern?
Solar panels aren’t free in Malvern, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily 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 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.