Solar Panel Cost Guide in Mcgehee, AR (Mar 2023)
- Mcgehee Solar Installation Cost: $14,580
- 25-Year Savings: $23,846
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mcgehee
Let's have a look at the average cost of solar in Mcgehee.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mcgehee, the typical cost of solar panels is 2.54 per watt. Using this figure, a typical 8.2-kW system would cost about $14,580 before the 30% federal solar tax credit is applied.
The actual price you pay can be above or below the average in Mcgehee based on a variety of factors, such as the type of solar panels you choose and the solar company you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Mcgehee
| Year | Return on Investment |
|---|---|
| 1 years | $-13,043 |
| 3 years | $-9,969 |
| 5 years | $-6,895 |
| 7 years | $-3,821 |
| 9 years | $-747 |
| 11 years | $2,328 |
| 13 years | $5,402 |
| 15 years | $8,476 |
| 17 years | $11,550 |
| 19 years | $14,624 |
| 21 years | $17,698 |
| 23 years | $20,772 |
| 25 years | $23,846 |
Top Solar Installers in Mcgehee
Many homeowners decide to hire a solar panel company since installing solar panels by yourself can be a lot of work. The expertise that solar installers offer can be useful as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't certain which solar system company to go with, here are our recommendations for providers near you:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Mcgehee
Factors that Affect Solar Panel Costs in Mcgehee
Though the average cost of a solar system in Mcgehee is $14,580, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Mcgehee to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Mcgehee, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $17,028 | 9.9 years |
| 8 kW | $2.59 | $14,508 | $22,989 | 9.7 years |
| 10 kW | $2.54 | $17,780 | $29,091 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $35,337 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,724 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,253 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $54,925 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $61,739 | 8.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While 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 be sure to take a look at their list of offerings before deciding.
- Contract: Before signing a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Mcgehee, AR Solar Cost FAQs
What is the average cost of installing solar panels in Mcgehee?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Mcgehee?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.