Solar Panel Cost Guide in Siloam Springs, AR (2023 Update)
- Siloam Springs Solar Installation Cost: $15,237
- 25-Year Savings: $21,280
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Siloam Springs
We break down average solar pricing in Siloam Springs.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Siloam Springs, the typical cost of a solar system is 2.54 per watt. Because a 8.6-kW system is needed to cover the energy costs of a typical home in Siloam Springs, the average price of going solar will be about $15,237 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Siloam Springs homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $16,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Siloam Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-13,777 |
| 3 years | $-10,855 |
| 5 years | $-7,934 |
| 7 years | $-5,013 |
| 9 years | $-2,091 |
| 11 years | $830 |
| 13 years | $3,751 |
| 15 years | $6,673 |
| 17 years | $9,594 |
| 19 years | $12,515 |
| 21 years | $15,437 |
| 23 years | $18,358 |
| 25 years | $21,280 |
Top Solar Installers in Siloam Springs
When going solar, many homeowners decide to hire a solar company since installing a solar system yourself can be a time-consuming project. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your family.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Siloam Springs:
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 Siloam Springs
Factors that Affect Solar Panel Costs in Siloam Springs
For many Siloam Springs homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Siloam Springs, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 will be looking at 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
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Siloam Springs homeowners opt to finance their solar panel systems to make going solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Siloam Springs, and each can charge different amounts for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fit into your budget.
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 | $14,470 | 10.8 years |
| 8 kW | $2.59 | $14,508 | $19,578 | 10.6 years |
| 10 kW | $2.54 | $17,780 | $24,828 | 10.4 years |
| 12 kW | $2.49 | $20,909 | $30,220 | 10.2 years |
| 14 kW | $2.44 | $23,896 | $35,755 | 10.0 years |
| 16 kW | $2.39 | $26,741 | $41,432 | 9.8 years |
| 18 kW | $2.34 | $29,444 | $47,251 | 9.6 years |
| 20 kW | $2.29 | $32,004 | $53,212 | 9.4 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: The model of solar panel you'd like to get plays a role in which company you should choose, since different companies offer different panels.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Siloam Springs, AR Solar Cost FAQs
What is the average cost of installing solar panels in Siloam Springs?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Siloam Springs?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside 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 maximize your savings.
Can you sell solar power back to the grid in Siloam Springs?
Most 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?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 install 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.