Solar Panel Cost Guide in Siloam Springs, AR (2023 Update)
- Siloam Springs Solar Installation Cost: $20,937
- 25-Year Savings: $21,279
- Payback Period: 14.3 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Siloam Springs
Let's take a look at the average cost of solar panels in Siloam Springs.
In Siloam Springs, solar panels cost about 2.54 per watt on average.To cover the typical energy needs of the average home in Siloam Springs, most homeowners require a 8.6-kilowatt system. Using the figure above, a solar installation costs around $15,237, or $21,789 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Siloam Springs depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire.With average savings of about $16,000 on utility bills over 20 years, many homeowners in Siloam Springs find going solar can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Siloam Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-19,439 |
| 3 years | $-16,442 |
| 5 years | $-13,445 |
| 7 years | $-10,448 |
| 9 years | $-7,451 |
| 11 years | $-4,454 |
| 13 years | $-1,456 |
| 15 years | $1,541 |
| 17 years | $4,538 |
| 19 years | $7,535 |
| 21 years | $10,532 |
| 23 years | $13,529 |
| 25 years | $16,526 |
Top Solar Installers in Siloam Springs
When making the switch to solar, many homeowners opt to go with a solar installation company since DIY solar panel installation can be a challenging project. Plus, if you're unsure what brand of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote 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
See all of the solar companies in Siloam Springs
Factors that Affect Solar Panel Costs in Siloam Springs
There are several factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
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 with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up 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 Siloam Springs, where sunlight is relatively 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Siloam Springs, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.Even though solar loans make going solar more accessible for Siloam Springs homeowners, they can also add to the total you pay for your system due to interest. If you make 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 select will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Siloam Springs have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $3.63 | $15,244 | $10,320 | 14.9 years |
| 8 kW | $3.56 | $19,935 | $14,151 | 14.6 years |
| 10 kW | $3.49 | $24,430 | $18,178 | 14.3 years |
| 12 kW | $3.42 | $28,730 | $22,400 | 14.0 years |
| 14 kW | $3.35 | $32,834 | $26,817 | 13.8 years |
| 16 kW | $3.28 | $36,743 | $31,430 | 13.5 years |
| 18 kW | $3.21 | $40,456 | $36,238 | 13.2 years |
| 20 kW | $3.14 | $43,974 | $41,242 | 12.9 years |
How to Save on Solar Panels
There are a lot of 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:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies offer different brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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 Siloam Springs, AR Solar Cost FAQs
How much does it cost to install solar panels in Siloam Springs?
This is a tough 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 above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Siloam Springs?
You can't get solar panels for free in Siloam Springs. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.