Solar Panel Cost Guide in Walnut Ridge, AR (Mar 2023)
- Walnut Ridge Solar Installation Cost: $15,131
- 25-Year Savings: $23,707
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Walnut Ridge
Find out how much it might cost to go solar in Walnut Ridge.
The national average cost of solar panels is $2.66 per watt, but in Walnut Ridge it's 2.54 per watt. To cover the typical energy usage of the average home in Walnut Ridge, most homeowners require a 8.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,131, or $21,637 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Walnut Ridge homeowners. The price 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. But, after you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Walnut Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-13,577 |
| 3 years | $-10,470 |
| 5 years | $-7,363 |
| 7 years | $-4,256 |
| 9 years | $-1,149 |
| 11 years | $1,958 |
| 13 years | $5,065 |
| 15 years | $8,172 |
| 17 years | $11,279 |
| 19 years | $14,386 |
| 21 years | $17,493 |
| 23 years | $20,600 |
| 25 years | $23,707 |
Top Solar Installers in Walnut Ridge
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using a solar company can make swapping over to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Walnut Ridge:
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 Walnut Ridge
Factors that Affect Solar Panel Costs in Walnut Ridge
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar panel 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. The type of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Walnut Ridge to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time because of 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 principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $16,277 | 10.1 years |
| 8 kW | $2.59 | $14,508 | $21,987 | 9.9 years |
| 10 kW | $2.54 | $17,780 | $27,840 | 9.7 years |
| 12 kW | $2.49 | $20,909 | $33,834 | 9.5 years |
| 14 kW | $2.44 | $23,896 | $39,971 | 9.4 years |
| 16 kW | $2.39 | $26,741 | $46,250 | 9.2 years |
| 18 kW | $2.34 | $29,444 | $52,671 | 9.0 years |
| 20 kW | $2.29 | $32,004 | $59,235 | 8.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Before you sign a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Walnut Ridge, AR Solar Cost FAQs
How much does it cost to install solar panels in Walnut Ridge?
This is a tough question to answer exactly, 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. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Walnut Ridge?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Walnut Ridge is currently $78,355, which means you can expect a value of about $3,213 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Walnut Ridge is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know 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 household 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.