Solar Panel Cost Guide in Walnut Ridge, AR (2023 Update)
- Walnut Ridge Solar Installation Cost: $15,137
- 25-Year Savings: $23,701
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Walnut Ridge
Find out what the average cost of a solar system is in Walnut Ridge.
While the national average of solar panels is $2.66 per watt, solar panels in Walnut Ridge typically cost around 2.54. Because a 8.5-kW system is needed to cover the energy needs of a typical home in Walnut Ridge, the average price of going solar will be about $15,131 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more. With average savings of about $17,000 on power bills over 20 years, many homeowners in Walnut Ridge find installing solar panels has a decent ROI.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Walnut Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-15,007 |
| 3 years | $-14,748 |
| 5 years | $-14,489 |
| 7 years | $-14,230 |
| 9 years | $-13,971 |
| 11 years | $-13,713 |
| 13 years | $-13,454 |
| 15 years | $-13,195 |
| 17 years | $-12,936 |
| 19 years | $-12,677 |
| 21 years | $-12,418 |
| 23 years | $-12,159 |
| 25 years | $-11,900 |
Top Solar Installers in Walnut Ridge
Trying to put up solar panels on your own can be a challenging task, which is why getting a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Walnut Ridge
Factors that Affect Solar Panel Costs in Walnut Ridge
The cost of installing a solar system in Walnut Ridge can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Walnut Ridge, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $2,540 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Walnut Ridge have solar loans, which reduce the initial cost of installing a solar system. However, the interest on solar loans also increases your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can influence how much it costs. Walnut Ridge's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk 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 companies.
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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The kind of solar panel you want plays a role in which installer you should opt for, since different companies have access to different panels.
- Contract: Before you sign a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
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 Walnut Ridge, AR Solar Cost FAQs
What is the average cost of installing solar panels in Walnut Ridge?
This is a tough question to answer exactly, because the cost depends on a few different 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Walnut Ridge?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will having solar panels impact my home value?
Solar panels 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 look forward to 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 fruitful investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a 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 account for 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.