Solar Panels Cost 9.4k-18k in Hope, AR | October, 2024

Solar Panels Cost $9.4k-$18k in Hope, AR | October, 2024

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How much do solar panels cost in Hope, AR in 2024?

Currently, in Hope, AR in the month of October, 2024, the cost per each watt for solar is $3.37/W.

In accordance with this price, expect to spend $3,370, on average, for every 1000 watts (or 1 kW) of solar energy your solar system will need to produce. After receiving the 30% federal tax credit, you can expect to spend about $11,795, in Hope, for a 5 kW solar panel install. To ensure your energy requirements are met, you may require a larger system.

Select your county from the menu on the left to find the average roof size and maximum solar panel system capacity for homes in your area. Displayed below is a breakdown of the price, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Hope: $11,795US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Hope: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Hope: $14,028US Average: $15,784

Solar Potential in Hope

Estimated system size and solar electricity production per median viable roof in
Hope.

Roof size 912sq. ft.
Capacity 12.75kW DC
Electricity 15.8kkWh AC per yr.

Electricity Costs in Hope, AR & What that Means for Your Solar Panel Pricing

An electricity consumer in Hope usually uses 919 kWh per month, leading to an average electric bill of $128.66. These figures also cover apartments and other smaller living spaces with lower energy requirements.

The mean rate for electricity in Hope, AR in October, 2024 is 14¢ per kWh.

To meet all of the energy requirements of a typical user in Hope, a solar power system of 8 kW or larger is required. The cost of a an 8 kW solar system is approximately $26,960 before any incentives, but the federal tax credit gives you back 30%, reducing your total to $18,872.

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Average solar panel costs by system size in Hope

Below and to the left, the pricing details for different sizes of the solar panel systems installed in Hope is displayed. Of course, with a larger solar system, you'll see a greater initial expense, but the advantages consist of greater energy savings and greater income tax credits.

The cost and benefit breakdown for solar panels, shown in the calculator down and to the right, is based on an average electric bill of $128.66 in Hope. For a more precise estimate, change the $128.66 with your usual electricity bill amount.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $842 a year
Est. Price
$9,436
Savings from a 4kWthis system
  • Est. yearly production 6,016 kWh
  • Est. monthly savings $70
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 4 tons a year
  • Equivalent to planting 184 trees a year
  • Equivalent to driving 9,907 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,053 a year
Est. Price
$11,795
Savings from a 5kWthis system
  • Est. yearly production 7,519 kWh
  • Est. monthly savings $88
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5 tons a year
  • Equivalent to planting 230 trees a year
  • Equivalent to driving 12,383 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,263 a year
Est. Price
$14,154
Savings from a 6kWthis system
  • Est. yearly production 9,023 kWh
  • Est. monthly savings $105
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 6 tons a year
  • Equivalent to planting 276 trees a year
  • Equivalent to driving 14,860 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,474 a year
Est. Price
$16,513
Savings from a 7kWthis system
  • Est. yearly production 10,527 kWh
  • Est. monthly savings $123
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 7 tons a year
  • Equivalent to planting 322 trees a year
  • Equivalent to driving 17,337 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,684 a year
Est. Price
$18,872
Savings from a 8kWthis system
  • Est. yearly production 12,031 kWh
  • Est. monthly savings $129
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 7.36 tons a year
  • Equivalent to planting 338 trees a year
  • Equivalent to driving 18,209 mi less a year

Hope Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant currently offers between 80% and 100% coverage for the installation costs of solar or wind turbines for rural small businesses and farms. If you think you might be eligible, try our REAP Grant eligibility tool to verify your qualification.

The federal government offers a 30% tax credit for residential solar systems, making solar attractive and practical for a variety of homeowners. Additionally, numerous state and local programs aim to promote further adoption of solar energy.

Various utilities and government entities in Arkansas provide 4 solar rebate and incentive programs.

Sustainable Building Design Revolving Loan Fund

Value:Varies

The ABA Revolving Loan Fund is an interest-free loan program adopted by Arkansas in 2009 (as loan payments go to the fund, the fund may continue indefinitely). It provides a way for state agencies, boards, and commissions (including those attached to institutions of higher learning) who own their own facilities to make renovations up to $25,000. It is funded by a grant from the American Recovery and Reinvestment Act of 2009 with contributions from the state general improvement funds. The loan encourages debtors to use the funds for ways to save and create energy for their buildings. For further information, check out the Arkansas Building Authority site.

Green Building Standards for State Facilities

Value:Varies

As of July 1, 2005, all state agencies are encouraged to use the Leadership in Energy and Environmental Design and Green Globes rating system as much as possible. They receive additional credit for use of agri-fiber and composite wood products, post-consumer recycled content, and other environment-friendly products. The Sustainable Energy-Efficient Building Program directed the Arkansas Energy Office to reduce energy use in all state-owned major facilities by 30% by 2017 and conserve all utilities to reduce total energy consumption as justified by a life cycle cost analysis. Other state agencies have been encouraged to develop their own strategic energy plans.

Net Metering

Value:Varies

In April 2001, the Arkansas Public Service Commission was directed to establish rules for net metering of some renewable energy systems. By 2012 they amended those rules to exempt government entities and agencies from indemnity agreements. In 2013 it would add new net-metering tariffs for all utilities under its jurisdiction and in 2014 it would modify provisions for excess generation, including increasing the cap for non-residential customers and opening the docket for appropriate fees and terms. Of special note is that customers with multiple meters who generate excess electricity may, with 30 days' notice, use the funds generated for any meter within the same utility.

Solar Hot Water Contractor Licensing

Value:Varies

Arkansas offers limited specialty solar thermal installer licenses with assistance from the Arkansas Department of Health. These licenses are the Restricted Solar Mechanic, Supervising Solar Mechanic, and Solar Mechanic Trainee. The Restricted Solar Mechanic license only allows a mechanic to install systems used to heat domestic hot water; the person must show evidence of relevant training and experience, including four years with a Restricted Solar Mechanic Trainee license. The Supervising Solar Mechanic is allowed to supervise, install, and maintain solar and hydronic domestic hot water systems; applicants must have at least one year with a Restricted Solar Mechanic and five years of solar mechanic experience.

Are solar panels worth it in Arkansas?

If you plan to own your residence longer than the solar system's payback period, solar panels are a wise investment in Hope. A 5 kW system in Hope, AR will enable you to save the average homeowner, on average, $19,083.4 over a 20 period and the average break even point is 8 years.

The cost of not having solar panels in Hope, AR

Without solar panels or another backup power source, you miss out on the savings discussed previously and are entirely on your electric utility for electricity. Recent news examples have revealed that complete dependence on your utility provider isn't always the most favorable condition.

Hope utilities have reported 0.78 outages per customer per year over the past few years. On average, an outage lasts 51.51 minutes. Major events such as wildlife damage, grid management errors or thunderstorms can significantly extend these time frames.

A solar panel system, whether or not it has a backup battery, could help reduce the impact of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Hempstead County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Hope, AR?

Your Energy Needs - Even if the initial expense is greater, the price per watt decreases with larger solar panel systems. Individuals often discover that setting up a solar system that can offset their entire electric bill is advantageous, ensuring optimal savings.

Make & Model - Just like any other product, solar panels are available in a wide variety of makes and models. Considering the system preferences that your installer may have, it's important to select a reputable contractor. For a superior long-term experience, buyers should consider better quality models.

Solar Panel Type - For good reasons, monocrystalline panels have become the industry standard. They come with a higher price, but they generate more energy. Many solar panel installers choose this material.

Your Property - Each property and home has its own characteristics. Factors such as trees, sloped land, or additional considerations can make the installation more challenging. Nowadays, most solar installers can assess your home with satellite images and incorporate these considerations in the first cost estimate.

Labor Rates - The costs connected to the varying wages offered by companies to their employees are passed on to the consumers. Companies that invest in higher wages usually see higher reviews for their work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees change locally and will impact your installation cost. Good installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other AR cities

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Who are the best solar installers in Hope?

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Reparation of solar arrays.

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Auditing of energy requirements for independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Reparation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Fluent Solar

Lindon, UT(866) 736-1253

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

LightEdison

Denver, CO(888) 966-6377

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Hope, AR Solar Panel Cost FAQs

  • The typical cost per watt for solar panels in Hope, AR as of October, 2024 is $3.37/W. With the federal tax credit, the cost of a 5 kW solar panel system in Hope, AR drops to roughly $11,795.

  • As of now, there are 4 rebates and incentives offered by various utilities and government entities in Arkansas. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Even though paying cash yields the most savings, there are now several financing options for solar panels that also are financially sensible. Installers often have partnerships with financing companies and will include this information in your initial quotes.

  • Yes, the payback period for 5 kW solar energy systems in Hope, AR averages 8 years, with electricity savings of about $19,083.4 over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01