Solar Panels Cost 11k-20k in Hot Springs, AR | October, 2024

Solar Panels Cost $11k-$20k in Hot Springs, AR | October, 2024

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How much do solar panels cost in Hot Springs, AR in 2024?

For the month of October, 2024, the price per watt of solar panels in Hot Springs, AR is $3.29/W, on average.

For every 1000 watts (1 kW) your solar system can generate, you will have to spend, on average, $3,290 for installation. We are able to come to this conclusion in accordance with this rate price cost per watt. A 5 kW solar panel install in Hot Springs will typically cost you $11,515 after applying the 30% federal tax credit. Your electricity use habits might need a bigger system.

To the left, you have the option to select your county and view the average roof size along with the average maximum capacity for solar panels in homes in your area. Outlined below are the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Hot Springs: $11,515US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Hot Springs: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Hot Springs: $17,604US Average: $15,784

Solar Potential in Hot Springs

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

Roof size 751sq. ft.
Capacity 10.5kW DC
Electricity 12.8kkWh AC per yr.

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

For Hot Springs energy consumers, the average electric bill is $141.89 per month, with a usage of 1,079 kWh. Small residences, including duplexes, are also encompassed in the statistics cited in the previous sentence.

As of October 2024, the mean rate for electricity per kWh in Hot Springs, AR is 13.15¢.

If you’re a typical energy user in Hot Springs, you will need a solar system sized at 9 kW or more to meet your electricity needs. At the moment, a 9 kW solar panel installation is priced at $29,610, but with a 30% tax credit, it is reduced to $20,727

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Average solar panel costs by system size in Hot Springs

On the left and below, you can see the cost breakdown for different sizes of the solar panel systems set up in Hot Springs. A bigger solar array will expectedly cost more, but it will also yield more significant electricity savings and increased income tax credits.

Using the solar panel cost calculator situated below and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $141.89 in Hot Springs. To get results more personalized, change the $141.89 to match your average electricity bill.

System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $978 a year
Est. Price
$11,515
Savings from a 5kWthis system
  • Est. yearly production 7,519 kWh
  • Est. monthly savings $81
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 4.22 tons a year
  • Equivalent to planting 194 trees a year
  • Equivalent to driving 10,446 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,173 a year
Est. Price
$13,818
Savings from a 6kWthis system
  • Est. yearly production 9,023 kWh
  • Est. monthly savings $98
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5.06 tons a year
  • Equivalent to planting 233 trees a year
  • Equivalent to driving 12,535 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,369 a year
Est. Price
$16,121
Savings from a 7kWthis system
  • Est. yearly production 10,527 kWh
  • Est. monthly savings $114
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 5.91 tons a year
  • Equivalent to planting 271 trees a year
  • Equivalent to driving 14,624 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,564 a year
Est. Price
$18,424
Savings from a 8kWthis system
  • Est. yearly production 12,031 kWh
  • Est. monthly savings $130
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 6.75 tons a year
  • Equivalent to planting 310 trees a year
  • Equivalent to driving 16,714 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,760 a year
Est. Price
$20,727
Savings from a 9kWthis system
  • Est. yearly production 13,535 kWh
  • Est. monthly savings $142
  • 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

Hot Springs Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and agricultural enterprises, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. Curious about your eligibility? Use our REAP Grant eligibility tool to check.

A 30% federal tax credit is offered to most homeowners for residential solar installations, which renders solar energy a feasible choice in various regions in the United States. In addition to the federal incentives, state and local programs also seek to boost solar energy uptake.

A number of utilities and governmental bodies 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're expecting to live in your home past the solar system's payback period, solar panels are a smart decision in Hot Springs. A 5 kW solar system in Hot Springs, AR could potentially save you $22,538.6 over the course of 20 years, with the break even point typically at 7 years.

The cost of not having solar panels in Hot Springs, AR

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and are wholly reliant on your electric utility for electricity. The news has recently pointed out that full reliance on your utility is not always ideal.

Annually, the average number of outages per customer in Hot Springs is about 1.94. Usually, outages have an average duration of 346.11 minutes. However, during critical events like equipment failure, landslides or planned maintenance, these times can extend dramatically.

Installing a solar panel system, irrespective of whether it has a backup battery, could reduce the pressure of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Garland County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Hot Springs, AR?

Your Energy Needs - While the upfront cost is higher, the price per watt declines with larger solar panel systems. Numerous people find it useful to set up a solar energy system that can replace their entire electric bill. This leads to maximum savings.

Make & Model - Like many other products, there are various makes and models of solar panels available. The installer you select may have specific system preferences, so it's crucial to pick a reputable contractor. Buyers who choose better equipment typically enjoy a better long-term experience.

Solar Panel Type - There's a good reason why monocrystalline panels are now the industry standard. These panels are more costly, yet they generate more energy. The majority of installers usually utilize panels crafted of this material.

Your Property - Every property and home is distinct. Trees, uneven ground, or additional challenges can make the installation more difficult. Many solar installers now are able to utilize satellite imagery to assess your home and factor in these elements in the first cost estimate.

Labor Rates - The wages that companies pay their employees are different, and these expenses are ultimately passed on in consumer prices. It is frequent for businesses that offer higher wages to get better reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be impacted by area-specific permitting and utility interconnection fees. Reliable 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 Hot Springs?

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.

Hot Springs, AR Solar Panel Cost FAQs

  • The average solar panel cost in Hot Springs, AR as of October, 2024 is estimated at $3.29/W. The approximate cost of a 5 kW solar panel system in Hot Springs, AR, after deducting federal tax credits, is $11,515.

  • Residents of Arkansas can currently take advantage of 4 rebates and incentives offered by various utilities and government bodies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Although cash payments provide the greatest savings, many financing options for solar panels now exist that are also cost-effective. Installers will often include details on financing partners in the quotes they provide initially.

  • Yes, the payback period for 5 kW solar energy systems in Hot Springs, AR averages 7 years, with electricity savings of about $22,538.6 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01