As traditional energy costs continue rising across the country, many homeowners are pursuing other options to help lower their energy bills. Going solar is a popular choice, but the question property owners often have: “Is it worth it?”
There’s no doubt installing solar panels in Arkansas can create some level of sticker shock to consumers when they see the upfront cost. But there are more factors to consider than just the initial cost, including the long-term savings, tax breaks, and much more. We’ve broken down the facts so you can understand the true cost of solar power in Arkansas.
1. Average Solar Panel Installation Cost In Arkansas
The cost of installing solar panels in Arkansas depends on many factors, including the size of your property, how much energy you use, and more. However, just to provide numbers, you can expect to pay around $15,000-$50,000 for a solar array in Arkansas. These initial numbers can deter people from even considering solar panels, but let’s take a closer look at what’s involved in the cost and how solar can be more affordable upfront, and how soon you can recover your entire investment.
2. Break Down The Cost Into Multiple Factors
The solar panels themselves typically account for about 25% of the cost. The largest percentage of the cost involves permits, monitoring, connection fees, and other operational costs. The cost of the solar panels themselves depends largely on how many panels you need which is determined by the sunlight exposure they’ll receive on your roof. The property’s orientation, roof type, and shade cover also factor into the cost, so you’ll need to have a complete evaluation to fully determine the price of installing solar panels.
3. Will Your Investment Be Recovered?
If you’re pursuing solar power in Arkansas, you’ve likely heard going solar will pay for itself over time. But how long will it really take to recover the large investment? The cost of solar panels has declined over the years even as utility bills have risen. So when you install solar panels in Arkansas, you immediately enjoy a reduction in your energy bill. Depending on how much energy you use, how large your property is, what your current electricity cost is, and other factors, you could recover your solar system investment in as little as five years. If your property is in an ideal location for solar power, you might be able to recover the investment quicker.
4. Take Advantage Of Any Incentives Available
Another major factor to consider when budgeting for solar power in Arkansas is the incentives offered. You can enjoy a federal tax credit of 26% if you install solar panels in 2022. This credit applies to both homes and businesses. So for a solar system that initially costs $20,000, the tax incentive would reduce the price to around $15,000.
If the upfront cost after all tax breaks and incentives are still a little high for your budget, you can also apply for financing. By financing the array, you can pay for your system in monthly payments. There are plenty of ways to make solar arrays in Arkansas more affordable.
5. Enjoy The Long-Term Benefits Of Going Solar
When it comes to installing solar panels on your home or business, remember it takes time to get a full return on your investment. By reducing your monthly energy bills, the savings will add up quickly and you will lock in your utility bills for the next 20+ years in a rising utility rate environment.
Seal Solar provides free online estimates so you can learn solar panels will cost. We also inform you of all incentives available to help you save as much money as possible.
Are you ready to own a residential solar array? Learn more about solar and how it works by viewing our Solar Power 101 series!
Get your free estimate today and make the switch!