Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Better energy independence: Solar panel systems with energy storage systems work through blackouts and emergencies, and you won't have to depend on the power grid for your safety and well-being.
- Lowered energy bills: With solar energy systems, you generate power without paying the tacked-on costs of grid-connected power. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can minimize or conquer your home's dependence on "traditional" sources.
What Solar Incentives Are Available to Benton Homeowners?
Arkansas' public agencies and power companies offer several solar incentives to help lower your solar system costs. Check out a breakdown of available solar programs where you live.
Incentive Type: Loan Program
Website: firstelectric.coopIncentive Amount:
$500- $15,000
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Benton
The cost and efficacy of solar panels often depend on which company mounted them. Make your choice based on the following crucial aspects.
Licensing and Training
Solar installers in Arkansas must be licensed plumbers to install water heating systems or licensed electricians to install PV systems. Depending on their specific licensure, your contractor will have at least 4-5 years of experience and verify their educational credentials with the state Contractors Licensing Board. You should also visit a company's website to learn about its private credentials. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, awarded by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Benton
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
Additional accessories, such as electric vehicle (EV) chargers and battery storage, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar providers provide these add-ons, so look for a company that installs them if it's a priority for you.
Generally speaking, it costs about $17,450 for a five-kilowatt solar array in Benton. This table shows more specific prices for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,077 |
| Solar Polycrystalline | $840 |
| Thin-Film | $491 |
| Solar Battery | $689 |
| Solar Home EV Charger | $2,584 |
Financing Solar Energy in Benton
Solar companies offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar loans, solar leases, power purchase agreements (PPAs) and cash payments. Most solar experts recommend a cash payment or using a solar loan. Cash payments demand a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to an auto or home loan, you'll pay a set monthly rate with as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on the energy you use, akin to an electric bill. We typically don’t recommend these two choices because you won't own the system and are disqualified from using solar incentives. Look for installers that offer several payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Benton.
The IRS allows you to claim a 26% federal tax credit for solar panels on total system costs, so long as you purchase it before 2032. City and state governments and utilities might also offer their own financing programs, incentives, and rebates that could save you more money.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.4 years |
| 2 kW | 4.8 years |
| 5 kW | 12.0 years |
| 10 kW | 24.0 years |
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Frequently Asked Questions About Solar in Benton
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Benton?
Should I expect a boost in my property value after installing solar panels?
How can I check my home's solar viability?
What size should my new Benton solar system be?
How long does it take to pay back a solar loan in Benton?
How can I enhance my solar panels' performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
How are a solar lease and PPA different?
If you choose a lease, you'll make set payments each month.
With both leases and PPAs, you do not own your panels and lose eligibility for most incentives. Further, you'll have to "buy out" or transfer the contract if you sell your home during the term.
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