Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Better energy independence: Adding a battery backup or storage system lets you have reliable energy during storms and grid outages.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can reduce or eliminate your home's dependence on non-renewable sources.
- Lower utility costs: Sourcing some or all of your own energy will cut power costs long-term. Plus, some states offer net metering programs that allow you to sell your extra energy back to the grid, generating additional credits toward your energy bill.
What Solar Incentives Are Available to Fayetteville Homeowners?
Governments and utilities often reward homeowners for embracing solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
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 Fayetteville
Choosing a company is the first step toward a well-oiled and cost-efficient solar system. Consider all of these factors in your business search.
Licensing and Training
Solar installers in Arkansas must be licensed electricians to install PV systems or licensed plumbers to install water heating 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. Solar installers can also earn certificates from standards organizations and trade groups. The most prestigious ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Fayetteville
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options 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.
If you need to charge an electric vehicle (EV) or use your solar power in cloudy weather, you can pay extra for add-ons. By choosing the right components, you can make your panel array more productive and user-friendly. Not all solar providers include these additional features, so look for a provider that installs them if it's a priority for you.
Most Fayetteville homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $17,450 to install, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,074 |
| Solar Polycrystalline | $837 |
| Thin-Film | $490 |
| Solar Battery | $687 |
| Solar Home EV Charger | $2,577 |
Financing Solar Energy in Fayetteville
Choosing the correct financing solution will affect your overall solar system cost and expected savings. Common payment options include leases, loans, cash payments, and power purchase agreements. Most solar experts recommend a cash payment or using a solar loan. Cash payments require 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. Much like a home or auto 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 determined by the energy you use, like an electric bill. We typically don’t recommend these two choices because you won't own the solar system and are disqualified from using solar incentives. Look for providers that offer several payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Fayetteville.
You are eligible for a 26% federal solar tax credit for new solar energy equipment until the year 2032. Municipal and state governments and utility companies might also offer rebates, discounts, and dedicated financing plans that could save you more.
| 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 Fayetteville
How much energy and money could I save per year by switching to solar?
Is solar energy easily accessible in Fayetteville?
Will a solar PV system raise my Fayetteville home worth?
Could I still use solar power if I live in a rainy, dark, or wooded area?
How long will a standard solar system last?
How long does the solar installation process require?
How many estimates should I get before making a final solar company decision?
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