(Newswire.net — February 4, 2023) — Solar power is incredible, but should you consider it for your home in Arkansas? There has never been a better time to start considering solar as the price of installing a system has never been as low and affordable as it is now.
With cost savings and additional sources of income, it’s hard to pass up solar panels for your own house. Plus, you can start saving money month after month.
Are you in the market for solar, but you’re wondering if you should install a system in this state? Keep reading to know all the details about Arkansas solar power.
1. Solar Power Stats
Arkansas is an exciting state regarding Solar Power. The stats to back it up are pretty impressive.
In mid-2022, Arkansas ranked 30th in the nation for installed solar capacity with 587.9 MW. That’s enough energy to power over 90,000 homes.
The state has an impressive rank of 11 in terms of solar jobs, with over 2,200 full-time employees and a total economic value of over $290 million.
Arkansas is also leading the way in solar investments, receiving more than $2 million yearly from the federal government. Solar power is a proven and viable option in Arkansas and will only keep growing!
2. Tax Credit
Solar power in Arkansas offers many advantageous opportunities for residents and businesses alike. One significant benefit of solar energy in Arkansas is the available state tax credit. Individuals, businesses, nonprofits, and agricultural producers can claim this tax credit.
The amount of credit is based on the size and cost of the solar energy system. It can be up to 25% of the total cost.
In addition, the tax credit is eligible for each taxable year. This makes it an attractive solution for those looking to save money.
3. Electricity Rates
Arkansas Solar Power and electricity rates are a hot topic right now. As the new Clean Line project is underway and the demand for solar energy is rising, Arkansas is well-positioned to be a leader in solar utilization.
Arkansas residents are already paying the lowest rates in the country for electricity at only 7.5 cents per kilowatt hour.
But with solar projects popping up all over the state, residents of Arkansas can now get even lower rates. This depends on which specific solar project they decide to go to. Solar energy not only provides reliable and clean power, but it also offers users the ability to see significant savings on electricity bills.
With solar, Arkansas is well on its way to establishing itself as a leader in the solar power industry. Solar panels are a useful source of green energy that saves money for users.
4. Which Taxes Apply for Solar PV Systems
Thanks to generous federal and state tax credits, homeowners in Arkansas now have the opportunity to install solar power systems with reduced costs. Solar energy systems in Arkansas also come with various benefits, with a solar tax credit of 25% of the system’s price up to a maximum of $500.
Solar energy systems in Arkansas are exempt from property taxes and local sale taxes. Arkansas energy providers also now offer net metering. Which credits customers for the excess energy their systems generate.
This provides the opportunity for homeowners to reduce energy costs further. Those who install solar energy systems in Arkansas may qualify for various other incentives. This includes rural energy help grants, loan financing, and help from nonprofit organizations.
With all these opportunities together, Arkansas solar power is becoming attractive.
5. Solar Loan
Arkansas has taken huge strides toward becoming a leader in solar power by offering solar loan programs to its residents. Solar loan options have made solar power an affordable and accessible option. Arkansas is one of the fastest-growing solar energy states in the nation.
Its solar loan programs are paving the way for even more people to benefit from solar energy. Through solar loan programs, homeowners can finance the purchase of solar panels with low-interest rates. This makes it easier to switch to renewable energy.
Solar panels are an enormous investment for anyone’s home. These solar loan options have been invaluable for those looking to make that investment. Let’s give Arkansas some love and recognize its great strides in solar energy!
6. Cost of Solar
Solar panel installation costs vary widely, depending on the size of the system and the type of equipment used. Still, with numerous incentives and the decreasing cost of panels and installation, Arkansas solar installation prices are now highly competitive.
Solar panel installation in Arkansas can cost around $10,000 for an average-sized system, about $2 per watt. This cost is offset by the federal tax credit, which decreases the price to approximately $7,200 for an average-sized system. Additionally, several Arkansas utilities offer rebates for residential and commercial solar customers, lowering the cost of solar energy.
7. Financing Options
Arkansas has some scalding facts regarding solar power and financing options. Solar offers a more cost-effective, clean, and renewable alternative to fossil fuels, a necessary option in light of climate change and the depletion of Earth’s resources.
The Arkansas Solar Incentives Program provides an additional incentive to individuals, homeowners, and businesses by refunding up to 25% of the cost of a home solar power system.
Tax credits and loan programs are also available for those who want to switch to solar energy. With these easy financing options, Arkansas has become a leader in solar energy adoption, making it even more attractive to trade with solar power.
Everything You Need to Know About Arkansas Solar Power
Arkansas solar power is an excellent resource that can offer far-reaching benefits to the state, both environmentally and economically. Solar infrastructure investments will create jobs, help build industry, and reduce dependence on nonrenewable resources. Join the solar revolution today!
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