Relatively short payback period
The solar payback period measures how many years it takes for a new PV system to recover the initial cost of the investment. Purchasing a PV system in Arkansas in cash has a payback period of around 18 years, but after that you will get more than $1,000 per year in free energy. Over its lifetime, the PV system will save you a net amount of more than $9,000.
After the payback period is over, solar power is nearly free
Unless the utility company charges you a connection fee, once your solar energy system is entirely paid off, the electricity it generates comes at no cost to you.
Great savings on a monthly electric bill
When you install a solar energy system on your home, you start to generate your own electricity. It means that you become less dependent on your local utility company and their utility rates, which are highly influenced by inflation. Even though you are paying for your PV system, you will be saving a great deal on the monthly electric bill.
Net Metering system
The state has Net Metering policy in place, allowing households and businesses with small-scale rooftop and customer-sited solar panels to receive credits from utilities for putting excess electricity on the grid.
Electricity grid independence
Arkansas is known for extreme weather and frequent storms. A typical year brings thunderstorms, tornadoes, hail, snow and ice storms. Electrical communications are very fragile to the conditions like that (such weather patterns lead to electricity facilities failure, breaks in the wiring and eventual power outage) compared with solar panels, which have quite more permanent structure.
Helping the environment since solar energy is clean, sustainable, and renewable
Besides saving you money every month, solar energy is a truly clean, renewable, and sustainable power source. Sunlight is abundant and is ready to be harvested without any harm to the environment. What's more, installing an average-size solar system will mean saving 208 trees every year. It is proven that using solar energy instead of fossil fuels will decrease our carbon footprint by reducing air and water pollution.
Support from the government
The Federal Investment Tax Credit offers significant savings to Arkansas residents when buying a solar system. Purchasing a PV system in Arkansas through a loan gives you an immediate benefit thanks to the 30% investment tax credit, but the net savings over the system’s lifetime will tend to be zero unless energy prices start to rise dramatically.
Very low maintenance
Solar panels do not have any moving parts, so essentially there is no wear and tear with their usage. Thanks to this, solar panels are completely silent when working. The only maintenance that they need is the occasional cleaning from the dust, ice or snow.
Excellent warranty protection
Today, most of the solar panels come with two types of warranties: performance guarantee and extended product warranty. The 25-year-long performance guarantee ensures efficient energy production for at least 25 years. Extended warranties guarantee to repair defective equipment, breakage or any deficit in the performance that might arise.
Increase in the property value
Recently, studies by multiple organizations showed that installing solar panels on the roof of your house definitely adds value to the property. On average, adding a solar energy system will raise your house value by 4.1%. Furthermore, not only do houses with PV installations sell at higher prices, but they also sell faster than the houses without solar systems.