12 Best Solar Companies in Hobbs, NM (2023 Reviews)

The Cost and Benefits of Solar in Hobbs

For lots of homeowners, whether or not to invest in solar panels boils down to the cost. A few key factors that affect how much it will cost to install a solar panel system on your home and how much money you could save over time include:

• Incentives: The federal solar investment tax credit, which can save you some money, allows you to deduct 30% of the cost of installing your solar panel system from your federal taxes. Plus, not including incentives, you can save about $19,000 over 20 years on your energy bills.
• The amount of sunlight your roof gets: If your roof gets limited direct sunlight, your solar panel system won't be able to make as much energy, which will leave you with lower savings on electric bills than a house with a roof that gets a lot of sunlight.
• Your power bills: This will dictate how much you can save. In Hobbs, the average resident can save about $1,100 a year on their electricity bills.
• System size and type: Some models are more costly than others, so the one you want to get can raise or lower your initial investment. Plus, the more solar panels you need, the more it'll cost.

Solar is a fruitful investment for most homeowners. You can generate your own energy instead of paying for it from the grid and take advantage of solar incentives and rebates, all while helping protect the environment.

Solar Incentives in Hobbs

If you're considering switching to solar energy, several government incentives and state programs can dramatically lower your project costs and expedite the return on your investment. These incentives typically include cash rebates, tax benefits and/or solar renewable energy credits. They can reduce how much you end up spending on going solar by 30%, upwards of 50% depending on your location. Take a look at our article on solar incentives to learn what incentives you can take advantage of.

Environmental Impact of Switching to Solar in Hobbs

There are a few main reasons why people are considering solar energy: to put more money in their bank account and to help the planet. But — how much exactly can you help by making the switch to solar? How much energy you use is a key factor to think about. The more energy your household consumes, the larger your impact when you make the switch to solar power. In fact, if you make the switch to solar power, you could expect to reduce your carbon dioxide emissions by about 100 pounds each year. For people who care about the environment, the upfront cost of solar is a small price to pay for reducing your carbon footprint.