Solar Panel Cost Guide in Bloomfield, NM (2024 Update)
- Bloomfield Solar Installation Cost: $15,900
- 25-Year Savings: $23,943
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in Bloomfield
Let’s take a look at the average cost of solar in Bloomfield.
The average cost of a solar panel system in Bloomfield is 4 per watt.The average Bloomfield homeowner needs a 5.8-kilowatt system, which would cost about $15,900 with the federal tax credit, or $22,737 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on your energy needs and what company you choose to go with.But, once you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $23,000 over 20 years on power bills.
You can click the button below to get connected with a top solar company in Bloomfield that can help you get a more accurate cost estimate for your home.
Solar savings over time in Bloomfield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,832 |
| 3 years | $-12,697 |
| 5 years | $-10,562 |
| 7 years | $-8,427 |
| 9 years | $-6,291 |
| 11 years | $-4,156 |
| 13 years | $-2,021 |
| 15 years | $114 |
| 17 years | $2,250 |
| 19 years | $4,385 |
| 21 years | $6,520 |
| 23 years | $8,655 |
| 25 years | $10,791 |
Top Solar Installers in Bloomfield
Many homeowners opt for a solar installation company since trying to install solar panels yourself can be a lot of work. Solar warranties and repairs are usually included in the cost of installation when you hire a solar company as well, which can save you more money over time.
If you're on the hunt for a solar installer in Bloomfield, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Bloomfield
Factors that Affect Solar Panel Costs in Bloomfield
The cost of installing a solar system in Bloomfield can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,930. There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Bloomfield offer solar loans, which reduce the initial cost of installing solar.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Bloomfield is the company you get to install your solar panel system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services at different price points.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that has the products, warranties and services you’re looking for and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.09 | $17,166 | $18,945 | 11.9 years |
| 8 kW | $4.01 | $22,448 | $25,700 | 11.7 years |
| 10 kW | $3.93 | $27,510 | $32,675 | 11.4 years |
| 12 kW | $3.85 | $32,352 | $39,870 | 11.2 years |
| 14 kW | $3.77 | $36,973 | $47,285 | 11.0 years |
| 16 kW | $3.69 | $41,375 | $54,920 | 10.7 years |
| 18 kW | $3.62 | $45,557 | $62,776 | 10.5 years |
| 20 kW | $3.54 | $49,518 | $70,851 | 10.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably impacts your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Bloomfield, NM Solar Cost FAQs
What is the average cost of installing solar panels in Bloomfield?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Bloomfield?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bloomfield is currently $203,587, so you can expect a value of about $8,347 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Bloomfield is a fruitful investment.
How long do solar panels last in Bloomfield?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.