Solar Panel Cost Guide in Bosque Farms, NM (2023 Update)
- Bosque Farms Solar Installation Cost: $10,423
- 25-Year Savings: $30,235
- Payback Period: 6.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bosque Farms
We go over average solar pricing in Bosque Farms.
The average cost of solar panels in Bosque Farms is 2.68 per watt. The average solar panel system size in Bosque Farms is around 5.6 kilowatts, meaning a cost of about $10,431 for a solar installation, or $14,916 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar system you want, your solar contractor and more. With average savings of about $28,000 on power bills over 20 years, many homeowners in Bosque Farms find investing in solar has a decent ROI.
Click the button below to get connected to a reputable solar company in your area for a customized quote.
Solar savings over time in Bosque Farms
| Year | Return on Investment |
|---|---|
| 1 years | $-10,287 |
| 3 years | $-10,016 |
| 5 years | $-9,745 |
| 7 years | $-9,474 |
| 9 years | $-9,203 |
| 11 years | $-8,932 |
| 13 years | $-8,661 |
| 15 years | $-8,390 |
| 17 years | $-8,119 |
| 19 years | $-7,847 |
| 21 years | $-7,576 |
| 23 years | $-7,305 |
| 25 years | $-7,034 |
Top Solar Installers in Bosque Farms
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar panel installer can make your swap to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
If you're on the hunt for a solar installer in Bosque Farms, we've compiled a list of our top suggestions here:
See all of the solar companies in Bosque Farms
Factors that Affect Solar Panel Costs in Bosque Farms
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Bosque Farms: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,680. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Bosque Farms homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Bosque Farms, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $32,202 | 6.7 years |
| 8 kW | $2.73 | $15,308 | $43,237 | 6.5 years |
| 10 kW | $2.68 | $18,760 | $54,421 | 6.4 years |
| 12 kW | $2.63 | $22,062 | $65,755 | 6.3 years |
| 14 kW | $2.57 | $25,213 | $77,240 | 6.2 years |
| 16 kW | $2.52 | $28,215 | $88,874 | 6.0 years |
| 18 kW | $2.47 | $31,067 | $100,659 | 5.9 years |
| 20 kW | $2.41 | $33,768 | $112,594 | 5.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
EcoWatch's Bosque Farms, NM Solar Cost FAQs
How much does it cost to install solar panels in Bosque Farms?
The average cost of solar panels in Bosque Farms is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,463.62 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.