Solar Panel Cost Guide in Bosque Farms, NM (2024 Update)
- Bosque Farms Solar Installation Cost: $15,284
- 25-Year Savings: $30,235
- Payback Period: 9.4 Years
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Average Cost of Solar Panels in Bosque Farms
Let’s take a look at the average cost of solar panels in Bosque Farms.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bosque Farms, the typical cost of a solar system is 4 per watt.To account for the typical energy usage of the average home in Bosque Farms, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs around $15,284, or $21,856 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you want to get, your solar contractor and more.With typical savings of about $28,000 on utility bills over 20 years, many homeowners in Bosque Farms find installing solar panels can pay off big.
To get a free quote from a highly rated solar installation company in Bosque Farms, you can click the button below.
Solar savings over time in Bosque Farms
Year | Return on Investment |
---|---|
1 years | $-14,195 |
3 years | $-12,018 |
5 years | $-9,841 |
7 years | $-7,664 |
9 years | $-5,486 |
11 years | $-3,309 |
13 years | $-1,132 |
15 years | $1,045 |
17 years | $3,223 |
19 years | $5,400 |
21 years | $7,577 |
23 years | $9,754 |
25 years | $11,932 |
Top Solar Installers in Bosque Farms
Many homeowners decide to hire a solar installation company since trying to put up solar panels yourself can be challenging. Another good thing about going with a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar system over time.
If you're searching for a solar company in Bosque Farms, we've organized a list of our top suggestions here:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Bosque Farms
Factors that Affect Solar Panel Costs in Bosque Farms
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Bosque Farms: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,930.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Bosque Farms, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence the cost. Bosque Farms’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $26,742 | 9.8 years |
8 kW | $4.01 | $22,448 | $36,097 | 9.6 years |
10 kW | $3.93 | $27,510 | $45,671 | 9.4 years |
12 kW | $3.85 | $32,352 | $55,465 | 9.2 years |
14 kW | $3.77 | $36,973 | $65,480 | 9.0 years |
16 kW | $3.69 | $41,375 | $75,714 | 8.8 years |
18 kW | $3.62 | $45,557 | $86,169 | 8.6 years |
20 kW | $3.54 | $49,518 | $96,844 | 8.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Installation Process: When making the switch to solar power, it’s important to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Bosque Farms, NM Solar Cost FAQs
What is the average cost of installing solar panels in Bosque Farms?
The average cost of solar panels in Bosque Farms is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Bosque Farms?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on electricity bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Bosque Farms, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Bosque Farms?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.