Solar Panel Cost Guide in Chaparral, NM (2023 Update)
- Chaparral Solar Installation Cost: $10,224
- 25-Year Savings: $33,069
- Payback Period: 5.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Chaparral
We break down average solar pricing in Chaparral.
In Chaparral, solar panels cost about 2.68 per watt on average. The average Chaparral homeowner needs a 5.5-kilowatt system, which would cost about $10,224 with the federal tax credit, or $14,620 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Chaparral based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Chaparral see about $30,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Chaparral for a quote for your home.
Solar savings over time in Chaparral
| Year | Return on Investment |
|---|---|
| 1 years | $-8,492 |
| 3 years | $-5,029 |
| 5 years | $-1,566 |
| 7 years | $1,898 |
| 9 years | $5,361 |
| 11 years | $8,825 |
| 13 years | $12,288 |
| 15 years | $15,751 |
| 17 years | $19,215 |
| 19 years | $22,678 |
| 21 years | $26,142 |
| 23 years | $29,605 |
| 25 years | $33,069 |
Top Solar Installers in Chaparral
Trying to install solar panels on your own can be a difficult task, which is why using a solar installer is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar, using a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Chaparral
Factors that Affect Solar Panel Costs in Chaparral
There are many factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. The brand and kind of equipment you get for your solar system can raise or lower 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Chaparral provide solar loans, which reduce the initial cost of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Chaparral, you'll have many options to choose from, but each comes at various price points for labor and equipment. The company's size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $35,931 | 6.1 years |
| 8 kW | $2.73 | $15,308 | $48,208 | 6.0 years |
| 10 kW | $2.68 | $18,760 | $60,635 | 5.9 years |
| 12 kW | $2.63 | $22,062 | $73,213 | 5.8 years |
| 14 kW | $2.57 | $25,213 | $85,940 | 5.7 years |
| 16 kW | $2.52 | $28,215 | $98,817 | 5.6 years |
| 18 kW | $2.47 | $31,067 | $111,845 | 5.4 years |
| 20 kW | $2.41 | $33,768 | $125,023 | 5.3 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 find the right company for you, here are some tips to keep in mind:
- Warranty: If you're worried about the durability of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Chaparral, NM Solar Cost FAQs
How much does it cost to install solar panels in Chaparral?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Chaparral?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is it worth going solar in Chaparral?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.