Solar Panel Cost Guide in Corrales, NM (2024 Update)

  • Corrales Solar Installation Cost: $15,677
  • 25-Year Savings: $25,472
  • Payback Period: 10.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Corrales

Find out how much it might cost to make the switch to solar in Corrales.

The national average cost of solar panels is $2.66 per watt, but in Corrales it’s 4 per watt.To cover the typical energy needs of the average home in Corrales, most homeowners require a 5.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,677, or $22,418 before the federal solar tax credit of 0 is applied.

Bear in mind that the figures above are only estimates based on the average Corrales homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Corrales see about $24,000 in savings on utility bills over 20 years.

To calculate your potential savings and connect with a local solar company, click the button below.

Solar savings over time in Corrales

Year Return on Investment
1 years $-14,589
3 years $-12,412
5 years $-10,234
7 years $-8,057
9 years $-5,880
11 years $-3,703
13 years $-1,525
15 years $652
17 years $2,829
19 years $5,006
21 years $7,184
23 years $9,361
25 years $11,538

Top Solar Installers in Corrales

Installing solar panels yourself can be a dangerous task, which is why using a solar installer is a good option for many homeowners. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • 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 Corrales

Factors that Affect Solar Panel Costs in Corrales

There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.

Solar Equipment

When it comes to estimating the cost of a solar panel system in Corrales, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $3,930 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Corrales, which can reduce, or in some cases completely 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 interest rate could reduce your costs significantly.

Solar Panel Installation Company

The remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Corrales, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.

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 $20,908 11.3 years
8 kW $4.01 $22,448 $28,317 11.1 years
10 kW $3.93 $27,510 $35,946 10.8 years
12 kW $3.85 $32,352 $43,796 10.6 years
14 kW $3.77 $36,973 $51,866 10.4 years
16 kW $3.69 $41,375 $60,155 10.2 years
18 kW $3.62 $45,557 $68,665 10.0 years
20 kW $3.54 $49,518 $77,395 9.8 years

How to Save on Solar Panels

There are many companies available in Corrales, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
  • Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
  • Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Corrales, NM Solar Cost FAQs

How much does it cost to install solar panels in Corrales?

The average cost of solar panels in Corrales is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider in addition to cost when buying solar panels?

Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Does Corrales have a net metering program?

The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.

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.

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