Solar Panel Cost Guide in Corrales, NM (2023 Update)
- Corrales Solar Installation Cost: $10,691
- 25-Year Savings: $25,472
- Payback Period: 7.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Corrales
Let's have a look at the average cost of solar panels in Corrales.
While the national average of solar panels is $2.66 per watt, solar panels in Corrales generally cost around 2.68. To account for 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 about $10,693, or $15,291 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Corrales homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $24,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Corrales
| Year | Return on Investment |
|---|---|
| 1 years | $-10,570 |
| 3 years | $-10,329 |
| 5 years | $-10,088 |
| 7 years | $-9,847 |
| 9 years | $-9,606 |
| 11 years | $-9,365 |
| 13 years | $-9,124 |
| 15 years | $-8,883 |
| 17 years | $-8,642 |
| 19 years | $-8,401 |
| 21 years | $-8,160 |
| 23 years | $-7,919 |
| 25 years | $-7,677 |
Top Solar Installers in Corrales
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make swapping over to solar power much easier. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Corrales:
See all of the solar companies in Corrales
Factors that Affect Solar Panel Costs in Corrales
Though the average cost of a solar system in Corrales is $10,693, your final cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar system you need, 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 $2,680. The brand of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Corrales provide solar loans, which reduce your upfront costs of installing a solar system. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Corrales is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access 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 | $26,368 | 7.7 years |
| 8 kW | $2.73 | $15,308 | $35,457 | 7.5 years |
| 10 kW | $2.68 | $18,760 | $44,696 | 7.4 years |
| 12 kW | $2.63 | $22,062 | $54,086 | 7.2 years |
| 14 kW | $2.57 | $25,213 | $63,626 | 7.1 years |
| 16 kW | $2.52 | $28,215 | $73,315 | 6.9 years |
| 18 kW | $2.47 | $31,067 | $83,155 | 6.8 years |
| 20 kW | $2.41 | $33,768 | $93,145 | 6.7 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose considerably affects your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
EcoWatch's Corrales, NM Solar Cost FAQs
What is the average cost of installing solar panels in Corrales?
The average cost of solar panels in Corrales 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 stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Corrales?
Leasing solar panels can be an attractive choice, as it typically 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 much can I save on energy bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Corrales, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 get between 20 and 35 panels to account for 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.