Solar Panel Cost Guide in Deming, NM (2023 Update)
- Deming Solar Installation Cost: $9,841
- 25-Year Savings: $31,342
- Payback Period: 6.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Deming
Find out what the average cost of solar panel installation is in Deming.
While the national average of solar panels is $2.66 per watt, solar panels in Deming generally cost around 2.68. Because a 5.2-kW system is needed to cover the energy costs of a typical home in Deming, the average price of going solar will be about $9,849 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Deming see about $30,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a top solar company in Deming for a quote for your home.
Solar savings over time in Deming
| Year | Return on Investment |
|---|---|
| 1 years | $-9,703 |
| 3 years | $-9,429 |
| 5 years | $-9,154 |
| 7 years | $-8,880 |
| 9 years | $-8,605 |
| 11 years | $-8,330 |
| 13 years | $-8,056 |
| 15 years | $-7,781 |
| 17 years | $-7,507 |
| 19 years | $-7,232 |
| 21 years | $-6,958 |
| 23 years | $-6,683 |
| 25 years | $-6,409 |
Top Solar Installers in Deming
Although it's possible to install solar panels yourself, it requires extra effort and handiness. For that reason, most homeowners choose to go with a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
See all of the solar companies in Deming
Factors that Affect Solar Panel Costs in Deming
Although the average cost of a solar system in Deming is $9,849, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also affects the cost. Typically, the brands that are more efficient 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 far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Deming to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can affect your pricing. Deming's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk 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 down 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 | $35,400 | 6.2 years |
| 8 kW | $2.73 | $15,308 | $47,500 | 6.1 years |
| 10 kW | $2.68 | $18,760 | $59,750 | 6.0 years |
| 12 kW | $2.63 | $22,062 | $72,150 | 5.9 years |
| 14 kW | $2.57 | $25,213 | $84,701 | 5.7 years |
| 16 kW | $2.52 | $28,215 | $97,401 | 5.6 years |
| 18 kW | $2.47 | $31,067 | $110,251 | 5.5 years |
| 20 kW | $2.41 | $33,768 | $123,252 | 5.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- 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 project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
EcoWatch's Deming, NM Solar Cost FAQs
What is the average cost of installing solar panels in Deming?
The average cost of solar panels in Deming 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Deming?
Leasing solar panels can be an attractive choice, because it typically 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 way to go if you want to get the most savings.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Deming is currently $89,600, which means you can look forward to a value of about $3,674 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Deming is a worthwhile investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.