Solar Panel Cost Guide in Edgewood, NM (2025 Update)
- Edgewood Solar Installation Cost: $15,528
- 25-Year Savings: $31,927
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Edgewood
Let’s take a look at the average cost of solar in Edgewood.
In Edgewood, solar panels cost about 4 per watt on average.To cover the typical energy usage of the average home in Edgewood, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs about $15,528, or $22,205 before the federal solar tax credit of 0 is applied.
The true price you pay can go above or below the average in Edgewood depending on several factors, such as the type of solar panels you choose and the solar company you hire.For most homeowners, the upfront cost of solar is worth paying. On average Edgewood homeowners see about $29,000 in savings on utility bills over 20 years.
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Solar savings over time in Edgewood
| Year | Return on Investment |
|---|---|
| 1 years | $-14,439 |
| 3 years | $-12,262 |
| 5 years | $-10,085 |
| 7 years | $-7,908 |
| 9 years | $-5,730 |
| 11 years | $-3,553 |
| 13 years | $-1,376 |
| 15 years | $801 |
| 17 years | $2,979 |
| 19 years | $5,156 |
| 21 years | $7,333 |
| 23 years | $9,510 |
| 25 years | $11,687 |
Top Solar Installers in Edgewood
Trying to install solar panels by yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over time.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Edgewood
Factors that Affect Solar Panel Costs in Edgewood
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Edgewood: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The type of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about 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 for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your total costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can play a part in determining your pricing. Edgewood’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and better 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 lower 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 | $4.09 | $17,166 | $28,028 | 9.5 years |
| 8 kW | $4.01 | $22,448 | $37,811 | 9.3 years |
| 10 kW | $3.93 | $27,510 | $47,814 | 9.1 years |
| 12 kW | $3.85 | $32,352 | $58,036 | 8.9 years |
| 14 kW | $3.77 | $36,973 | $68,479 | 8.8 years |
| 16 kW | $3.69 | $41,375 | $79,143 | 8.6 years |
| 18 kW | $3.62 | $45,557 | $90,026 | 8.4 years |
| 20 kW | $3.54 | $49,518 | $101,129 | 8.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: If you care about the longevity of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
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 Edgewood, NM Solar Cost FAQs
What is the average cost of installing solar panels in Edgewood?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Edgewood?
Leasing solar panels can be an option if you are unable to 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 property 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 financial benefits from going solar.
Is going solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.