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

  • Edgewood Solar Installation Cost: $15,528
  • 25-Year Savings: $31,927
  • Payback Period: 9.1 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 Edgewood

Let’s take a look at the average cost of solar in Edgewood.

The average cost of a solar system in Edgewood is 4 per watt.To cover the typical energy needs 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.

These figures are just estimates, and the cost of going solar for you will most likely differ based on your energy needs and what company you choose to go with.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Edgewood can save about $29,000 on their energy bills over 20 years.

Click the button below to get connected to a highly rated solar installer in your area for a personalized quote.

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

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring an installer can make your switch to solar power much easier. Another great thing about going with a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar system over time.

Working with a licensed solar company can make going solar easier. Here are our recommendations:

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 Edgewood

Factors that Affect Solar Panel Costs in Edgewood

Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall 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

The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,930. There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Edgewood homeowners opt to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Edgewood is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different price points.The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better 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 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 $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

Since the kind of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
  • Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.

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 Edgewood, NM Solar Cost FAQs

What is the average cost of installing solar panels in Edgewood?

The average cost of solar panels in Edgewood is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Edgewood?

Leasing solar panels can be an appealing choice, as 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Is going solar worth it?

Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

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 how much 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 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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