Solar Panel Cost Guide in Edgewood, NM (2023 Update)
- Edgewood Solar Installation Cost: $10,589
- 25-Year Savings: $31,927
- Payback Period: 6.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Edgewood
Find out what the average cost of a solar system is in Edgewood.
The average cost of a solar panel system in Edgewood is 2.68 per watt. Using this figure, a typical 5.6-kW system would cost about $10,581 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. With average savings of about $29,000 on electricity bills over 20 years, many homeowners in Edgewood find going solar has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Edgewood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Edgewood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,447 |
| 3 years | $-10,164 |
| 5 years | $-9,880 |
| 7 years | $-9,597 |
| 9 years | $-9,314 |
| 11 years | $-9,030 |
| 13 years | $-8,747 |
| 15 years | $-8,463 |
| 17 years | $-8,180 |
| 19 years | $-7,896 |
| 21 years | $-7,613 |
| 23 years | $-7,329 |
| 25 years | $-7,046 |
Top Solar Installers in Edgewood
Although it's possible to install solar panels by yourself, it takes extra energy and knowledge. That's one of the reasons almost all homeowners choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your family.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Edgewood:
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 considering investing in solar. There are a few key factors that will push your cost above or below the average in Edgewood: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install 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 energy bills over time, but they can also be a significant investment. That's why many Edgewood homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to consider that as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $33,488 | 6.5 years |
| 8 kW | $2.73 | $15,308 | $44,951 | 6.4 years |
| 10 kW | $2.68 | $18,760 | $56,564 | 6.2 years |
| 12 kW | $2.63 | $22,062 | $68,326 | 6.1 years |
| 14 kW | $2.57 | $25,213 | $80,239 | 6.0 years |
| 16 kW | $2.52 | $28,215 | $92,303 | 5.9 years |
| 18 kW | $2.47 | $31,067 | $104,516 | 5.7 years |
| 20 kW | $2.41 | $33,768 | $116,879 | 5.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
EcoWatch's Edgewood, NM Solar Cost FAQs
How much does it cost to install solar panels in Edgewood?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your property value?
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 Edgewood is currently $223,688, so you can expect a value of about $9,171 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Edgewood is a fruitful investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.