Solar Panel Cost Guide in Eldorado at Santa Fe, NM (2024 Update)
- Eldorado at Santa Fe Solar Installation Cost: $15,549
- 25-Year Savings: $29,959
- Payback Period: 9.6 Years
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Average Cost of Solar Panels in Eldorado at Santa Fe
See how much it might cost to make the switch to solar in Eldorado at Santa Fe.
The national average cost of solar panels is $2.66 per watt, but in Eldorado at Santa Fe it’s 4 per watt.The average Eldorado at Santa Fe homeowner needs a 5.7-kilowatt system, which would cost about $15,549 with the federal tax credit, or $22,235 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar system you choose, your solar contractor and more.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Eldorado at Santa Fe see about $27,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a vetted solar installer in your area for a customized quote.
Solar savings over time in Eldorado at Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-14,460 |
| 3 years | $-12,283 |
| 5 years | $-10,106 |
| 7 years | $-7,929 |
| 9 years | $-5,751 |
| 11 years | $-3,574 |
| 13 years | $-1,397 |
| 15 years | $780 |
| 17 years | $2,958 |
| 19 years | $5,135 |
| 21 years | $7,312 |
| 23 years | $9,489 |
| 25 years | $11,666 |
Top Solar Installers in Eldorado at Santa Fe
Although you can install solar panels on your own, it requires extra time and know-how. That's one of the reasons most homeowners choose a solar panel installer. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for your home.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Eldorado at Santa Fe
Factors that Affect Solar Panel Costs in Eldorado at Santa Fe
For many Eldorado at Santa Fe homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Eldorado at Santa Fe, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy 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 nearly $3,930. The model of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions 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 into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Eldorado at Santa Fe, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can influence the cost. Eldorado at Santa Fe’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater 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 | $4.09 | $17,166 | $25,893 | 10.0 years |
| 8 kW | $4.01 | $22,448 | $34,964 | 9.8 years |
| 10 kW | $3.93 | $27,510 | $44,255 | 9.6 years |
| 12 kW | $3.85 | $32,352 | $53,767 | 9.4 years |
| 14 kW | $3.77 | $36,973 | $63,498 | 9.2 years |
| 16 kW | $3.69 | $41,375 | $73,449 | 9.0 years |
| 18 kW | $3.62 | $45,557 | $83,621 | 8.8 years |
| 20 kW | $3.54 | $49,518 | $94,013 | 8.6 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on 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:
- 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: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a part in which company you should go with, since different companies offer different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Eldorado at Santa Fe, NM Solar Cost FAQs
How much does it cost to install solar panels in Eldorado at Santa Fe?
The average cost of solar panels in Eldorado at Santa Fe is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Eldorado at Santa Fe?
Leasing solar panels can be an option if you can’t afford 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 savings from going solar.
Does Eldorado at Santa Fe have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 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.