Solar Panel Cost Guide in Eldorado at Santa Fe, NM (2023 Update)
- Eldorado at Santa Fe Solar Installation Cost: $10,603
- 25-Year Savings: $29,959
- Payback Period: 6.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Eldorado at Santa Fe
We go over average solar pricing in Eldorado at Santa Fe.
While the national average of solar panels is $2.66 per watt, solar panels in Eldorado at Santa Fe generally cost around 2.68. The average solar panel system size in Eldorado at Santa Fe is around 5.7 kilowatts, meaning a cost of about $10,599 for a solar installation, or $15,157 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what installation company you go with. But, after you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $27,000 over 20 years on energy bills.
Click the button below to get connected to a top solar panel company in Eldorado at Santa Fe for a personalized estimate.
Solar savings over time in Eldorado at Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-10,468 |
| 3 years | $-10,198 |
| 5 years | $-9,927 |
| 7 years | $-9,657 |
| 9 years | $-9,386 |
| 11 years | $-9,116 |
| 13 years | $-8,846 |
| 15 years | $-8,575 |
| 17 years | $-8,305 |
| 19 years | $-8,034 |
| 21 years | $-7,764 |
| 23 years | $-7,493 |
| 25 years | $-7,223 |
Top Solar Installers in Eldorado at Santa Fe
Many homeowners opt for a solar installation company since trying to install solar panels on your own can be hard. Also, companies with a good reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you'd like to go solar but still aren't certain which solar system company to go with, here are our recommendations for providers nearby:
See all of the solar companies in Eldorado at Santa Fe
Factors that Affect Solar Panel Costs in Eldorado at Santa Fe
The cost of installing a solar system in Eldorado at Santa Fe can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need, 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 around $2,680. The model of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond 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 for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Eldorado at Santa Fe homeowners opt to finance their solar panel systems to make going solar more affordable. While solar loans make switching to solar energy more accessible for Eldorado at Santa Fe homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence your pricing. Eldorado at Santa Fe's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Eldorado at Santa Fe are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $31,353 | 6.8 years |
| 8 kW | $2.73 | $15,308 | $42,104 | 6.7 years |
| 10 kW | $2.68 | $18,760 | $53,005 | 6.5 years |
| 12 kW | $2.63 | $22,062 | $64,057 | 6.4 years |
| 14 kW | $2.57 | $25,213 | $75,258 | 6.3 years |
| 16 kW | $2.52 | $28,215 | $86,609 | 6.1 years |
| 18 kW | $2.47 | $31,067 | $98,111 | 6.0 years |
| 20 kW | $2.41 | $33,768 | $109,763 | 5.9 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
EcoWatch's Eldorado at Santa Fe, NM Solar Cost FAQs
What is the average cost of installing solar panels in Eldorado at Santa Fe?
This is a tough question to answer exactly, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Eldorado at Santa Fe?
You can't get solar panels for free in Eldorado at Santa Fe. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Eldorado at Santa Fe, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Eldorado at Santa Fe?
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.