Solar Panel Cost Guide in Farmington, NM (2024 Update)
- Farmington Solar Installation Cost: $15,900
- 25-Year Savings: $18,828
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Farmington
See how much it might cost to switch to solar power in Farmington.
The national average cost of solar panels is $2.66 per watt, but in Farmington it’s 4 per watt.Since a 5.8-kW system is needed to cover the energy costs of a typical home in Farmington, the average price of going solar will be about $15,900 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average energy use of Farmington homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the large initial cost, the average Farmington homeowner can save about $20,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,978 |
| 3 years | $-13,132 |
| 5 years | $-11,287 |
| 7 years | $-9,442 |
| 9 years | $-7,597 |
| 11 years | $-5,752 |
| 13 years | $-3,907 |
| 15 years | $-2,062 |
| 17 years | $-217 |
| 19 years | $1,628 |
| 21 years | $3,473 |
| 23 years | $5,318 |
| 25 years | $7,163 |
Top Solar Installers in Farmington
When making the switch to solar, many homeowners prefer to go with a solar installation company since DIY solar panel installation can be a difficult project. 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 family.
There are various licensed solar professionals that can install solar panels for you. 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 Farmington
Factors that Affect Solar Panel Costs in Farmington
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Farmington: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $3,930 per kilowatt in Farmington.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Farmington homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s vital to include that in your estimate 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
The solar company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to 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 discount 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 | $13,635 | 13.9 years |
| 8 kW | $4.01 | $22,448 | $18,620 | 13.7 years |
| 10 kW | $3.93 | $27,510 | $23,825 | 13.4 years |
| 12 kW | $3.85 | $32,352 | $29,250 | 13.1 years |
| 14 kW | $3.77 | $36,973 | $34,896 | 12.9 years |
| 16 kW | $3.69 | $41,375 | $40,761 | 12.6 years |
| 18 kW | $3.62 | $45,557 | $46,847 | 12.3 years |
| 20 kW | $3.54 | $49,518 | $53,152 | 12.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
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 Farmington, NM Solar Cost FAQs
How much does it cost to install solar panels in Farmington?
The average cost of solar panels in Farmington 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 model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Farmington?
A solar panel system isn’t free in Farmington, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Farmington have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
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 larger 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.