Solar Panel Cost Guide in Farmington, NM (Mar 2023)
- Farmington Solar Installation Cost: $10,843
- 25-Year Savings: $18,827
- Payback Period: 9.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Farmington
We go over average solar pricing in Farmington.
The national average cost of solar panels is $2.66 per watt, but in Farmington it's 2.68 per watt. To cover the typical energy usage of the average home in Farmington, most homeowners require a 5.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,843, or $15,505 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Farmington homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average Farmington homeowners see about $20,000 in savings on utility bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-9,656 |
| 3 years | $-7,283 |
| 5 years | $-4,909 |
| 7 years | $-2,536 |
| 9 years | $-162 |
| 11 years | $2,212 |
| 13 years | $4,585 |
| 15 years | $6,959 |
| 17 years | $9,333 |
| 19 years | $11,706 |
| 21 years | $14,080 |
| 23 years | $16,454 |
| 25 years | $18,827 |
Top Solar Installers in Farmington
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of an installer can make swapping over to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Farmington, we've compiled a list of our top suggestions here:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Farmington, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $19,095 | 9.5 years |
| 8 kW | $2.73 | $15,308 | $25,760 | 9.3 years |
| 10 kW | $2.68 | $18,760 | $32,575 | 9.1 years |
| 12 kW | $2.63 | $22,062 | $39,540 | 9.0 years |
| 14 kW | $2.57 | $25,213 | $46,656 | 8.8 years |
| 16 kW | $2.52 | $28,215 | $53,921 | 8.6 years |
| 18 kW | $2.47 | $31,067 | $61,337 | 8.4 years |
| 20 kW | $2.41 | $33,768 | $68,902 | 8.2 years |
How to Save on Solar Panels
Since the model 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 tips to keep in mind to help with your decision:
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Farmington, NM Solar Cost FAQs
What is the average cost of installing solar panels in Farmington?
The average cost of solar panels in Farmington is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Farmington?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
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.