Solar Panel Cost Guide in Grants, NM (2024 Update)
- Grants Solar Installation Cost: $15,509
- 25-Year Savings: $26,090
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Grants
Find out what the average cost of a solar system is in Grants.
In Grants, solar panels cost about 4 per watt on average.Using this figure, a typical 5.6-kW system would cost about $15,509 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.Even with the high upfront cost, the average Grants homeowner can save around $25,000 on their electricity bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a vetted solar installer in Grants, you can click the button below.
Solar savings over time in Grants
| Year | Return on Investment |
|---|---|
| 1 years | $-14,443 |
| 3 years | $-12,313 |
| 5 years | $-10,183 |
| 7 years | $-8,052 |
| 9 years | $-5,922 |
| 11 years | $-3,792 |
| 13 years | $-1,661 |
| 15 years | $469 |
| 17 years | $2,599 |
| 19 years | $4,730 |
| 21 years | $6,860 |
| 23 years | $8,990 |
| 25 years | $11,121 |
Top Solar Installers in Grants
Although you can install solar panels yourself, it takes extra labor and knowledge. Because of that, most homeowners choose a solar panel installer. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're on the hunt for a solar installer in Grants, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Grants
Factors that Affect Solar Panel Costs in Grants
There are many factors that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Grants, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by around $3,930 for each additional kilowatt you need.The brand and type of equipment you want for your solar system can increase or decrease 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 limited roof space 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Grants, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of financing options, 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 interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you select will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Grants have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $4.09 | $17,166 | $21,857 | 11.0 years |
| 8 kW | $4.01 | $22,448 | $29,583 | 10.8 years |
| 10 kW | $3.93 | $27,510 | $37,529 | 10.6 years |
| 12 kW | $3.85 | $32,352 | $45,696 | 10.4 years |
| 14 kW | $3.77 | $36,973 | $54,082 | 10.2 years |
| 16 kW | $3.69 | $41,375 | $62,688 | 9.9 years |
| 18 kW | $3.62 | $45,557 | $71,514 | 9.7 years |
| 20 kW | $3.54 | $49,518 | $80,561 | 9.5 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Grants, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: If you’re worried about the durability of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Grants, NM Solar Cost FAQs
How much does it cost to install solar panels in Grants?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Grants?
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 don’t have access to many solar incentives. Also your home 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.
Do solar panels increase the value of your home?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Grants?
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 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.