Solar Panel Cost Guide in Grants, NM (Mar 2023)
- Grants Solar Installation Cost: $10,581
- 25-Year Savings: $26,085
- Payback Period: 7.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Grants
We go over average solar pricing in Grants.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Grants, the typical cost of solar panels is 2.68 per watt. Using this figure, a typical 5.6-kW system would cost about $10,581 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Grants homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $25,000 over 20 years on power bills.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Grants
| Year | Return on Investment |
|---|---|
| 1 years | $-9,114 |
| 3 years | $-6,181 |
| 5 years | $-3,247 |
| 7 years | $-314 |
| 9 years | $2,619 |
| 11 years | $5,552 |
| 13 years | $8,486 |
| 15 years | $11,419 |
| 17 years | $14,352 |
| 19 years | $17,285 |
| 21 years | $20,219 |
| 23 years | $23,152 |
| 25 years | $26,085 |
Top Solar Installers in Grants
Installing solar panels yourself can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. 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 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 Grants
Factors that Affect Solar Panel Costs in Grants
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Grants: 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 important 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 energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,680 per kilowatt in Grants. The model of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, 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 into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Grants homeowners decide to finance their solar panel systems to make going solar more affordable. While solar loans make going solar more accessible for Grants 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Grants is the company you hire to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that provide a range of services at different costs. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $27,317 | 7.5 years |
| 8 kW | $2.73 | $15,308 | $36,723 | 7.4 years |
| 10 kW | $2.68 | $18,760 | $46,279 | 7.2 years |
| 12 kW | $2.63 | $22,062 | $55,986 | 7.1 years |
| 14 kW | $2.57 | $25,213 | $65,842 | 6.9 years |
| 16 kW | $2.52 | $28,215 | $75,848 | 6.8 years |
| 18 kW | $2.47 | $31,067 | $86,004 | 6.6 years |
| 20 kW | $2.41 | $33,768 | $96,311 | 6.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Grants, NM Solar Cost FAQs
What is the average cost of installing solar panels in Grants?
The average cost of solar panels in Grants 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Grants?
Solar panels aren't free in Grants, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase the value of your home?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.