Solar Panel Cost Guide in Hobbs, NM (2023 Update)
- Hobbs Solar Installation Cost: $10,241
- 25-Year Savings: $16,559
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hobbs
We break down average solar pricing in Hobbs.
Although the national average of solar panels is $2.66 per watt, solar panels in Hobbs generally cost around 2.68. Because a 5.5-kW system is needed to cover the energy costs of a typical home in Hobbs, the average price of going solar will be about $10,243 after claiming the federal solar tax credit of 30%.
The true cost of your system can be above or below the average in Hobbs based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. Even with the high upfront cost, the average Hobbs homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the perks of solar.
To receive a free quote from a pre-vetted solar company in Hobbs, you can click the button below.
Solar savings over time in Hobbs
| Year | Return on Investment |
|---|---|
| 1 years | $-10,152 |
| 3 years | $-9,973 |
| 5 years | $-9,795 |
| 7 years | $-9,616 |
| 9 years | $-9,437 |
| 11 years | $-9,259 |
| 13 years | $-9,080 |
| 15 years | $-8,901 |
| 17 years | $-8,723 |
| 19 years | $-8,544 |
| 21 years | $-8,365 |
| 23 years | $-8,187 |
| 25 years | $-8,008 |
Top Solar Installers in Hobbs
Although you can install solar panels yourself, it requires extra energy and knowledge. That's why most homeowners choose a solar panel installer. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be right for you.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Hobbs
Factors that Affect Solar Panel Costs in Hobbs
There are a number of factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Hobbs. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons 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 Hobbs homeowners decide to finance their solar panel systems to make going solar more affordable. Though solar loans make adopting solar energy more accessible for Hobbs homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Hobbs 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 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 | $17,749 | 9.9 years |
| 8 kW | $2.73 | $15,308 | $23,965 | 9.7 years |
| 10 kW | $2.68 | $18,760 | $30,332 | 9.6 years |
| 12 kW | $2.63 | $22,062 | $36,848 | 9.4 years |
| 14 kW | $2.57 | $25,213 | $43,515 | 9.2 years |
| 16 kW | $2.52 | $28,215 | $50,332 | 9.0 years |
| 18 kW | $2.47 | $31,067 | $57,298 | 8.8 years |
| 20 kW | $2.41 | $33,768 | $64,415 | 8.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Hobbs, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Companies that have been in business for many years likely have a solid 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 service, such as part repairs and replacements.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
EcoWatch's Hobbs, NM Solar Cost FAQs
How much does it cost to install solar panels in Hobbs?
This is a tough question to answer exactly, because the cost depends on a few different 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. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Hobbs?
You can't get solar panels for free in Hobbs. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Hobbs, 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.