Solar Panel Cost Guide in Hobbs, NM (Feb 2023)

  • Hobbs Solar Installation Cost: $10,243
  • 25-Year Savings: $16,557
  • Payback Period: 9.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hobbs

We go over average solar pricing in Hobbs.

While the national average of solar panels is $2.66 per watt, solar panels in Hobbs generally cost about $3. Since a 5.5-kW system is needed to cover the energy consumption of a typical home in Hobbs, the average price of going solar will be about $10,243 before claiming the federal solar tax credit of 30%.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $19,000 over 20 years on energy bills.

You can click the button below to get connected with a top solar installer in Hobbs that can help you get a more accurate cost estimate for your home.

Solar savings over time in Hobbs

Year Return on Investment
1 years $-9,171
3 years $-7,027
5 years $-4,883
7 years $-2,739
9 years $-595
11 years $1,549
13 years $3,693
15 years $5,837
17 years $7,981
19 years $10,125
21 years $12,269
23 years $14,413
25 years $16,557

Top Solar Installers in Hobbs

Many homeowners decide to hire a solar panel installer since figuring out how to install solar panels by yourself can be hard. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.

There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Hobbs

Factors that Affect Solar Panel Costs in Hobbs

Even though the average cost of a solar system in Hobbs is $10,243, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.

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 important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Hobbs homeowners choose to finance their solar panel systems to offset upfront costs. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

Finally, the company you get to install your solar panels can influence your pricing. Hobbs' solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better 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 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 $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.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Hobbs, NM Solar Cost FAQs

How much does it cost to install solar panels in Hobbs?

The average cost of solar panels in Hobbs is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider aside from cost when buying solar panels?

Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

How much can I save on energy bills after switching to solar?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Hobbs, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How often do you have to replace solar panels?

Even 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.

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