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
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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:
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 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.
EcoWatch's Hobbs, NM Solar Cost FAQs
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.