Solar Panel Cost Guide in Holloman AFB, NM (2023 Update)
- Holloman AFB Solar Installation Cost: $10,229
- 25-Year Savings: $32,328
- Payback Period: 6.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Holloman AFB
Let's take a look at the average cost of solar in Holloman AFB.
The national average cost of solar panels is $2.66 per watt, but in Holloman AFB it's 2.68 per watt. Using this figure, a typical 5.5-kW system would cost about $10,224 before the 30% federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will look different based on the amount of energy your home requires and what company you want to go with. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $30,000 over 20 years on power bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Holloman AFB
| Year | Return on Investment |
|---|---|
| 1 years | $-10,088 |
| 3 years | $-9,804 |
| 5 years | $-9,520 |
| 7 years | $-9,236 |
| 9 years | $-8,953 |
| 11 years | $-8,669 |
| 13 years | $-8,385 |
| 15 years | $-8,102 |
| 17 years | $-7,818 |
| 19 years | $-7,534 |
| 21 years | $-7,250 |
| 23 years | $-6,967 |
| 25 years | $-6,683 |
Top Solar Installers in Holloman AFB
When making the switch to solar, many homeowners choose to go with a solar installation company since DIY solar panel installation can be a challenging project. The expertise that solar installers provide can be helpful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in Holloman AFB
Factors that Affect Solar Panel Costs in Holloman AFB
For many Holloman AFB homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Holloman AFB, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Holloman AFB, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Holloman AFB homeowners opt to finance their solar panel systems to make paying for solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Holloman AFB, and each can charge different amounts for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that has the products, warranties and services you want and also fit into your budget.
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 | $35,122 | 6.2 years |
| 8 kW | $2.73 | $15,308 | $47,129 | 6.1 years |
| 10 kW | $2.68 | $18,760 | $59,286 | 6.0 years |
| 12 kW | $2.63 | $22,062 | $71,594 | 5.9 years |
| 14 kW | $2.57 | $25,213 | $84,051 | 5.8 years |
| 16 kW | $2.52 | $28,215 | $96,659 | 5.6 years |
| 18 kW | $2.47 | $31,067 | $109,417 | 5.5 years |
| 20 kW | $2.41 | $33,768 | $122,325 | 5.4 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 pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Before signing a contract with a solar installer, be sure to look it over completely 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.
EcoWatch's Holloman AFB, NM Solar Cost FAQs
How much does it cost to install solar panels in Holloman AFB?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Holloman AFB?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Holloman AFB?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.