Solar Panel Cost Guide in Los Ranchos de Albuquerque, NM (2023 Update)
- Los Ranchos de Albuquerque Solar Installation Cost: $10,475
- 25-Year Savings: $25,493
- Payback Period: 7.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Los Ranchos de Albuquerque
Find out how much it might cost to make the switch to solar in Los Ranchos de Albuquerque.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Los Ranchos de Albuquerque, the typical cost of solar panels is 2.68 per watt. To cover the typical energy usage of the average home in Los Ranchos de Albuquerque, most homeowners require a 5.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,468, or $14,969 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs may differ based on your energy needs and what company you choose to go with. With average savings of about $24,000 on energy bills over 20 years, many homeowners in Los Ranchos de Albuquerque find going solar can be quite rewarding.
Click the button below to get connected to a vetted solar company in Los Ranchos de Albuquerque for a customized estimate.
Solar savings over time in Los Ranchos de Albuquerque
| Year | Return on Investment |
|---|---|
| 1 years | $-10,355 |
| 3 years | $-10,115 |
| 5 years | $-9,876 |
| 7 years | $-9,636 |
| 9 years | $-9,396 |
| 11 years | $-9,156 |
| 13 years | $-8,916 |
| 15 years | $-8,677 |
| 17 years | $-8,437 |
| 19 years | $-8,197 |
| 21 years | $-7,957 |
| 23 years | $-7,718 |
| 25 years | $-7,478 |
Top Solar Installers in Los Ranchos de Albuquerque
Many homeowners choose to hire a solar panel company since trying to install solar panels yourself can be time-consuming. A solar installer can also help save you money over time by providing warranties, repairs and component replacements.
If you're searching for a solar company in Los Ranchos de Albuquerque, the EcoWatch team has compiled a list of our top suggestions here:
See all of the solar companies in Los Ranchos de Albuquerque
Factors that Affect Solar Panel Costs in Los Ranchos de Albuquerque
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Los Ranchos de Albuquerque: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant 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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,680 per kilowatt in Los Ranchos de Albuquerque. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Los Ranchos de Albuquerque offer solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increases your all-in costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Los Ranchos de Albuquerque, and each can charge different amounts for labor and equipment. You may see 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 major players.
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 | $26,943 | 7.6 years |
| 8 kW | $2.73 | $15,308 | $36,224 | 7.4 years |
| 10 kW | $2.68 | $18,760 | $45,655 | 7.3 years |
| 12 kW | $2.63 | $22,062 | $55,237 | 7.1 years |
| 14 kW | $2.57 | $25,213 | $64,968 | 7.0 years |
| 16 kW | $2.52 | $28,215 | $74,850 | 6.8 years |
| 18 kW | $2.47 | $31,067 | $84,881 | 6.7 years |
| 20 kW | $2.41 | $33,768 | $95,063 | 6.6 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies have various brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
EcoWatch's Los Ranchos de Albuquerque, NM Solar Cost FAQs
How much does it cost to install solar panels in Los Ranchos de Albuquerque?
This is a tough question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How much can I save on electricity bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Los Ranchos de Albuquerque, 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 check with 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 what solar panel system size you need, you should find out how much energy your home needs 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 house 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.