Solar Panel Cost Guide in Lovington, NM (2024 Update)
- Lovington Solar Installation Cost: $15,018
- 25-Year Savings: $16,048
- Payback Period: 14.3 Years
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Average Cost of Solar Panels in Lovington
We break down average solar pricing in Lovington.
In Lovington, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Lovington, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs about $15,018, or $21,476 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.Even with the large initial cost, the average Lovington homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lovington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,254 |
| 3 years | $-12,726 |
| 5 years | $-11,199 |
| 7 years | $-9,671 |
| 9 years | $-8,143 |
| 11 years | $-6,615 |
| 13 years | $-5,088 |
| 15 years | $-3,560 |
| 17 years | $-2,032 |
| 19 years | $-504 |
| 21 years | $1,023 |
| 23 years | $2,551 |
| 25 years | $4,079 |
Top Solar Installers in Lovington
Although it's possible to install solar panels by yourself, it involves extra effort and expertise. That's why most homeowners choose to go with a solar panel installer. The payback period on a solar system will vary depending on factors like your location and energy consumption, but going with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- 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
See all of the solar companies in Lovington
Factors that Affect Solar Panel Costs in Lovington
For many Lovington homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lovington, 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
One of the most important factors to consider when it comes to the cost of adopting solar energy 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 spend about $3,930 per kilowatt in Lovington.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lovington, where sunlight is abundant, efficiency can quickly pay off. Plus, 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 power bills over many years, but they can also be a big investment. That’s why many Lovington homeowners opt to finance their solar panel systems to offset upfront costs.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can affect the cost. Lovington’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more 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 promotion 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 | $4.09 | $17,166 | $11,727 | 14.9 years |
| 8 kW | $4.01 | $22,448 | $16,076 | 14.6 years |
| 10 kW | $3.93 | $27,510 | $20,646 | 14.3 years |
| 12 kW | $3.85 | $32,352 | $25,435 | 14.0 years |
| 14 kW | $3.77 | $36,973 | $30,445 | 13.7 years |
| 16 kW | $3.69 | $41,375 | $35,674 | 13.4 years |
| 18 kW | $3.62 | $45,557 | $41,124 | 13.1 years |
| 20 kW | $3.54 | $49,518 | $46,793 | 12.9 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Warranty: If you’re concerned about the durability of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- 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
EcoWatch's Lovington, NM Solar Cost FAQs
How much does it cost to install solar panels in Lovington?
The average cost of solar panels in Lovington is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lovington?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.