Solar Panel Cost Guide in Lovington, NM (2023 Update)
- Lovington Solar Installation Cost: $10,241
- 25-Year Savings: $16,048
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lovington
We go over average solar pricing in Lovington.
The average cost of a solar panel system in Lovington is 2.68 per watt. Using this figure, a typical 5.5-kW system would cost about $10,243 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lovington homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average Lovington homeowners see about $18,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lovington
| Year | Return on Investment |
|---|---|
| 1 years | $-9,477 |
| 3 years | $-7,950 |
| 5 years | $-6,422 |
| 7 years | $-4,894 |
| 9 years | $-3,366 |
| 11 years | $-1,839 |
| 13 years | $-311 |
| 15 years | $1,217 |
| 17 years | $2,745 |
| 19 years | $4,272 |
| 21 years | $5,800 |
| 23 years | $7,328 |
| 25 years | $8,856 |
Top Solar Installers in Lovington
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be a labor-intensive endeavor. The payback period of solar panels will vary based on factors like your roof configuration and energy usage, but going with a solar installer can shorten that period. Your provider will be able to help you apply for incentives available in your area.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Lovington
Factors that Affect Solar Panel Costs in Lovington
While the average cost of a solar system in Lovington is $10,243, your actual cost may be higher or lower than that. There are many 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
When it comes to estimating the price of a solar energy system in Lovington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of clean energy solutions in Lovington, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $17,187 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,216 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,396 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,725 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,205 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $48,834 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,614 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,543 | 8.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
EcoWatch's Lovington, NM Solar Cost FAQs
What is the average cost of installing solar panels in Lovington?
This is a hard question to answer exactly, because the cost depends on a few different 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart 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.
Does Lovington have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.