Solar Panel Cost Guide in Lovington, NM (Feb 2023)

  • Lovington Solar Installation Cost: $10,243
  • 25-Year Savings: $16,046
  • Payback Period: 9.7 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lovington

Here's how much it might cost to switch to solar power in Lovington.

The national average cost of solar panels is $2.66 per watt, but in Lovington it's $3 per watt. Because a 5.5-kW system is needed to cover the energy usage of a typical home in Lovington, the average price of going solar will be about $10,243 before claiming the federal solar tax credit of 30%.

Keep in mind that the figures above are only estimates based on the average energy use of Lovington homeowners. The price 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. Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Lovington can save about $18,000 on their electricity bills over 20 years.

Click the button below to get connected to a vetted solar panel company in Lovington for a personalized quote.

Solar savings over time in Lovington

Year Return on Investment
1 years $-9,191
3 years $-7,088
5 years $-4,985
7 years $-2,882
9 years $-779
11 years $1,324
13 years $3,427
15 years $5,530
17 years $7,634
19 years $9,737
21 years $11,840
23 years $13,943
25 years $16,046

Top Solar Installers in Lovington

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make switching to solar power much easier. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives and by providing warranties and repairs.

If you're searching for a solar installer in Lovington, we've put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Lovington

Factors that Affect Solar Panel Costs in Lovington

For many Lovington homeowners, the decision to go solar rests 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 numerous factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Lovington average.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Lovington homeowners choose to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

Lastly, the company you opt for to install your solar panel system can affect the cost. Lovington's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — 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 decide on the company that has the products, warranties and services you want and also is within 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 $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

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:

  • Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
  • Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Lovington, NM Solar Cost FAQs

What is the average cost of installing solar panels in Lovington?

The average cost of solar panels in Lovington is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important thing to consider when buying solar panels?

Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Do solar panels increase the value of your home?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lovington is currently $122,000, so you can look forward to a value of about $5,002 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lovington is a rewarding investment.

How long do solar panels last in Lovington?

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 their energy production 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.

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