Solar Panel Cost Guide in Meadow Lake, NM (2024 Update)
- Meadow Lake Solar Installation Cost: $15,284
- 25-Year Savings: $28,542
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Meadow Lake
Let’s take a look at the average cost of solar in Meadow Lake.
The national average cost of solar panels is $2.66 per watt, but in Meadow Lake it’s 4 per watt.Using this figure, a typical 5.6-kW system would cost about $15,284 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what installation company you go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $27,000 over 20 years on electricity bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Meadow Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,195 |
| 3 years | $-12,018 |
| 5 years | $-9,841 |
| 7 years | $-7,664 |
| 9 years | $-5,486 |
| 11 years | $-3,309 |
| 13 years | $-1,132 |
| 15 years | $1,045 |
| 17 years | $3,223 |
| 19 years | $5,400 |
| 21 years | $7,577 |
| 23 years | $9,754 |
| 25 years | $11,932 |
Top Solar Installers in Meadow Lake
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be a labor-intensive endeavor. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Meadow Lake
Factors that Affect Solar Panel Costs in Meadow Lake
The cost of installing a solar system in Meadow Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most significant 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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $3,930 per kilowatt in Meadow Lake.The solar equipment you choose can bring your price up or down 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. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Meadow Lake average.
Solar Financing Terms
Most solar installers in Meadow Lake have solar loans, which reduce the initial cost of installing a solar system.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Meadow Lake is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that provide a range of services at different price points.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $24,914 | 10.2 years |
| 8 kW | $4.01 | $22,448 | $33,658 | 10.0 years |
| 10 kW | $3.93 | $27,510 | $42,623 | 9.8 years |
| 12 kW | $3.85 | $32,352 | $51,808 | 9.6 years |
| 14 kW | $3.77 | $36,973 | $61,213 | 9.4 years |
| 16 kW | $3.69 | $41,375 | $70,838 | 9.2 years |
| 18 kW | $3.62 | $45,557 | $80,683 | 9.0 years |
| 20 kW | $3.54 | $49,518 | $90,748 | 8.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should choose, since different companies have access to different panels.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Installation Process: Homeowners should understand 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 the cost breakdown, completion timeline incentives and warranties.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Meadow Lake, NM Solar Cost FAQs
What is the average cost of installing solar panels in Meadow Lake?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $19,650 for a 5-kW system and $39,300 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 higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
What solar power system size is right for 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 buy 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.