Solar Panel Cost Guide in North Hobbs, NM (2023 Update)
- North Hobbs Solar Installation Cost: $10,243
- 25-Year Savings: $16,557
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in North Hobbs
Find out what the average cost of installing solar panels is in North Hobbs.
Currently, the national average cost of solar panels is $2.66 per watt. However, in North Hobbs, the typical cost of a solar system is 2.68 per watt. To cover the typical energy usage of the average home in North Hobbs, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs around $10,243, or $14,647 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of North Hobbs homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the high upfront cost, the average North Hobbs homeowner can save around $19,000 on their energy bills over 20 years, which is one of the perks of solar.
To get a free estimate from a vetted solar installer in North Hobbs, you can click the button below.
Solar savings over time in North Hobbs
| Year | Return on Investment |
|---|---|
| 1 years | $-9,171 |
| 3 years | $-7,027 |
| 5 years | $-4,883 |
| 7 years | $-2,739 |
| 9 years | $-595 |
| 11 years | $1,549 |
| 13 years | $3,693 |
| 15 years | $5,837 |
| 17 years | $7,981 |
| 19 years | $10,125 |
| 21 years | $12,269 |
| 23 years | $14,413 |
| 25 years | $16,557 |
Top Solar Installers in North Hobbs
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring an installer can make swapping over to solar power much easier. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our suggestions for providers nearby:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in North Hobbs
Factors that Affect Solar Panel Costs in North Hobbs
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in North Hobbs: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in North Hobbs, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in North Hobbs to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in North Hobbs is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different price points. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you're looking for 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 | $17,749 | 9.9 years |
| 8 kW | $2.73 | $15,308 | $23,965 | 9.7 years |
| 10 kW | $2.68 | $18,760 | $30,332 | 9.6 years |
| 12 kW | $2.63 | $22,062 | $36,848 | 9.4 years |
| 14 kW | $2.57 | $25,213 | $43,515 | 9.2 years |
| 16 kW | $2.52 | $28,215 | $50,332 | 9.0 years |
| 18 kW | $2.47 | $31,067 | $57,298 | 8.8 years |
| 20 kW | $2.41 | $33,768 | $64,415 | 8.6 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's North Hobbs, NM Solar Cost FAQs
What is the average cost of installing solar panels in North Hobbs?
The average cost of solar panels in North Hobbs 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 stuff 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 factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout North Hobbs, that will require at least a 10-kW system. Not all homes 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.
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 higher 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.