Solar Panel Cost Guide in North Valley, NM (2023 Update)
- North Valley Solar Installation Cost: $10,475
- 25-Year Savings: $27,585
- Payback Period: 6.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in North Valley
Find out how much it might cost to make the switch to solar in North Valley.
Although the national average of solar panels is $2.66 per watt, solar panels in North Valley generally cost about 2.68. The average North Valley homeowner needs a 5.6-kilowatt system, which would cost about $10,468 with the federal tax credit, or $14,969 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar system you want to get, your solar contractor and more. But, after you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $26,000 over 20 years on electricity bills.
To receive a free estimate from a vetted solar installer in North Valley, you can click the button below.
Solar savings over time in North Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-10,348 |
| 3 years | $-10,094 |
| 5 years | $-9,841 |
| 7 years | $-9,587 |
| 9 years | $-9,333 |
| 11 years | $-9,079 |
| 13 years | $-8,826 |
| 15 years | $-8,572 |
| 17 years | $-8,318 |
| 19 years | $-8,064 |
| 21 years | $-7,811 |
| 23 years | $-7,557 |
| 25 years | $-7,303 |
Top Solar Installers in North Valley
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make switching to solar power much easier. Another great thing about going with a reliable solar installer is that it'll provide warranties and free repairs, which help protect your investment.
If you're searching for a solar company in North Valley, the EcoWatch team has compiled a list of our top suggestions here:
See all of the solar companies in North Valley
Factors that Affect Solar Panel Costs in North Valley
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in North Valley: 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 solar panels in North Valley, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely 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. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this 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 North Valley homeowners decide to finance their solar panel systems to make paying for solar more affordable. It's wise to include 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining your pricing. North Valley's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in North Valley know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $29,191 | 7.2 years |
| 8 kW | $2.73 | $15,308 | $39,222 | 7.0 years |
| 10 kW | $2.68 | $18,760 | $49,402 | 6.9 years |
| 12 kW | $2.63 | $22,062 | $59,733 | 6.7 years |
| 14 kW | $2.57 | $25,213 | $70,214 | 6.6 years |
| 16 kW | $2.52 | $28,215 | $80,845 | 6.5 years |
| 18 kW | $2.47 | $31,067 | $91,626 | 6.3 years |
| 20 kW | $2.41 | $33,768 | $102,557 | 6.2 years |
How to Save on Solar Panels
There are a lot of companies available in North Valley, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
EcoWatch's North Valley, NM Solar Cost FAQs
What is the average cost of installing solar panels in North Valley?
This is a hard question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in North Valley?
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.