Solar Panel Cost Guide in Paradise Hills, NM (2023 Update)
- Paradise Hills Solar Installation Cost: $10,468
- 25-Year Savings: $25,402
- Payback Period: 7.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Paradise Hills
Let's take a look at the average cost of solar in Paradise Hills.
The average cost of a solar panel system in Paradise Hills is 2.68 per watt. Using this figure, a typical 5.6-kW system would cost about $10,468 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Paradise Hills homeowner. The price 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. With average savings of about $24,000 on power bills over 20 years, many homeowners in Paradise Hills find investing in solar has a decent ROI.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Paradise Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-9,033 |
| 3 years | $-6,164 |
| 5 years | $-3,294 |
| 7 years | $-424 |
| 9 years | $2,445 |
| 11 years | $5,315 |
| 13 years | $8,184 |
| 15 years | $11,054 |
| 17 years | $13,924 |
| 19 years | $16,793 |
| 21 years | $19,663 |
| 23 years | $22,533 |
| 25 years | $25,402 |
Top Solar Installers in Paradise Hills
Many homeowners opt for a solar panel installer since trying to put up solar panels on your own can be a labor-intensive endeavor. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you'd like to make the switch to solar but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:
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 Paradise Hills
Factors that Affect Solar Panel Costs in Paradise Hills
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Paradise Hills: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
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 $2,680 per kilowatt in Paradise Hills. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Paradise Hills average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Paradise Hills homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Paradise Hills, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $26,838 | 7.6 years |
| 8 kW | $2.73 | $15,308 | $36,084 | 7.4 years |
| 10 kW | $2.68 | $18,760 | $45,481 | 7.3 years |
| 12 kW | $2.63 | $22,062 | $55,027 | 7.2 years |
| 14 kW | $2.57 | $25,213 | $64,724 | 7.0 years |
| 16 kW | $2.52 | $28,215 | $74,570 | 6.9 years |
| 18 kW | $2.47 | $31,067 | $84,567 | 6.7 years |
| 20 kW | $2.41 | $33,768 | $94,713 | 6.6 years |
How to Save on Solar Panels
The company that does your solar 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 challenge, we have some tips to help you, such as:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Paradise Hills, NM Solar Cost FAQs
What is the average cost of installing solar panels in Paradise Hills?
The average cost of solar panels in Paradise Hills is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Paradise Hills?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,284.81 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.