Solar Panel Cost Guide in Placitas, NM (2024 Update)
- Placitas Solar Installation Cost: $15,677
- 25-Year Savings: $29,268
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Placitas
See how much it might cost to go solar in Placitas.
While the national average of solar panels is $2.66 per watt, solar panels in Placitas generally cost about 4.The average solar panel system size in Placitas is around 5.7 kilowatts, meaning a cost of about $15,677 for a solar installation, or $22,418 before the 0 federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you go with.Even with the significant initial cost, the average Placitas homeowner can save around $27,000 on their electricity bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Placitas
| Year | Return on Investment |
|---|---|
| 1 years | $-14,851 |
| 3 years | $-13,198 |
| 5 years | $-11,545 |
| 7 years | $-9,892 |
| 9 years | $-8,239 |
| 11 years | $-6,586 |
| 13 years | $-4,933 |
| 15 years | $-3,280 |
| 17 years | $-1,627 |
| 19 years | $27 |
| 21 years | $1,680 |
| 23 years | $3,333 |
| 25 years | $4,986 |
Top Solar Installers in Placitas
When going solar, many homeowners opt to hire a solar installer since putting up solar panels yourself can be a difficult project. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance in the long run.
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 National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Placitas
Factors that Affect Solar Panel Costs in Placitas
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Placitas: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,930. The brand of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s wise to factor 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 off the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact the cost. Placitas’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $4.09 | $17,166 | $24,904 | 10.2 years |
| 8 kW | $4.01 | $22,448 | $33,646 | 10.0 years |
| 10 kW | $3.93 | $27,510 | $42,607 | 9.8 years |
| 12 kW | $3.85 | $32,352 | $51,789 | 9.6 years |
| 14 kW | $3.77 | $36,973 | $61,191 | 9.4 years |
| 16 kW | $3.69 | $41,375 | $70,813 | 9.2 years |
| 18 kW | $3.62 | $45,557 | $80,655 | 9.0 years |
| 20 kW | $3.54 | $49,518 | $90,717 | 8.8 years |
How to Save on Solar Panels
The solar company you choose will impact not only your overall costs, but also the types 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:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Placitas, NM Solar Cost FAQs
What is the average cost of installing solar panels in Placitas?
The average cost of solar panels in Placitas is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind 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 Placitas?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Placitas?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How often do you have to replace solar panels?
On average, solar panels can last 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 larger amount 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.