Solar Panel Cost Guide in Placitas, NM (2023 Update)
- Placitas Solar Installation Cost: $10,693
- 25-Year Savings: $29,266
- Payback Period: 6.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Placitas
Find out how much it might cost to make the switch to solar in Placitas.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Placitas, the average cost of a solar system is 2.68 per watt. To cover the typical energy usage of the average home in Placitas, most homeowners require a 5.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,693, or $15,291 before the federal solar tax credit of 30% is applied.
How much you pay can go higher or lower than the average in Placitas depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $27,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Placitas
| Year | Return on Investment |
|---|---|
| 1 years | $-9,095 |
| 3 years | $-5,898 |
| 5 years | $-2,701 |
| 7 years | $495 |
| 9 years | $3,692 |
| 11 years | $6,889 |
| 13 years | $10,085 |
| 15 years | $13,282 |
| 17 years | $16,479 |
| 19 years | $19,675 |
| 21 years | $22,872 |
| 23 years | $26,069 |
| 25 years | $29,266 |
Top Solar Installers in Placitas
Installing solar panels yourself can be a time-consuming task, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar companies provide can be valuable as well, especially if you don't quite know what kind of solar equipment you need.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Placitas
Factors that Affect Solar Panel Costs in Placitas
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Placitas: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you want 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 can expect 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 raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Placitas homeowners choose to finance their solar panel systems to offset upfront costs. Even though solar loans make adopting solar energy more accessible for Placitas homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Placitas know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $30,364 | 7.0 years |
| 8 kW | $2.73 | $15,308 | $40,786 | 6.8 years |
| 10 kW | $2.68 | $18,760 | $51,357 | 6.7 years |
| 12 kW | $2.63 | $22,062 | $62,079 | 6.6 years |
| 14 kW | $2.57 | $25,213 | $72,951 | 6.4 years |
| 16 kW | $2.52 | $28,215 | $83,973 | 6.3 years |
| 18 kW | $2.47 | $31,067 | $95,145 | 6.2 years |
| 20 kW | $2.41 | $33,768 | $106,467 | 6.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Placitas, NM Solar Cost FAQs
How much does it cost to install solar panels in Placitas?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,402.35 per year.
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 install 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.