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.
In Placitas, solar panels cost about 4 per watt on average.Using this figure, a typical 5.7-kW system would cost about $15,677 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may look different based on factors unique to your home and what company you go with.With typical savings of about $27,000 on power bills over 20 years, many homeowners in Placitas find going solar has a decent ROI.
To receive a free quote from a pre-vetted solar installation company in Placitas, you can 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 making the switch to solar, many homeowners decide to go with a solar installation company since DIY solar panel installation can be a difficult project. Another great thing about using a vetted solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Placitas
Factors that Affect Solar Panel Costs in Placitas
There are many criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Placitas, one of the most important 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 energy bills. Your total cost can increase by around $3,930 for each additional kilowatt you need.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Placitas average.
Solar Financing Terms
Most solar installers in Placitas have solar loans, which reduce the initial cost of installing solar.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will play a role in your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Placitas are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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 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 tough decision, we have some tips to help you, such as:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Placitas, NM Solar Cost FAQs
How much does it cost to install solar panels in Placitas?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Placitas?
Leasing solar panels can be an option if you are unable 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 financial benefits from going solar.
Does Placitas have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.