Solar Panel Cost Guide in Portales, NM (2023 Update)
- Portales Solar Installation Cost: $10,411
- 25-Year Savings: $19,585
- Payback Period: 8.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Portales
Find out what the average cost of installing solar panels is in Portales.
Although the national average of solar panels is $2.66 per watt, solar panels in Portales generally cost around 2.68. Since a 5.5-kW system is needed to cover the energy usage of a typical home in Portales, the average price of going solar will be about $10,412 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and the cost of going solar for you may vary based on factors unique to your home and what company you choose to go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Portales can save about $21,000 on their power bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Portales
| Year | Return on Investment |
|---|---|
| 1 years | $-9,647 |
| 3 years | $-8,120 |
| 5 years | $-6,592 |
| 7 years | $-5,064 |
| 9 years | $-3,536 |
| 11 years | $-2,009 |
| 13 years | $-481 |
| 15 years | $1,047 |
| 17 years | $2,575 |
| 19 years | $4,102 |
| 21 years | $5,630 |
| 23 years | $7,158 |
| 25 years | $8,686 |
Top Solar Installers in Portales
When going solar, many homeowners prefer to hire a solar installer since putting up a solar system yourself can be a difficult project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
See all of the solar companies in Portales
Factors that Affect Solar Panel Costs in Portales
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Portales: 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
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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 energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Portales average.
Solar Financing Terms
Most solar installers in Portales have solar loans, which reduce your upfront costs of installing a solar system. While solar loans make adopting solar energy more accessible for Portales homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with the company that has the products, warranties and services you're looking for and also fits within your budget.
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 | $20,723 | 9.0 years |
| 8 kW | $2.73 | $15,308 | $27,931 | 8.9 years |
| 10 kW | $2.68 | $18,760 | $35,289 | 8.7 years |
| 12 kW | $2.63 | $22,062 | $42,797 | 8.5 years |
| 14 kW | $2.57 | $25,213 | $50,455 | 8.3 years |
| 16 kW | $2.52 | $28,215 | $58,263 | 8.2 years |
| 18 kW | $2.47 | $31,067 | $66,221 | 8.0 years |
| 20 kW | $2.41 | $33,768 | $74,329 | 7.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Portales, NM Solar Cost FAQs
How much does it cost to install solar panels in Portales?
This is a hard question to answer exactly, because the cost depends on many 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Portales?
Leasing solar panels can be an attractive choice, because it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Portales is currently $117,500, so you could be looking at a value of about $4,818 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Portales is a rewarding investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.