Solar Panel Cost Guide in Rio Communities, NM (2023 Update)
- Rio Communities Solar Installation Cost: $10,431
- 25-Year Savings: $29,782
- Payback Period: 6.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Rio Communities
Find out what the average cost of installing solar panels is in Rio Communities.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Rio Communities, the average cost of solar panels is 2.68 per watt. Using this figure, a typical 5.6-kW system would cost about $10,431 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs will most likely vary based on your energy needs and what company you choose to go with. But, after you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $28,000 over 20 years on utility bills.
Click the button below to get connected to a vetted solar company in your area for a custom quote.
Solar savings over time in Rio Communities
| Year | Return on Investment |
|---|---|
| 1 years | $-8,822 |
| 3 years | $-5,605 |
| 5 years | $-2,388 |
| 7 years | $829 |
| 9 years | $4,046 |
| 11 years | $7,263 |
| 13 years | $10,480 |
| 15 years | $13,697 |
| 17 years | $16,914 |
| 19 years | $20,131 |
| 21 years | $23,348 |
| 23 years | $26,565 |
| 25 years | $29,782 |
Top Solar Installers in Rio Communities
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of an installer can make your swap to solar power much easier. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're on the hunt for a solar company in Rio Communities, we've put together a list of our top suggestions here:
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 Rio Communities
Factors that Affect Solar Panel Costs in Rio Communities
Even though the average cost of a solar system in Rio Communities is $10,431, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,680 per kilowatt in Rio Communities. The model of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Rio Communities provide solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also adds to your overall costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies in Rio Communities, and each can charge different amounts for labor and equipment. Additionally, some companies in Rio Communities are more knowledgeable about local solar incentives and can help you learn about 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 | $31,722 | 6.7 years |
| 8 kW | $2.73 | $15,308 | $42,596 | 6.6 years |
| 10 kW | $2.68 | $18,760 | $53,620 | 6.5 years |
| 12 kW | $2.63 | $22,062 | $64,794 | 6.4 years |
| 14 kW | $2.57 | $25,213 | $76,118 | 6.2 years |
| 16 kW | $2.52 | $28,215 | $87,593 | 6.1 years |
| 18 kW | $2.47 | $31,067 | $99,217 | 6.0 years |
| 20 kW | $2.41 | $33,768 | $110,992 | 5.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Rio Communities, NM Solar Cost FAQs
What is the average cost of installing solar panels in Rio Communities?
This is a tough question to answer precisely, because the cost depends on many 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Rio Communities?
Leasing solar panels can be an attractive choice, because it usually 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 option if you want to get the most savings.
Can solar panels eliminate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Rio Communities, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 higher 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.