Solar Panel Cost Guide in Rio Rancho, NM (2024 Update)
- Rio Rancho Solar Installation Cost: $15,517
- 25-Year Savings: $26,531
- Payback Period: 10.5 Years
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Average Cost of Solar Panels in Rio Rancho
Find out what the average cost of solar panels are in Rio Rancho.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Rio Rancho, the typical cost of solar panels is 4 per watt.Since a 5.6-kW system is needed to cover the energy usage of a typical home in Rio Rancho, the average price of going solar will be about $15,517 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.Despite the high initial cost, the average Rio Rancho homeowner can save about $25,000 on their energy bills over 20 years, which is one of the positives of solar.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Rio Rancho
| Year | Return on Investment |
|---|---|
| 1 years | $-14,429 |
| 3 years | $-12,252 |
| 5 years | $-10,074 |
| 7 years | $-7,897 |
| 9 years | $-5,720 |
| 11 years | $-3,543 |
| 13 years | $-1,365 |
| 15 years | $812 |
| 17 years | $2,989 |
| 19 years | $5,166 |
| 21 years | $7,343 |
| 23 years | $9,521 |
| 25 years | $11,698 |
Top Solar Installers in Rio Rancho
Trying to put up solar panels by yourself can be a stressful task, which is why getting a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Rio Rancho
Factors that Affect Solar Panel Costs in Rio Rancho
Although the average cost of a solar system in Rio Rancho is $15,517, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,930. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Rio Rancho, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Rio Rancho to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Rio Rancho, and each can charge different amounts for labor and equipment.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 at a higher cost. It’s best to do some research and decide on the company that provides the products, warranties and services you want and also is 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 | $4.09 | $17,166 | $22,311 | 10.9 years |
| 8 kW | $4.01 | $22,448 | $30,188 | 10.7 years |
| 10 kW | $3.93 | $27,510 | $38,285 | 10.5 years |
| 12 kW | $3.85 | $32,352 | $46,602 | 10.2 years |
| 14 kW | $3.77 | $36,973 | $55,140 | 10.0 years |
| 16 kW | $3.69 | $41,375 | $63,897 | 9.8 years |
| 18 kW | $3.62 | $45,557 | $72,875 | 9.6 years |
| 20 kW | $3.54 | $49,518 | $82,072 | 9.4 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Rio Rancho, NM Solar Cost FAQs
How much does it cost to install solar panels in Rio Rancho?
The average cost of solar panels in Rio Rancho is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model 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 Rio Rancho?
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 can’t take advantage of 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 bang for your buck from going solar.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Rio Rancho is currently $328,947, so you could be looking at a value of about $13,487 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Rio Rancho is a fruitful investment.
How long do solar panels last in Rio Rancho?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.