Solar Panel Cost Guide in Ruidoso, NM (2023 Update)
- Ruidoso Solar Installation Cost: $10,436
- 25-Year Savings: $32,979
- Payback Period: 6.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ruidoso
Find out how much it might cost to switch to solar power in Ruidoso.
The national average cost of solar panels is $2.66 per watt, but in Ruidoso it's 2.68 per watt. The average solar panel system size in Ruidoso is around 5.6 kilowatts, meaning a cost of about $10,431 for a solar installation, or $14,916 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. Many homeowners find going solar is a solid investment. The average homeowner in Ruidoso can save around $30,000 on their energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Ruidoso
| Year | Return on Investment |
|---|---|
| 1 years | $-9,284 |
| 3 years | $-6,980 |
| 5 years | $-4,675 |
| 7 years | $-2,371 |
| 9 years | $-66 |
| 11 years | $2,238 |
| 13 years | $4,542 |
| 15 years | $6,847 |
| 17 years | $9,151 |
| 19 years | $11,455 |
| 21 years | $13,760 |
| 23 years | $16,064 |
| 25 years | $18,368 |
Top Solar Installers in Ruidoso
Although it's possible to install solar panels on your own, it requires extra effort and expertise. For that reason, the majority of homeowners choose a solar panel installer. The expertise that solar installers provide can be valuable as well, particularly if you don't quite know what kind of solar equipment you need.
If you're on the hunt for a solar installer in Ruidoso, we've put together a list of our top suggestions here:
See all of the solar companies in Ruidoso
Factors that Affect Solar Panel Costs in Ruidoso
The cost of installing a solar system in Ruidoso can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels 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 pay about $2,680 per kilowatt in Ruidoso. The solar equipment you choose can bring your price up or down 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. On the other hand, higher efficiency could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Ruidoso average.
Solar Financing Terms
Many homeowners find the average cost of solar in Ruidoso to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. While solar loans make adopting solar energy more accessible for Ruidoso 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Ruidoso, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $35,119 | 6.2 years |
| 8 kW | $2.73 | $15,308 | $47,126 | 6.1 years |
| 10 kW | $2.68 | $18,760 | $59,282 | 6.0 years |
| 12 kW | $2.63 | $22,062 | $71,589 | 5.9 years |
| 14 kW | $2.57 | $25,213 | $84,046 | 5.8 years |
| 16 kW | $2.52 | $28,215 | $96,653 | 5.6 years |
| 18 kW | $2.47 | $31,067 | $109,410 | 5.5 years |
| 20 kW | $2.41 | $33,768 | $122,317 | 5.4 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall 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, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Installation Process: When making the switch to solar power, it's crucial to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the completion timeline.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
EcoWatch's Ruidoso, NM Solar Cost FAQs
What is the average cost of installing solar panels in Ruidoso?
The average cost of solar panels in Ruidoso is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Ruidoso?
Solar panels aren't free in Ruidoso, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
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 choose 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.