Solar Panel Cost Guide in Ruidoso, NM (2023 Update)
- Ruidoso Solar Installation Cost: $10,431
- 25-Year Savings: $32,984
- Payback Period: 6.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Ruidoso
Here's how much it might cost to make the switch to solar in Ruidoso.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Ruidoso, the typical 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.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of equipment you want, your solar contractor and more. For most homeowners, the upfront cost of solar is worth paying. On average Ruidoso homeowners see about $30,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Ruidoso that can help you get a more accurate cost estimate for your home.
Solar savings over time in Ruidoso
| Year | Return on Investment |
|---|---|
| 1 years | $-8,694 |
| 3 years | $-5,221 |
| 5 years | $-1,748 |
| 7 years | $1,726 |
| 9 years | $5,199 |
| 11 years | $8,672 |
| 13 years | $12,145 |
| 15 years | $15,618 |
| 17 years | $19,091 |
| 19 years | $22,565 |
| 21 years | $26,038 |
| 23 years | $29,511 |
| 25 years | $32,984 |
Top Solar Installers in Ruidoso
Putting up solar panels on your own can be a stressful undertaking, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers in Ruidoso:
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
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 Ruidoso
Factors that Affect Solar Panel Costs in Ruidoso
Even though the average cost of a solar system in Ruidoso is $10,431, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,680. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Ruidoso, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Ruidoso offer solar loans, which reduce the initial cost of installing solar panels. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Ruidoso, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Ruidoso?
Leasing solar panels can be an option if you are unable to pay upfront or secure 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 financial benefits from going solar.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Ruidoso?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 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.