Solar Panel Cost Guide in Santa Fe, NM (2024 Update)

  • Santa Fe Solar Installation Cost: $15,549
  • 25-Year Savings: $28,953
  • Payback Period: 9.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Santa Fe

Find out what the average cost of installing solar panels is in Santa Fe.

In Santa Fe, solar panels cost about 4 per watt on average.The average solar panel system size in Santa Fe is around 5.7 kilowatts, meaning a cost of about $15,549 for a solar installation, or $22,235 before the 0 federal solar tax credit is applied.

These figures are just averages, and the cost of going solar for you will most likely look different based on your specific situation and what company you want to go with.Many homeowners find going solar is a fruitful investment. The average homeowner in Santa Fe can save around $27,000 on their electricity bills over 20 years.

Click the button below to get connected to a reputable solar company in Santa Fe for a customized estimate.

Solar savings over time in Santa Fe

Year Return on Investment
1 years $-14,468
3 years $-12,306
5 years $-10,144
7 years $-7,982
9 years $-5,820
11 years $-3,658
13 years $-1,496
15 years $666
17 years $2,828
19 years $4,990
21 years $7,152
23 years $9,314
25 years $11,476

Top Solar Installers in Santa Fe

When going solar, many homeowners decide to go with a solar installation company since installing solar panels yourself can be a time-consuming project. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance in the long run.

There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • 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 Santa Fe

Factors that Affect Solar Panel Costs in Santa Fe

While the average cost of a solar system in Santa Fe is $15,549, 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 important things to keep in mind.

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 energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,930 per kilowatt in Santa Fe.The type of 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. However, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Santa Fe average.

Solar Financing Terms

Many homeowners find the average cost of solar in Santa Fe to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.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’re only able to 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 finding a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

Finally, the company you hire to install your solar panels can affect how much it costs. Santa Fe’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.

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 $24,825 10.2 years
8 kW $4.01 $22,448 $33,540 10.0 years
10 kW $3.93 $27,510 $42,476 9.8 years
12 kW $3.85 $32,352 $51,631 9.6 years
14 kW $3.77 $36,973 $61,007 9.4 years
16 kW $3.69 $41,375 $70,602 9.2 years
18 kW $3.62 $45,557 $80,418 9.0 years
20 kW $3.54 $49,518 $90,454 8.8 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
  • Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
  • Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Santa Fe, NM Solar Cost FAQs

What is the average cost of installing solar panels in Santa Fe?

This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Are solar panels free in Santa Fe?

A solar panel system isn’t free in Santa Fe, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.

Can solar panels completely eradicate my electricity bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,399.72 per year.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home 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.

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