Solar Panel Cost Guide in Silver City, NM (2024 Update)

  • Silver City Solar Installation Cost: $14,703
  • 25-Year Savings: $31,490
  • Payback Period: 8.9 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 Silver City

Here’s how much it might cost to install solar panels in Silver City.

The average cost of a solar panel system in Silver City is 4 per watt.To account for the typical energy needs of the average home in Silver City, most homeowners require a 5.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,703, or $21,025 before the federal solar tax credit of 0 is applied.

Keep in mind 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 system you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $30,000 over 20 years on utility bills.

You can click the button below to get connected with a top solar company in Silver City that can help you get a more accurate cost estimate for your home.

Solar savings over time in Silver City

Year Return on Investment
1 years $-13,615
3 years $-11,438
5 years $-9,260
7 years $-7,083
9 years $-4,906
11 years $-2,729
13 years $-551
15 years $1,626
17 years $3,803
19 years $5,980
21 years $8,157
23 years $10,335
25 years $12,512

Top Solar Installers in Silver City

When switching to solar energy, many homeowners opt to use a solar installer since overseeing your solar installation yourself can be a difficult project. Another advantage of utilizing a solar installer is that they can help you maximize your ROI by lowering your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.

If you're looking for a solar company in Silver City, we've compiled a list of our top suggestions here:

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 Silver City

Factors that Affect Solar Panel Costs in Silver City

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Silver City: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,930.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Silver City to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.

Solar Panel Installation Company

The solar company you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Silver City, and each can charge different amounts for labor and equipment.You may see 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 promotions to compete with those major players.

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 $29,440 9.2 years
8 kW $4.01 $22,448 $39,694 9.0 years
10 kW $3.93 $27,510 $50,168 8.9 years
12 kW $3.85 $32,352 $60,861 8.7 years
14 kW $3.77 $36,973 $71,775 8.5 years
16 kW $3.69 $41,375 $82,909 8.3 years
18 kW $3.62 $45,557 $94,263 8.1 years
20 kW $3.54 $49,518 $105,837 8.0 years

How to Save on Solar Panels

The solar installer you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:

  • Solar Panel Brands: The brand of solar panel you want plays a role in which company you should opt for, since different companies have access to different panels.
  • Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
  • Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.

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 Silver City, NM Solar Cost FAQs

What is the average cost of installing solar panels in Silver City?

The average cost of solar panels in Silver City 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 like the type 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 Silver City?

Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Can you sell solar power back to the grid in Silver City?

Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

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 their energy production will have decreased significantly after that point. You can choose 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.

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