Solar Panel Cost Guide in Silver City, NM (2023 Update)
- Silver City Solar Installation Cost: $10,027
- 25-Year Savings: $31,490
- Payback Period: 6.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Silver City
Find out what the average cost of solar panel installation is in Silver City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Silver City, the average cost of a solar system is 2.68 per watt. The average solar panel system size in Silver City is around 5.3 kilowatts, meaning a cost of about $10,018 for a solar installation, or $14,326 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Silver City based on a few factors, such as the brand of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $30,000 over 20 years on energy bills.
To get a free estimate from a pre-vetted solar installer in Silver City, you can click the button below.
Solar savings over time in Silver City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,938 |
| 3 years | $-6,761 |
| 5 years | $-4,584 |
| 7 years | $-2,406 |
| 9 years | $-229 |
| 11 years | $1,948 |
| 13 years | $4,125 |
| 15 years | $6,302 |
| 17 years | $8,480 |
| 19 years | $10,657 |
| 21 years | $12,834 |
| 23 years | $15,011 |
| 25 years | $17,189 |
Top Solar Installers in Silver City
Although it's possible to install solar panels yourself, it requires extra effort and expertise. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Another perk of working with a solar company is that they can help you optimize your investment by bringing down 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:
See all of the solar companies in Silver City
Factors that Affect Solar Panel Costs in Silver City
While the average cost of a solar system in Silver City is $10,018, your actual cost may differ. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the price of a solar energy system in Silver City, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Silver City, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Silver City homeowners choose to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Silver City, and each can charge different amounts for labor and equipment. Some companies 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 cost more. It's best to do some research and go with the company that provides the products, warranties and services you want and also fits 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 | $2.79 | $11,706 | $34,900 | 6.3 years |
| 8 kW | $2.73 | $15,308 | $46,834 | 6.2 years |
| 10 kW | $2.68 | $18,760 | $58,918 | 6.0 years |
| 12 kW | $2.63 | $22,062 | $71,151 | 5.9 years |
| 14 kW | $2.57 | $25,213 | $83,535 | 5.8 years |
| 16 kW | $2.52 | $28,215 | $96,069 | 5.7 years |
| 18 kW | $2.47 | $31,067 | $108,753 | 5.6 years |
| 20 kW | $2.41 | $33,768 | $121,587 | 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 find 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 roof configurations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
EcoWatch's Silver City, NM Solar Cost FAQs
How much does it cost to install solar panels in Silver City?
The average cost of solar panels in Silver City 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Silver City?
Solar panels aren't free in Silver City, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does Silver City have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.