Solar Panel Cost Guide in Silver City, NM (2023 Update)
- Silver City Solar Installation Cost: $10,018
- 25-Year Savings: $31,499
- Payback Period: 6.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Silver City
Let's take a look at the average cost of solar panels in Silver City.
The average cost of solar panels in Silver City is 2.68 per watt. Because a 5.3-kW system is needed to cover the energy consumption of a typical home in Silver City, the average price of going solar will be about $10,018 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary based on several factors, such as how many panels you need, your energy consumption and what installation company you go with. With average savings of about $30,000 on power bills over 20 years, many homeowners in Silver City find installing solar panels can be quite rewarding.
Click the button below to get connected to a top solar company in your area for a customized estimate.
Solar savings over time in Silver City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,357 |
| 3 years | $-5,036 |
| 5 years | $-1,714 |
| 7 years | $1,607 |
| 9 years | $4,928 |
| 11 years | $8,250 |
| 13 years | $11,571 |
| 15 years | $14,892 |
| 17 years | $18,214 |
| 19 years | $21,535 |
| 21 years | $24,856 |
| 23 years | $28,178 |
| 25 years | $31,499 |
Top Solar Installers in Silver City
When going solar, many homeowners opt to hire a solar installer since handling can be a difficult project. Some solar companies, especially local ones, can help you take advantage of incentives in Silver City, thereby optimizing your ROI.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Silver City
Factors that Affect Solar Panel Costs in Silver City
The cost of installing a solar system in Silver City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up 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 Silver City, where sunlight is abundant, efficiency can quickly pay off. Plus, 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
Many homeowners find the average cost of solar in Silver City to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. While solar loans make adopting solar energy more accessible for Silver City homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
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. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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
The solar panel company you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
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 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Silver City?
You can't get solar panels for free in Silver City. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,553.55 per year.
How long do solar panels last in Silver City?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.