Solar Panel Cost Guide in Socorro, NM (2023 Update)
- Socorro Solar Installation Cost: $10,280
- 25-Year Savings: $33,677
- Payback Period: 5.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Socorro
Find out what the average cost of solar panel installation is in Socorro.
The national average cost of solar panels is $2.66 per watt, but in Socorro it's 2.68 per watt. The average Socorro homeowner needs a 5.5-kilowatt system, which would cost about $10,280 with the federal tax credit, or $14,700 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of going solar can vary depending on multiple factors, such as how many panels you need, your energy consumption and what solar installer you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $30,000 over 20 years on electricity bills.
You can click the button below to get connected with a pre-vetted solar installer in Socorro that can help you get a more accurate cost estimate for your home.
Solar savings over time in Socorro
| Year | Return on Investment |
|---|---|
| 1 years | $-8,522 |
| 3 years | $-5,006 |
| 5 years | $-1,489 |
| 7 years | $2,028 |
| 9 years | $5,544 |
| 11 years | $9,061 |
| 13 years | $12,578 |
| 15 years | $16,094 |
| 17 years | $19,611 |
| 19 years | $23,127 |
| 21 years | $26,644 |
| 23 years | $30,161 |
| 25 years | $33,677 |
Top Solar Installers in Socorro
Although it's possible to install solar panels yourself, it involves extra time and know-how. Because of that, most people choose to hire a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be best for your family.
If you'd like to start using solar energy but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:
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 Socorro
Factors that Affect Solar Panel Costs in Socorro
The cost of installing a solar system in Socorro can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Socorro, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past power bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Socorro have solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also adds to your all-in costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you opt for to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies in Socorro, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have 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 down 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 | $36,440 | 6.1 years |
| 8 kW | $2.73 | $15,308 | $48,886 | 6.0 years |
| 10 kW | $2.68 | $18,760 | $61,483 | 5.8 years |
| 12 kW | $2.63 | $22,062 | $74,230 | 5.7 years |
| 14 kW | $2.57 | $25,213 | $87,127 | 5.6 years |
| 16 kW | $2.52 | $28,215 | $100,174 | 5.5 years |
| 18 kW | $2.47 | $31,067 | $113,371 | 5.4 years |
| 20 kW | $2.41 | $33,768 | $126,718 | 5.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Not all solar installers carry 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.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Socorro, NM Solar Cost FAQs
What is the average cost of installing solar panels in Socorro?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Socorro?
A solar panel system isn't free in Socorro, 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 you can take advantage of.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Socorro is currently $135,600, which means you can look forward to a value of about $5,560 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Socorro is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.