Solar Panel Cost Guide in Socorro, NM (2024 Update)
- Socorro Solar Installation Cost: $15,070
- 25-Year Savings: $33,681
- Payback Period: 8.6 Years
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Average Cost of Solar Panels in Socorro
Let’s have a look at the average cost of solar in Socorro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Socorro, the typical cost of solar panels is 4 per watt.Using this figure, a typical 5.5-kW system would cost about $15,070 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar system you want, your solar contractor and more.But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $30,000 over 20 years on energy bills.
To receive a free quote from a highly rated solar installer in Socorro, you can click the button below.
Solar savings over time in Socorro
| Year | Return on Investment |
|---|---|
| 1 years | $-13,999 |
| 3 years | $-11,857 |
| 5 years | $-9,715 |
| 7 years | $-7,573 |
| 9 years | $-5,431 |
| 11 years | $-3,289 |
| 13 years | $-1,148 |
| 15 years | $994 |
| 17 years | $3,136 |
| 19 years | $5,278 |
| 21 years | $7,420 |
| 23 years | $9,562 |
| 25 years | $11,704 |
Top Solar Installers in Socorro
Many homeowners opt for a solar panel installer since trying to put up solar panels by yourself can be hard. Solar warranties and repairs are often included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money over time.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- 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
- 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
- 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 Socorro
Factors that Affect Solar Panel Costs in Socorro
While the average cost of a solar system in Socorro is $15,070, your actual cost may be higher or lower than that. There are quite a few factors that can have a major 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 solar panels in Socorro, one of the most crucial 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 consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $3,930 for each additional kilowatt you need.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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, like solar batteries, can bring your total well above the Socorro average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you select will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $30,980 | 8.9 years |
| 8 kW | $4.01 | $22,448 | $41,746 | 8.7 years |
| 10 kW | $3.93 | $27,510 | $52,733 | 8.6 years |
| 12 kW | $3.85 | $32,352 | $63,940 | 8.4 years |
| 14 kW | $3.77 | $36,973 | $75,367 | 8.2 years |
| 16 kW | $3.69 | $41,375 | $87,014 | 8.1 years |
| 18 kW | $3.62 | $45,557 | $98,881 | 7.9 years |
| 20 kW | $3.54 | $49,518 | $110,968 | 7.7 years |
How to Save on Solar Panels
There are many companies to choose from in Socorro, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Installation Process: One of the most important things to understand when adopting solar energy 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 secure and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- 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
- 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
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Socorro, NM Solar Cost FAQs
How much does it cost to install solar panels in Socorro?
This is a hard 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 more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Socorro?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback 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 solar panels significantly reduce my energy 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 $1,604.86 per year.
How often do you have to replace solar panels?
Even 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them after having 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.