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
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
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.Since a 5.5-kW system is needed to cover the energy needs of a typical home in Socorro, the average price of going solar will be about $15,070 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more.Despite the significant initial cost, the average Socorro homeowner can save around $30,000 on their energy bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, 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
Trying to put up solar panels on your own can be a challenging project, which is why hiring a solar installation company is a good option for many homeowners. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Socorro:
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 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
See all of the solar companies in Socorro
Factors that Affect Solar Panel Costs in Socorro
There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production 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 $3,930.The brand of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Socorro to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time due to interest.However, the interest on solar loans also increases your overall costs, so it’s vital to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Socorro, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Companies that 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 come with an above-average cost. It’s best to do some research and choose a company that has the products, warranties and services you’re looking for and also fit into 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 | $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 a lot of 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:
- Contract: Though 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 how part repairs and replacements will be handled.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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 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
EcoWatch's Socorro, NM Solar Cost FAQs
What is the average cost of installing solar panels in Socorro?
The average cost of solar panels in Socorro is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Socorro?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels completely eradicate my electricity 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 $1,604.86 per year.
How long do solar panels last in Socorro?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.