Solar Panel Cost Guide in Truth Or Consequences, NM (2023 Update)
- Truth Or Consequences Solar Installation Cost: $10,130
- 25-Year Savings: $35,703
- Payback Period: 5.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Truth Or Consequences
We break down average solar pricing in Truth Or Consequences.
Although the national average of solar panels is $2.66 per watt, solar panels in Truth Or Consequences generally cost about 2.68. Using this figure, a typical 5.4-kW system would cost about $10,130 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will vary based on your specific situation and what company you want to go with. With typical savings of about $32,000 on electricity bills over 20 years, many homeowners in Truth Or Consequences find going solar has a decent ROI.
To receive a free estimate from a vetted solar company in Truth Or Consequences, you can click the button below.
Solar savings over time in Truth Or Consequences
| Year | Return on Investment |
|---|---|
| 1 years | $-8,297 |
| 3 years | $-4,630 |
| 5 years | $-964 |
| 7 years | $2,703 |
| 9 years | $6,369 |
| 11 years | $10,036 |
| 13 years | $13,703 |
| 15 years | $17,369 |
| 17 years | $21,036 |
| 19 years | $24,703 |
| 21 years | $28,369 |
| 23 years | $32,036 |
| 25 years | $35,703 |
Top Solar Installers in Truth Or Consequences
When going solar, many homeowners prefer to use a solar company since overseeing your solar installation yourself can be a difficult project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Truth Or Consequences
Factors that Affect Solar Panel Costs in Truth Or Consequences
The cost of installing a solar system in Truth Or Consequences can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Truth Or Consequences, 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 electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating in Truth Or Consequences, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $39,258 | 5.7 years |
| 8 kW | $2.73 | $15,308 | $52,643 | 5.6 years |
| 10 kW | $2.68 | $18,760 | $66,180 | 5.5 years |
| 12 kW | $2.63 | $22,062 | $79,866 | 5.4 years |
| 14 kW | $2.57 | $25,213 | $93,702 | 5.3 years |
| 16 kW | $2.52 | $28,215 | $107,688 | 5.2 years |
| 18 kW | $2.47 | $31,067 | $121,825 | 5.1 years |
| 20 kW | $2.41 | $33,768 | $136,111 | 5.0 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 select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Warranty: If you care about the durability of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of 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 satisfied reviews from previous customers.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Truth Or Consequences, NM Solar Cost FAQs
What is the average cost of installing solar panels in Truth Or Consequences?
This is a hard question to answer exactly, because the cost depends on a variety of 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 cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Truth Or Consequences?
Leasing solar panels can be an attractive choice, as it typically 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Truth Or Consequences?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had 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.