Solar Panel Cost Guide in Truth or Consequences, NM (2024 Update)
- Truth or Consequences Solar Installation Cost: $14,844
- 25-Year Savings: $35,710
- Payback Period: 8.1 Years
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Average Cost of Solar Panels in Truth or Consequences
Find out what the average cost of a solar system is in Truth or Consequences.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Truth or Consequences, the average cost of solar panels is 4 per watt.The average Truth or Consequences homeowner needs a 5.4-kilowatt system, which would cost about $14,844 with the federal tax credit, or $21,227 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Truth or Consequences depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.Even with the high initial cost, the average Truth or Consequences homeowner can save around $32,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a pre-vetted solar installer in Truth or Consequences that can help you get a more accurate cost estimate for your home.
Solar savings over time in Truth or Consequences
| Year | Return on Investment |
|---|---|
| 1 years | $-14,018 |
| 3 years | $-12,365 |
| 5 years | $-10,712 |
| 7 years | $-9,059 |
| 9 years | $-7,406 |
| 11 years | $-5,752 |
| 13 years | $-4,099 |
| 15 years | $-2,446 |
| 17 years | $-793 |
| 19 years | $860 |
| 21 years | $2,513 |
| 23 years | $4,166 |
| 25 years | $5,819 |
Top Solar Installers in Truth or Consequences
When switching to solar energy, many homeowners prefer to go with a solar company since overseeing your solar installation yourself can be a time-consuming project. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're on the hunt for a solar company in Truth or Consequences, we've put together a list of our top suggestions here:
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 Truth or Consequences
Factors that Affect Solar Panel Costs in Truth or Consequences
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Truth or Consequences: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Truth or Consequences, 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 usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $3,930 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 more 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Truth or Consequences homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact your pricing. Truth or Consequences’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $4.09 | $17,166 | $33,798 | 8.4 years |
| 8 kW | $4.01 | $22,448 | $45,503 | 8.3 years |
| 10 kW | $3.93 | $27,510 | $57,430 | 8.1 years |
| 12 kW | $3.85 | $32,352 | $69,576 | 7.9 years |
| 14 kW | $3.77 | $36,973 | $81,942 | 7.8 years |
| 16 kW | $3.69 | $41,375 | $94,528 | 7.6 years |
| 18 kW | $3.62 | $45,557 | $107,335 | 7.4 years |
| 20 kW | $3.54 | $49,518 | $120,361 | 7.3 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
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 Truth or Consequences, NM Solar Cost FAQs
How much does it cost to install solar panels in Truth or Consequences?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Truth or Consequences?
Leasing solar panels can be an option if you can’t afford 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 bang for your buck from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.