Solar Panel Cost Guide in Tucumcari, NM (2023 Update)
- Tucumcari Solar Installation Cost: $10,535
- 25-Year Savings: $26,148
- Payback Period: 7.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Tucumcari
Find out what the average cost of solar panel installation is in Tucumcari.
The national average cost of solar panels is $2.66 per watt, but in Tucumcari it's 2.68 per watt. Using this figure, a typical 5.6-kW system would cost about $10,543 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Tucumcari homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $25,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar installer in Tucumcari for a quote for your home.
Solar savings over time in Tucumcari
| Year | Return on Investment |
|---|---|
| 1 years | $-9,771 |
| 3 years | $-8,243 |
| 5 years | $-6,715 |
| 7 years | $-5,187 |
| 9 years | $-3,660 |
| 11 years | $-2,132 |
| 13 years | $-604 |
| 15 years | $924 |
| 17 years | $2,451 |
| 19 years | $3,979 |
| 21 years | $5,507 |
| 23 years | $7,035 |
| 25 years | $8,562 |
Top Solar Installers in Tucumcari
Many homeowners opt for a solar panel company since installing solar panels yourself can be hard. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Tucumcari
Factors that Affect Solar Panel Costs in Tucumcari
The cost of installing a solar system in Tucumcari 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 equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Tucumcari, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $27,488 | 7.5 years |
| 8 kW | $2.73 | $15,308 | $36,951 | 7.3 years |
| 10 kW | $2.68 | $18,760 | $46,564 | 7.2 years |
| 12 kW | $2.63 | $22,062 | $56,327 | 7.0 years |
| 14 kW | $2.57 | $25,213 | $66,240 | 6.9 years |
| 16 kW | $2.52 | $28,215 | $76,303 | 6.7 years |
| 18 kW | $2.47 | $31,067 | $86,516 | 6.6 years |
| 20 kW | $2.41 | $33,768 | $96,880 | 6.5 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:
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated 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 past customers.
- Contract: Before signing a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
EcoWatch's Tucumcari, NM Solar Cost FAQs
How much does it cost to install solar panels in Tucumcari?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Tucumcari?
Leasing solar panels can be an attractive choice, because 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 get the most savings.
Is it worth going solar in Tucumcari?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in Tucumcari?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide 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.