Solar Panel Cost Guide in University Park, NM (2023 Update)
- University Park Solar Installation Cost: $10,112
- 25-Year Savings: $23,187
- Payback Period: 7.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in University Park
Let's have a look at the average cost of solar panels in University Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in University Park, the typical cost of solar panels is 2.68 per watt. To account for the typical energy usage of the average home in University Park, most homeowners require a 5.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,112, or $14,460 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in University Park based on a few factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $23,000 over 20 years on energy bills.
Click the button below to get connected to a reputable solar installer in University Park for a customized estimate.
Solar savings over time in University Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,780 |
| 3 years | $-6,116 |
| 5 years | $-3,452 |
| 7 years | $-788 |
| 9 years | $1,876 |
| 11 years | $4,540 |
| 13 years | $7,204 |
| 15 years | $9,867 |
| 17 years | $12,531 |
| 19 years | $15,195 |
| 21 years | $17,859 |
| 23 years | $20,523 |
| 25 years | $23,187 |
Top Solar Installers in University Park
Although you can install solar panels yourself, it takes extra effort and expertise. Because of that, most homeowners choose a solar panel installer. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
If you're looking for a solar company in University Park, the EcoWatch team has compiled a list of our top suggestions here:
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 University Park
Factors that Affect Solar Panel Costs in University Park
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in University Park: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,680. The brand of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid choice 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 figuring 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 solar installer you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in University Park are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $25,390 | 7.9 years |
| 8 kW | $2.73 | $15,308 | $34,154 | 7.7 years |
| 10 kW | $2.68 | $18,760 | $43,067 | 7.6 years |
| 12 kW | $2.63 | $22,062 | $52,131 | 7.4 years |
| 14 kW | $2.57 | $25,213 | $61,345 | 7.3 years |
| 16 kW | $2.52 | $28,215 | $70,709 | 7.1 years |
| 18 kW | $2.47 | $31,067 | $80,223 | 7.0 years |
| 20 kW | $2.41 | $33,768 | $89,887 | 6.8 years |
How to Save on Solar Panels
There are a large number of companies available in University Park, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a quality company.
- Contract: Before you sign a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's University Park, NM Solar Cost FAQs
How much does it cost to install solar panels in University Park?
The average cost of solar panels in University Park is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does University Park have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.