Solar Panel Cost Guide in Mexico, NY (2023 Update)
- Mexico Solar Installation Cost: $9,461
- 25-Year Savings: $6,746
- Payback Period: 14.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mexico
Find out what the average cost of installing solar panels is in Mexico.
In Mexico, solar panels cost about 2.95 per watt on average. Using this figure, a typical 4.6-kW system would cost about $9,458 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. With average savings of about $13,000 on utility bills over 20 years, many homeowners in Mexico find installing solar panels has a decent ROI.
To receive a free quote from a vetted solar installation company in Mexico, you can click the button below.
Solar savings over time in Mexico
| Year | Return on Investment |
|---|---|
| 1 years | $-9,407 |
| 3 years | $-9,299 |
| 5 years | $-9,191 |
| 7 years | $-9,083 |
| 9 years | $-8,975 |
| 11 years | $-8,867 |
| 13 years | $-8,759 |
| 15 years | $-8,651 |
| 17 years | $-8,543 |
| 19 years | $-8,435 |
| 21 years | $-8,327 |
| 23 years | $-8,218 |
| 25 years | $-8,110 |
Top Solar Installers in Mexico
Putting up solar panels on your own can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. Plus, if you're unsure what type of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to start using solar energy but still aren't certain which solar panel company to go with, here are our suggestions for providers in Mexico:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Mexico
Factors that Affect Solar Panel Costs in Mexico
Although the average cost of a solar system in Mexico is $9,458, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,950. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Mexico average.
Solar Financing Terms
Many homeowners find the average cost of solar in Mexico to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. 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 back the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can impact how much you pay. Mexico's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $3.07 | $12,886 | $8,339 | 15.2 years |
| 8 kW | $3.01 | $16,850 | $11,449 | 14.9 years |
| 10 kW | $2.95 | $20,650 | $14,724 | 14.6 years |
| 12 kW | $2.89 | $24,284 | $18,164 | 14.3 years |
| 14 kW | $2.83 | $27,754 | $21,770 | 14.0 years |
| 16 kW | $2.77 | $31,058 | $25,541 | 13.7 years |
| 18 kW | $2.71 | $34,196 | $29,477 | 13.4 years |
| 20 kW | $2.66 | $37,170 | $33,578 | 13.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar, it's crucial to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: The type of solar panel you want to install plays a role in which company you should opt for, since different companies offer different panels.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Mexico, NY Solar Cost FAQs
What is the average cost of installing solar panels in Mexico?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 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 above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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.