Solar Panel Cost Guide in Santa Fe, TX (2023 Update)
- Santa Fe Solar Installation Cost: $13,520
- 25-Year Savings: $23,668
- Payback Period: 9.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Santa Fe
Here's how much it might cost to go solar in Santa Fe.
The average cost of a solar system in Santa Fe is 2.69 per watt. The average solar panel system size in Santa Fe is around 7.2 kilowatts, meaning a cost of about $13,520 for a solar installation, or $19,334 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 panel system. The true cost of making the switch to solar can vary depending on multiple factors, such as what size system you need, your energy usage and what installation company you go with. Despite the high initial cost, the average Santa Fe homeowner can save about $21,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Santa Fe that can help you get a more accurate cost estimate for your home.
Solar savings over time in Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-12,032 |
| 3 years | $-9,057 |
| 5 years | $-6,082 |
| 7 years | $-3,107 |
| 9 years | $-132 |
| 11 years | $2,843 |
| 13 years | $5,818 |
| 15 years | $8,793 |
| 17 years | $11,768 |
| 19 years | $14,743 |
| 21 years | $17,718 |
| 23 years | $20,693 |
| 25 years | $23,668 |
Top Solar Installers in Santa Fe
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar panel installer can make your swap to solar power much easier. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you'd like to go solar but still aren't certain which solar company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Santa Fe
Factors that Affect Solar Panel Costs in Santa Fe
Even though the average cost of a solar system in Santa Fe is $13,520, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
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 $2,690. 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 often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Santa Fe to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time due to interest. While solar loans make switching to solar energy more accessible for Santa Fe homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Santa Fe, and each can charge varying amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.80 | $11,750 | $19,346 | 9.4 years |
| 8 kW | $2.74 | $15,365 | $26,095 | 9.3 years |
| 10 kW | $2.69 | $18,830 | $32,996 | 9.1 years |
| 12 kW | $2.64 | $22,144 | $40,047 | 8.9 years |
| 14 kW | $2.58 | $25,308 | $47,249 | 8.7 years |
| 16 kW | $2.53 | $28,320 | $54,601 | 8.5 years |
| 18 kW | $2.47 | $31,182 | $62,104 | 8.4 years |
| 20 kW | $2.42 | $33,894 | $69,758 | 8.2 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Contract: Review the contract terms carefully to make sure you understand the overall cost, completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Santa Fe, TX Solar Cost FAQs
How much does it cost to install solar panels in Santa Fe?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Santa Fe?
Leasing solar panels can be an attractive choice, as 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,036.52 per year.
How long do solar panels last in Santa Fe?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.