Solar Panel Cost Guide in Socorro, TX (2024 Update)
- Socorro Solar Installation Cost: $15,545
- 25-Year Savings: $28,272
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Socorro
See how much it might cost to install solar panels in Socorro.
The average cost of a solar panel system in Socorro is 3 per watt.The average Socorro homeowner needs a 6.7-kilowatt system, which would cost about $15,545 with the federal tax credit, or $22,229 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what company you go with.For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Socorro see about $24,000 in savings on energy bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Socorro
| Year | Return on Investment |
|---|---|
| 1 years | $-13,962 |
| 3 years | $-10,797 |
| 5 years | $-7,632 |
| 7 years | $-4,467 |
| 9 years | $-1,301 |
| 11 years | $1,864 |
| 13 years | $5,029 |
| 15 years | $8,194 |
| 17 years | $11,360 |
| 19 years | $14,525 |
| 21 years | $17,690 |
| 23 years | $20,855 |
| 25 years | $24,021 |
Top Solar Installers in Socorro
Many homeowners opt for a solar installation company since trying to install solar panels on your own can be a labor-intensive endeavor. In addition, if you’d like to maximize your investment in solar, using a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Socorro
Factors that Affect Solar Panel Costs in Socorro
While the average cost of a solar system in Socorro is $15,545, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $3,330 per kilowatt in Socorro.The model of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Socorro homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Socorro is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets.Additionally, some companies in Socorro are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $3.46 | $14,545 | $22,190 | 9.9 years |
| 8 kW | $3.40 | $19,021 | $29,959 | 9.7 years |
| 10 kW | $3.33 | $23,310 | $37,915 | 9.5 years |
| 12 kW | $3.26 | $27,413 | $46,057 | 9.3 years |
| 14 kW | $3.20 | $31,329 | $54,386 | 9.1 years |
| 16 kW | $3.13 | $35,058 | $62,902 | 8.9 years |
| 18 kW | $3.06 | $38,601 | $71,603 | 8.8 years |
| 20 kW | $3.00 | $41,958 | $80,492 | 8.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Socorro, TX Solar Cost FAQs
How much does it cost to install solar panels in Socorro?
The average cost of solar panels in Socorro is about $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Socorro?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside 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 option 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 where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,224.50 per year.
How long do solar panels last in Socorro?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had 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.