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Cost of Solar Panels In New Mexico

Updated February 2, 2024

The Cost of Solar Panels in New Mexico

Lucky for homeowners in New Mexico, the cost of solar panels has dropped by over 54% in the past ten years. With New Mexico's abundant sunshine throughout the year and progressive financial incentives, more than 300,000+ homes and businesses in the Land of Enchantment have realized the benefits of solar panels!

But how much does it cost to install solar panels in New Mexico? Dive into our detailed breakdown of the costs of solar panels in New Mexico below, or get a personalized solar quote for your home in just a few moments!

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How Much Do Solar Panels Cost In New Mexico?

The latest data from the solar industry indicates that in New Mexico, the price of solar panels varies from $10,000 to $15,000, based on your home's energy consumption. Considering that the typical home size in NM is about 1,800 sq ft., the average solar panel cost in New Mexico stands at roughly $12,984. This is before applying New Mexico's solar incentives.

Below is a detailed breakdown of solar panel costs in New Mexico, categorized by home size.

Home Size (sq ft)

System Size

Average Costs

1,500 - 1,750 4 kW $10,566
1,750 - 2,000 5 kW $12,984
2,000 - 2,300 6 kW $15,239
2,300 - 2,500 7 kW $17,875
2,500 - 2,800 8 kW $20,612
2,800 - 3,000 10 kW $23,131

 

** It's important to note that these costs DO NOT include the thousands you can save by utilizing New Mexico solar incentives. See which solar financial incentives you qualify for by entering your zip code below!

Enter your zip code to see which New Mexico Solar Incentives your qualify for!

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Factors That Impact Solar Costs in New Mexico

Thinking about solar energy in New Mexico? You're on the right track. Many homeowners in the state not only cut down their monthly electricity bills but also contribute to a greener environment. The cost of solar panels in New Mexico varies depending on aspects such as how much energy your home uses, the specific solar panels you choose, and additional items like battery systems.

While initial costs might differ, here's something to consider: many New Mexico homeowners reduce their electricity bills by 40% to 60% after going solar. In many cases, those solar panels recover their costs in less than a decade!

Costs for Installation & Labor

In New Mexico, the cost of solar panels isn't just about the equipment. There's also a price attached to things like their installation, obtaining necessary permits, and ensuring they meet safety standards. These can account for an extra 10% to 20% on your final bill.

However, there's a silver lining! New Mexico has programs and initiatives that can help reduce these initial costs. Read our complete guide to getting your solar panels installed for free in New Mexico!

Equipment Costs for Solar

For those in New Mexico, a major chunk (around 60-70%) of your solar investment goes towards the core equipment. This includes the panels themselves, devices that change sunlight into electricity (inverters), and the structures they're mounted on. These essential pieces are your ticket to reliable and renewable power, shielding you from unpredictable energy costs. Thanks to technological progress, these parts have become more effective and long-lasting, ensuring you get the most out of the sun's energy.

Taxes on Solar in New Mexico

If you're considering a solar transition in New Mexico, you'll want to be aware of any tax considerations. Adding solar panels might boost your home's value, potentially affecting property taxes. But here's some good news: New Mexico has tax incentives & exemptions for those opting for solar, helping offset costs and promote green energy. To get a clearer understanding of these benefits, just enter your details below. Discover the tax advantages New Mexico offers to residents ready for an eco-friendly shift.

Enter your zip code to see which NM Solar Incentives your home qualifies for!

Do I Qualify?

Please enter a zip code

How to Reduce The Costs of Solar Panels in New Mexico

New Mexico provides a host of financial benefits for locals exploring solar energy options. Thanks to the state's commitment to renewable energy, there are numerous ways for New Mexico residents to save on solar installations.

Curious about solar incentives you could tap into? Reach out to New Mexico solar professionals for a full rundown. They're prepared to highlight the available solar deals, assist you with the application procedures, and provide a custom solar estimate tailored to your home's characteristics.

ROI on Solar | Solar Payback Period

Wondering how long it'll take for solar panels to cover their costs in New Mexico? Considering current electric costs and available solar incentives, many homeowners find their solar investment pays off in merely 7-9 years! After that, it's pure savings, making solar a wise investment in the Land of Enchantment.

Solar Financing Options in New Mexico

Worried about the initial solar expenses in New Mexico? There's no need! New Mexico offers flexible arrangements like power purchase agreements (PPAs) and solar loans. This means you can embark on your solar adventure without a large initial cost. With a PPA or solar loan, you can start enjoying solar benefits immediately without a huge upfront expense.

Looking for ways to start without any initial costs? Explore the methods to install solar panels at zero upfront cost in New Mexico!

New Mexico Solar Incentives

New Mexico proudly offers several solar incentives. Homeowners can benefit from solar tax credits and a variety of local rebates and perks. Such incentives significantly reduce the overall expense of transitioning to solar, making the shift in New Mexico both financially and environmentally smart.

Check out the detailed list of New Mexico's solar incentives right here.

Making the move to solar in New Mexico is both economical and forward-thinking. By making use of the state's solar benefits and diverse financing options, you can be at the forefront of the green energy revolution, utilize the abundant sun, and enjoy notable savings!

Enter your zip code below to see which Solar Incentives you qualify for!

Do I Qualify?

Please enter a zip code

Are Solar Panels Worth it in New Mexico?

Yes, for many homeowners in New Mexico, switching to solar translates to significant savings on electricity bills and a step forward for the planet. New Mexico provides numerous attractive incentives and strong support for solar, making the proposition even sweeter. What this means is many New Mexicans can recoup their solar panel investment in a short span. The best part? Once installed, these panels keep producing, offering nearly free electricity for 20-30 years, and sometimes even more. Imagine this: spending less on bills while using eco-friendly energy for decades!

Read Also: Is Solar Worth it in New Mexico?

Jumping into the solar wave in New Mexico is both easy and wise, especially with the right guidance. You can swiftly secure a free quote tailored to your home's specifics. Experts will evaluate your property digitally, inform you about solar incentives in New Mexico, and provide an estimate of potential savings. Explore solar possibilities for your residence without any strings attached. Join the growing community of New Mexicans thrilled with their decision to embrace solar energy!

Make the switch to solar and start saving in New Mexico!

Contact our team of local energy consultants and see how much you can save with solar panels in NM!

  • You may be eligible for FREE Installation 
  • All quotes are 100% free with no obligation.

Author & Solar Energy Expert

James Kahle, a revered voice in the energy domain, enlightens homeowners about the benefits of solar. Catch James soaking up the sun while playing basketball or immersed in the pages of a book.

Want to see how much you could save with solar in New Mexico?

Use our Free Solar Savings Calculator to see your potential savings by switching to solar.