Solar Panel Cost Guide in Bloomfield, NM (2024 Update)
- Bloomfield Solar Installation Cost: $15,900
- 25-Year Savings: $23,943
- Payback Period: 11.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Bloomfield
Let’s take a look at the average cost of solar in Bloomfield.
In Bloomfield, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Bloomfield, most homeowners require a 5.8-kilowatt system. Using the figure above, a solar installation costs around $15,900, or $22,737 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Bloomfield homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a rewarding investment. The average homeowner in Bloomfield can save around $23,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar company in Bloomfield that can help you get a more accurate cost estimate for your home.
Solar savings over time in Bloomfield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,832 |
| 3 years | $-12,697 |
| 5 years | $-10,562 |
| 7 years | $-8,427 |
| 9 years | $-6,291 |
| 11 years | $-4,156 |
| 13 years | $-2,021 |
| 15 years | $114 |
| 17 years | $2,250 |
| 19 years | $4,385 |
| 21 years | $6,520 |
| 23 years | $8,655 |
| 25 years | $10,791 |
Top Solar Installers in Bloomfield
Many homeowners opt for a solar panel company since installing solar panels yourself can be hard. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over time.
If you’d like to make the switch to solar but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:
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 Bloomfield
Factors that Affect Solar Panel Costs in Bloomfield
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Bloomfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Bloomfield offer solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make adopting solar energy more accessible for Bloomfield homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can affect the cost. Bloomfield’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have 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 | $4.09 | $17,166 | $18,945 | 11.9 years |
| 8 kW | $4.01 | $22,448 | $25,700 | 11.7 years |
| 10 kW | $3.93 | $27,510 | $32,675 | 11.4 years |
| 12 kW | $3.85 | $32,352 | $39,870 | 11.2 years |
| 14 kW | $3.77 | $36,973 | $47,285 | 11.0 years |
| 16 kW | $3.69 | $41,375 | $54,920 | 10.7 years |
| 18 kW | $3.62 | $45,557 | $62,776 | 10.5 years |
| 20 kW | $3.54 | $49,518 | $70,851 | 10.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
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 Bloomfield, NM Solar Cost FAQs
What is the average cost of installing solar panels in Bloomfield?
The average cost of solar panels in Bloomfield is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind 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 Bloomfield?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
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.