Solar Panel Cost Guide in Eldorado at Santa Fe, NM (2024 Update)
- Eldorado at Santa Fe Solar Installation Cost: $15,549
- 25-Year Savings: $29,959
- Payback Period: 9.6 Years
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Average Cost of Solar Panels in Eldorado at Santa Fe
See how much it might cost to make the switch to solar in Eldorado at Santa Fe.
The average cost of solar panels in Eldorado at Santa Fe is 4 per watt.To account for the typical energy usage of the average home in Eldorado at Santa Fe, most homeowners require a 5.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,549, or $22,235 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Eldorado at Santa Fe depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $27,000 over 20 years on energy bills.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Eldorado at Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-14,460 |
| 3 years | $-12,283 |
| 5 years | $-10,106 |
| 7 years | $-7,929 |
| 9 years | $-5,751 |
| 11 years | $-3,574 |
| 13 years | $-1,397 |
| 15 years | $780 |
| 17 years | $2,958 |
| 19 years | $5,135 |
| 21 years | $7,312 |
| 23 years | $9,489 |
| 25 years | $11,666 |
Top Solar Installers in Eldorado at Santa Fe
Although you can install solar panels on your own, it takes extra effort and knowledge. That's why most people choose a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Eldorado at Santa Fe
Factors that Affect Solar Panel Costs in Eldorado at Santa Fe
For many Eldorado at Santa Fe homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Eldorado at Santa Fe, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Eldorado at Santa Fe average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Eldorado at Santa Fe homeowners decide to finance their solar panel systems to offset upfront costs.Although solar loans make switching to solar energy more accessible for Eldorado at Santa Fe homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Eldorado at Santa Fe, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies usually 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 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 | $4.09 | $17,166 | $25,893 | 10.0 years |
| 8 kW | $4.01 | $22,448 | $34,964 | 9.8 years |
| 10 kW | $3.93 | $27,510 | $44,255 | 9.6 years |
| 12 kW | $3.85 | $32,352 | $53,767 | 9.4 years |
| 14 kW | $3.77 | $36,973 | $63,498 | 9.2 years |
| 16 kW | $3.69 | $41,375 | $73,449 | 9.0 years |
| 18 kW | $3.62 | $45,557 | $83,621 | 8.8 years |
| 20 kW | $3.54 | $49,518 | $94,013 | 8.6 years |
How to Save on Solar Panels
There are a lot of companies available in Eldorado at Santa Fe, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Eldorado at Santa Fe, NM Solar Cost FAQs
How much does it cost to install solar panels in Eldorado at Santa Fe?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $19,650 for a 5-kW system and $39,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, 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 Eldorado at Santa Fe?
Leasing solar panels can be an attractive choice, because it often 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.
Can you sell solar power back to the grid in Eldorado at Santa Fe?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Eldorado at Santa Fe?
Although 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 the amount of 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.