Solar Panel Cost Guide in Grants, NM (2024 Update)
- Grants Solar Installation Cost: $15,509
- 25-Year Savings: $26,090
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Grants
Find out what the average cost of a solar system is in Grants.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Grants, the average cost of a solar system is 4 per watt.The average solar panel system size in Grants is around 5.6 kilowatts, meaning a cost of about $15,509 for a solar installation, or $22,178 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Grants homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $25,000 over 20 years on power bills.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Grants
| Year | Return on Investment |
|---|---|
| 1 years | $-14,443 |
| 3 years | $-12,313 |
| 5 years | $-10,183 |
| 7 years | $-8,052 |
| 9 years | $-5,922 |
| 11 years | $-3,792 |
| 13 years | $-1,661 |
| 15 years | $469 |
| 17 years | $2,599 |
| 19 years | $4,730 |
| 21 years | $6,860 |
| 23 years | $8,990 |
| 25 years | $11,121 |
Top Solar Installers in Grants
When going solar, many homeowners opt to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Grants
Factors that Affect Solar Panel Costs in Grants
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Grants: 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
When it comes to estimating the cost of a solar system in Grants, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by about $3,930 for each additional kilowatt you need.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Grants average.
Solar Financing Terms
Many homeowners find the average cost of solar in Grants to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating in Grants, and each can charge varying amounts for labor and equipment.Additionally, some companies in Grants are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $4.09 | $17,166 | $21,857 | 11.0 years |
| 8 kW | $4.01 | $22,448 | $29,583 | 10.8 years |
| 10 kW | $3.93 | $27,510 | $37,529 | 10.6 years |
| 12 kW | $3.85 | $32,352 | $45,696 | 10.4 years |
| 14 kW | $3.77 | $36,973 | $54,082 | 10.2 years |
| 16 kW | $3.69 | $41,375 | $62,688 | 9.9 years |
| 18 kW | $3.62 | $45,557 | $71,514 | 9.7 years |
| 20 kW | $3.54 | $49,518 | $80,561 | 9.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Reputation: Make sure your solar system installer has a good reputation by verifying 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.
- Contract: Before signing a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: If you’re concerned about the endurance of your solar system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- 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 your electrical system or roof.
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 Grants, NM Solar Cost FAQs
How much does it cost to install solar panels in Grants?
The average cost of solar panels in Grants is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Grants?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 larger amount 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.