Solar Panel Cost Guide in Lovington, NM (2024 Update)

  • Lovington Solar Installation Cost: $15,018
  • 25-Year Savings: $16,048
  • Payback Period: 14.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lovington

We break down average solar pricing in Lovington.

Although the national average of solar panels is $2.66 per watt, solar panels in Lovington typically cost about 4.Because a 5.5-kW system is needed to cover the energy costs of a typical home in Lovington, the average price of going solar will be about $15,018 after claiming the federal solar tax credit of 0.

The true cost of your system can go above or below the average in Lovington depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a solid investment. The average homeowner in Lovington can save about $18,000 on their electricity bills over 20 years.

To get a free quote from a highly rated solar company in Lovington, you can click the button below.

Solar savings over time in Lovington

Year Return on Investment
1 years $-14,254
3 years $-12,726
5 years $-11,199
7 years $-9,671
9 years $-8,143
11 years $-6,615
13 years $-5,088
15 years $-3,560
17 years $-2,032
19 years $-504
21 years $1,023
23 years $2,551
25 years $4,079

Top Solar Installers in Lovington

Putting up solar panels by yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. Some solar companies, particularly local ones, can help you make the most of incentives in Lovington, therefore optimizing your ROI.

If you're on the hunt for a solar installer in Lovington, we've put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • 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 Lovington

Factors that Affect Solar Panel Costs in Lovington

While the average cost of a solar system in Lovington is $15,018, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,930.The kind of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to think 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 searching for a solar system that’s in your budget.

Solar Financing Terms

Many homeowners find the average cost of solar in Lovington to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar installation company you select will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Lovington 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 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 $11,727 14.9 years
8 kW $4.01 $22,448 $16,076 14.6 years
10 kW $3.93 $27,510 $20,646 14.3 years
12 kW $3.85 $32,352 $25,435 14.0 years
14 kW $3.77 $36,973 $30,445 13.7 years
16 kW $3.69 $41,375 $35,674 13.4 years
18 kW $3.62 $45,557 $41,124 13.1 years
20 kW $3.54 $49,518 $46,793 12.9 years

How to Save on Solar Panels

There are a large number of companies to choose from in Lovington, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • 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 quality aftercare and customer service, such as part repairs and replacements.
  • Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Installation Process: When making the switch to solar energy, it’s crucial to maintain an open line of communication with your solar installer. See to it that you understand how the installation process works and the project timeline.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Lovington, NM Solar Cost FAQs

How much does it cost to install solar panels in Lovington?

The average cost of solar panels in Lovington 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 stuff such as the model 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 Lovington?

Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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.

Is switching to solar power worth it?

Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.

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 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.

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