Solar Panel Cost Guide in Meadow Lake, NM (2024 Update)
- Meadow Lake Solar Installation Cost: $15,284
- 25-Year Savings: $28,542
- Payback Period: 9.8 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 Meadow Lake
Let’s take a look at the average cost of solar in Meadow Lake.
The national average cost of solar panels is $2.66 per watt, but in Meadow Lake it’s 4 per watt.Using this figure, a typical 5.6-kW system would cost about $15,284 before the 0 federal solar tax credit is applied.
These figures are only estimates, and your own solar costs may vary based on factors unique to your home and what company you want to go with.Even with the large initial cost, the average Meadow Lake homeowner can save about $27,000 on their power bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Meadow Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,195 |
| 3 years | $-12,018 |
| 5 years | $-9,841 |
| 7 years | $-7,664 |
| 9 years | $-5,486 |
| 11 years | $-3,309 |
| 13 years | $-1,132 |
| 15 years | $1,045 |
| 17 years | $3,223 |
| 19 years | $5,400 |
| 21 years | $7,577 |
| 23 years | $9,754 |
| 25 years | $11,932 |
Top Solar Installers in Meadow Lake
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar company can make your swap to solar power much easier. The payback period on a solar system will vary based on factors like your location and energy consumption, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you're looking for a solar installer in Meadow Lake, we've organized a list of our top suggestions here:
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 Meadow Lake
Factors that Affect Solar Panel Costs in Meadow Lake
Though the average cost of a solar system in Meadow Lake is $15,284, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
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 ascertain the size of the solar energy system needed for your home by figuring out your average energy use.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Meadow Lake, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Meadow Lake, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.Although solar loans make switching to solar energy more accessible for Meadow Lake homeowners, they can also increase 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 avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar system can impact the cost. Meadow Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $24,914 | 10.2 years |
| 8 kW | $4.01 | $22,448 | $33,658 | 10.0 years |
| 10 kW | $3.93 | $27,510 | $42,623 | 9.8 years |
| 12 kW | $3.85 | $32,352 | $51,808 | 9.6 years |
| 14 kW | $3.77 | $36,973 | $61,213 | 9.4 years |
| 16 kW | $3.69 | $41,375 | $70,838 | 9.2 years |
| 18 kW | $3.62 | $45,557 | $80,683 | 9.0 years |
| 20 kW | $3.54 | $49,518 | $90,748 | 8.8 years |
How to Save on Solar Panels
The solar company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Warranty: If you’re worried about the longevity of your solar system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the completion timeline.
- Contract: Although reading through a contract can take a lot of time, 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.
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 Meadow Lake, NM Solar Cost FAQs
What is the average cost of installing solar panels in Meadow Lake?
This is a difficult question to answer exactly, because the cost depends on a variety of 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Meadow Lake?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.