Solar Panel Cost Guide in North Hobbs, NM (2024 Update)

  • North Hobbs Solar Installation Cost: $15,018
  • 25-Year Savings: $16,559
  • Payback Period: 14.0 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 North Hobbs

We break down average solar pricing in North Hobbs.

The average cost of a solar system in North Hobbs is 4 per watt.The average solar panel system size in North Hobbs is around 5.5 kilowatts, meaning a cost of about $15,018 for a solar installation, or $21,476 before the 0 federal solar tax credit is applied.

The true cost of your system can go above or below the average in North Hobbs based on several factors, such as the type of solar panels you choose and the solar installer you hire.Many homeowners find installing a solar system is a solid investment. The average homeowner in North Hobbs can save around $19,000 on their energy bills over 20 years.

You can click the button below to get connected with a vetted solar installer in North Hobbs for a quote for your home.

Solar savings over time in North Hobbs

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 North Hobbs

Although it's possible to install solar panels on your own, it involves extra time and know-how. Because of that, most homeowners choose a solar panel installer. 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 avoiding 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

★★★★★
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 North Hobbs

Factors that Affect Solar Panel Costs in North Hobbs

The cost of installing a solar system in North Hobbs can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,930 per kilowatt in North Hobbs.There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you want 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

For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in North Hobbs, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

A final factor to consider when trying to estimate the cost of solar for your home or business in North Hobbs is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different price points.Additionally, some companies in North Hobbs know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 $12,289 14.6 years
8 kW $4.01 $22,448 $16,825 14.3 years
10 kW $3.93 $27,510 $21,582 14.0 years
12 kW $3.85 $32,352 $26,558 13.7 years
14 kW $3.77 $36,973 $31,755 13.4 years
16 kW $3.69 $41,375 $37,172 13.2 years
18 kW $3.62 $45,557 $42,808 12.9 years
20 kW $3.54 $49,518 $48,665 12.6 years

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:

  • Contract: Before signing a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
  • Reputation: Companies that have been in business for many years 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 adequate aftercare and customer support, such as part repairs and replacements.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
  • Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.

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 North Hobbs, NM Solar Cost FAQs

How much does it cost to install solar panels in North Hobbs?

This is a difficult question to answer exactly, 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in North Hobbs?

Solar panels aren’t free in North Hobbs, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Does North Hobbs have a net metering program?

Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy 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 North Hobbs?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.

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