Solar Panel Cost Guide in Rio Rancho, NM (2024 Update)

  • Rio Rancho Solar Installation Cost: $15,517
  • 25-Year Savings: $26,531
  • Payback Period: 10.5 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 Rio Rancho

Find out what the average cost of solar panels are in Rio Rancho.

The national average cost of solar panels is $2.66 per watt, but in Rio Rancho it’s 4 per watt.To account for the typical energy usage of the average home in Rio Rancho, most homeowners require a 5.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,517, or $22,189 before the federal solar tax credit of 0 is applied.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar panels you want to get, your solar contractor and more.For most homeowners, the upfront cost of solar power is worth paying. On average Rio Rancho homeowners see about $25,000 in savings on utility bills over 20 years.

To receive a free estimate from a top solar installation company in Rio Rancho, you can click the button below.

Solar savings over time in Rio Rancho

Year Return on Investment
1 years $-14,429
3 years $-12,252
5 years $-10,074
7 years $-7,897
9 years $-5,720
11 years $-3,543
13 years $-1,365
15 years $812
17 years $2,989
19 years $5,166
21 years $7,343
23 years $9,521
25 years $11,698

Top Solar Installers in Rio Rancho

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make converting to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you opt for a solar company as well, which can save you more money after your initial investment.

If you're looking for a solar company in Rio Rancho, the EcoWatch team has compiled 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 Rio Rancho

Factors that Affect Solar Panel Costs in Rio Rancho

For many Rio Rancho homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Rio Rancho, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,930 per kilowatt in Rio Rancho.The model of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, 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 looking into a solar system that’s in your budget.

Solar Financing Terms

Most solar installers in Rio Rancho have solar loans, which reduce your upfront costs of installing solar panels.Though solar loans make going solar more accessible for Rio Rancho homeowners, they can also add to 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

Lastly, the company you opt for to install your solar system can impact how much you pay. Rio Rancho’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that has the products, warranties and services you’re looking for and also fits within your budget.

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 $22,311 10.9 years
8 kW $4.01 $22,448 $30,188 10.7 years
10 kW $3.93 $27,510 $38,285 10.5 years
12 kW $3.85 $32,352 $46,602 10.2 years
14 kW $3.77 $36,973 $55,140 10.0 years
16 kW $3.69 $41,375 $63,897 9.8 years
18 kW $3.62 $45,557 $72,875 9.6 years
20 kW $3.54 $49,518 $82,072 9.4 years

How to Save on Solar Panels

The solar installer you opt for will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:

  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
  • Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
  • Installation Process: When making the switch to solar power, it’s necessary to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.

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 Rio Rancho, NM Solar Cost FAQs

How much does it cost to install solar panels in Rio Rancho?

The average cost of solar panels in Rio Rancho 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 consume.

Is it better to lease or buy solar panels in Rio Rancho?

Leasing solar panels can be an attractive choice, because it commonly 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.

How will solar panels impact my property value?

Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."

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 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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