Solar Panel Cost Guide in Silver City, NM (2024 Update)
- Silver City Solar Installation Cost: $14,703
- 25-Year Savings: $31,490
- Payback Period: 8.9 Years
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Average Cost of Solar Panels in Silver City
Here’s how much it might cost to install solar panels in Silver City.
Although the national average of solar panels is $2.66 per watt, solar panels in Silver City generally cost about 4.To account for the typical energy needs of the average home in Silver City, most homeowners require a 5.3-kilowatt system. Using the figure above, a solar installation costs around $14,703, or $21,025 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with.With average savings of about $30,000 on electricity bills over 20 years, many homeowners in Silver City find going solar has a decent ROI.
Click the button below to get connected to a highly rated solar company in Silver City for a customized quote.
Solar savings over time in Silver City
| Year | Return on Investment |
|---|---|
| 1 years | $-13,615 |
| 3 years | $-11,438 |
| 5 years | $-9,260 |
| 7 years | $-7,083 |
| 9 years | $-4,906 |
| 11 years | $-2,729 |
| 13 years | $-551 |
| 15 years | $1,626 |
| 17 years | $3,803 |
| 19 years | $5,980 |
| 21 years | $8,157 |
| 23 years | $10,335 |
| 25 years | $12,512 |
Top Solar Installers in Silver City
When going solar, many homeowners choose to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Also, if you’d like to maximize your investment in solar energy, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our suggestions for providers in Silver City:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Silver City
Factors that Affect Solar Panel Costs in Silver City
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,930. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Silver City to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time because of interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only 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 securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating in Silver City, and each can charge different amounts for labor and 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 at a higher cost. It’s best to do some research and choose a 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 | $29,440 | 9.2 years |
| 8 kW | $4.01 | $22,448 | $39,694 | 9.0 years |
| 10 kW | $3.93 | $27,510 | $50,168 | 8.9 years |
| 12 kW | $3.85 | $32,352 | $60,861 | 8.7 years |
| 14 kW | $3.77 | $36,973 | $71,775 | 8.5 years |
| 16 kW | $3.69 | $41,375 | $82,909 | 8.3 years |
| 18 kW | $3.62 | $45,557 | $94,263 | 8.1 years |
| 20 kW | $3.54 | $49,518 | $105,837 | 8.0 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Silver City, NM Solar Cost FAQs
How much does it cost to install solar panels in Silver City?
The average cost of solar panels in Silver City 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Silver City?
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.
Does Silver City have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Silver City?
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 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.