Find out how much it will cost to install solar panels for your home in New Mexico
Calculating the cost of solar panels for your New Mexico home.
Installation costs for solar will vary with your location and the size of your homes electricity bill. To be meaningful solar cost information needs to be tailored to the individual situation. If you enter your details into the solar calculator below you will get a solar cost and savings estimate and find out how much solar panels will cost for your home based on current offers from your local solar installation companies.
What other factors affect the cost of solar panels for your home?
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How is the cost of solar panels for homes in New Mexico offset by solar tax credits?
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How does the cost of solar power compare to the electricity rates charged by PNM? (per kWh)
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Why solar panel cost should not be your only consideration when buying solar panels for your home
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Get Your Free Solar Report
Why Go Solar
Lower Or Eliminate Your Power Bill
Add Value To Your Home
Federal & Local Incentives for Going Solar
No Electricity Rate Increases
Reduce Your Carbon Footprint
Your Choice of Price, System & Installer
Know Your Current Energy Usage in New Mexico
Having an understanding of how much electricity you are using and need is a good first step in finding out if solar is right for you.
Solar Advisors will need to know how many Kilowatt hours you use on average throughout the year. But don’t worry this is easy to figure out and it is listed on your monthly utility bill.
Steps to Going Solar
Design & Permitting
Turn On Your Solar Power
Is Your Home Suitable for Solar
When installing a solar energy system, sun exposure is one of the important factors to consider. Generally, a southern orientation for your panels provides the maximum exposure, although an eastern or western orientation may work also.
There should be little or no shading year-round for optimal performance. Shade can greatly affect the output and efficiency of your solar panels. Consider the surrounding trees or nearby construction around your property before installing your solar energy system.
The condition of your roof will also be important if you’re considering roof-mounting your solar panels. If you’re planning to re-roof your home, it will be best do to it before your solar energy system.
Before an installation, we conduct an inspection and explain any issues that can affect their solar energy system. You can also read our article to know if your home is suitable for solar panels.
The Benefits of Going Solar
Save money on your Power Bill
Amount of savings on your monthly power bill vary per location but most homeowners will see an immediate reduction of their monthly electricity bill.
Add Value to Your Home
Solar panels are very likely to increase the value of your home. On average, studies show that homes with solar sell for more than 4.1% on average.
Own Your Electricity
Offset Your Carbon Footprint
Even a small residential solar panels system will offset multiple tons of CO2. If you want to reduce your carbon footprint solar panels are a great way.
No More Power Outages
Low Risk Investment
How Much Do Solar Panels Cost For New Mexico Residents
Your homes size and monthly energy usage will determine the cost of your solar energy system. It is easy to get a full estimate today by filling out our going solar form. It takes about 60 seconds to fill out the form and we will send you a full 4 page report with a custom estimate bulit for your homes energy needs.
If you have the savings available, paying for your solar installation with cash will typically provide the highest return on investment and the quickest payback. 50% of the payment is due on contract signing 50% on installation
We have some of the best financing available as low as 1.49% in some areas along with differed payments for the first year. Choose what length term you would like and you can pay the loan off at any time. Solar financing is considered a low-risk loan by banks. So the terms are very friendly towards homeowners.
The Federal Housing Administration (FHA) provides loans through their PowerSaver program, which provides loans for energy-saving home upgrades. The program offers multiple ways to finance your installation, the PowerSaver Second Mortgage and Energy Rehab 203(k) loan options can cover the cost of your installation. These programs offer similar interest rates to personal loans but have a much longer repayment term.
You can read more about financing your solar energy installation in our article.
Federal Tax Credits and Incentives
The 26% federal tax credit is available for purchased home solar systems installed by December 31, 2022
The Investment Tax Credit (ITC) is currently a 26 percent federal tax credit claimed against the tax liability of residential investors in solar energy property. The ITC allows the homeowner to apply for the credit on their personal income taxes. This credit is used when homeowners purchase solar systems and have them installed on their homes.
A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. Both the residential and commercial ITC are equal to 26 percent of what has been invested in your solar energy system.
The state government and even your city may provide incentives for your solar energy system installation. Your utility company may even offer a rebate to help finance your solar energy system installation. During a solar energy system installation, we can help you through the process of applying and utilizing these incentives provided to you.
Our article on tax credits and rebates for solar energy will explain how these incentives work, and how they can help your transition to solar energy.
Frequently Asked Questions - Solar Energy
Will solar power be my only source of electricity?
Not if you don’t want it to be. If you do not install a battery backup, your home will be connected to your city’s electricity grid to ensure a continuous source of power when needed. This is especially helpful if you live in a place that does not have consistent sunlight or where sunlight is not plentiful many months out of the year.
Will I need to get a new roof?
Your roof will need to be inspected to ensure that it can withstand the weight, especially if you are due for a roof replacement in the next five years.
Otherwise, no, there’s no need to tack on a brand new roof to the project. However, confirm if the warranty on your roof will be affected with the installation of the solar panels. You can find out more details on this by contacting the company that installed your roof.
What happens if my panels produce more energy than needed?
This is a great problem to have, because the energy will not go to waste!
If your home produces extra energy, it can be fed into the city’s grid, and you receive a credit on your utility bill. This is called net metering. In the case of homeowners living off the grid, the excess power goes into their battery storage and is saved for when they are running low on solar power.
What if I move?
Homeowners have a few options with their solar panels when moving. If your new home is only a short distance away, the solar installer should be able to handle the reinstallation of your panels on the new home.
However, if you are moving to another city or state, you’ll have to weigh the benefits. It will be costly to have the panels removed, taken to the new destination, and reinstalled.
You also need to evaluate how well solar panels will perform in your new home, the permitting rules of that new city or state, and what incentives they have to offer. Some homeowners opt to take advantage of selling a home with solar panels, as this increases the value of the home and is a selling point for many buyers. For those who leased the solar panels, simply call the company to have them transferred to a new location, the new homeowners, or cancel the plan altogether.