Solar Panel Cost Guide in Hobbs, NM (2024 Update)
- Hobbs Solar Installation Cost: $15,018
- 25-Year Savings: $16,559
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Hobbs
Here’s how much it might cost to make the switch to solar in Hobbs.
The national average cost of solar panels is $2.66 per watt, but in Hobbs it’s 4 per watt.Because a 5.5-kW system is needed to cover the energy costs of a typical home in Hobbs, the average price of going solar will be about $15,018 after claiming the federal solar tax credit of 0.
These figures are only estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you choose to go with.Even with the high upfront cost, the average Hobbs homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Hobbs for a quote for your home.
Solar savings over time in 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 Hobbs
Putting up solar panels on your own can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.
If you're on the hunt for a solar company in Hobbs, the EcoWatch team has compiled a list of our top suggestions here:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Hobbs
Factors that Affect Solar Panel Costs in Hobbs
Although the average cost of a solar system in Hobbs is $15,018, your final cost may be above or below the average. 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 take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Hobbs, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $3,930 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also cost more. Plus, 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Hobbs homeowners opt to finance their solar panel systems to offset upfront costs.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of green energy solutions in Hobbs, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Hobbs have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Reputation: Long-standing companies likely have a good 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 service, such as part repairs and replacements.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Hobbs, NM Solar Cost FAQs
What is the average cost of installing solar panels in Hobbs?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Hobbs?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to 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 bang for your buck from going solar.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hobbs is currently $178,950, which means you can look forward to a value of about $7,337 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hobbs is a fruitful investment.
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 amount 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.