Solar Panel Cost Guide in Santa Fe, NM (2024 Update)
- Santa Fe Solar Installation Cost: $15,549
- 25-Year Savings: $28,953
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Santa Fe
Find out what the average cost of installing solar panels is in Santa Fe.
The national average cost of solar panels is $2.66 per watt, but in Santa Fe it’s 4 per watt.To cover the typical energy usage of the average home in Santa Fe, most homeowners require a 5.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,549, or $22,235 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy consumption, the type of solar system you choose, your solar contractor and more.For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Santa Fe see about $27,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-14,468 |
| 3 years | $-12,306 |
| 5 years | $-10,144 |
| 7 years | $-7,982 |
| 9 years | $-5,820 |
| 11 years | $-3,658 |
| 13 years | $-1,496 |
| 15 years | $666 |
| 17 years | $2,828 |
| 19 years | $4,990 |
| 21 years | $7,152 |
| 23 years | $9,314 |
| 25 years | $11,476 |
Top Solar Installers in Santa Fe
Although you can install solar panels on your own, it requires extra energy and handiness. That's one of the reasons the majority of homeowners choose a solar panel installer. Solar warranties and repairs are often included in the cost of installation when you go with a solar contractor as well, which can save you more money over time.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Santa Fe
Factors that Affect Solar Panel Costs in Santa Fe
The cost of installing a solar system in Santa Fe can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar system in Santa Fe, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $3,930 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much 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 time, but they can also be a big investment. That’s why many Santa Fe homeowners choose to finance their solar panel systems to offset upfront costs.Even though solar loans make going solar more accessible for Santa Fe homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Santa Fe is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different price points.Additionally, some companies in Santa Fe have more knowledge about local solar incentives and can help you learn about 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 | $24,825 | 10.2 years |
| 8 kW | $4.01 | $22,448 | $33,540 | 10.0 years |
| 10 kW | $3.93 | $27,510 | $42,476 | 9.8 years |
| 12 kW | $3.85 | $32,352 | $51,631 | 9.6 years |
| 14 kW | $3.77 | $36,973 | $61,007 | 9.4 years |
| 16 kW | $3.69 | $41,375 | $70,602 | 9.2 years |
| 18 kW | $3.62 | $45,557 | $80,418 | 9.0 years |
| 20 kW | $3.54 | $49,518 | $90,454 | 8.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose considerably impacts your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
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 Santa Fe, NM Solar Cost FAQs
What is the average cost of installing solar panels in Santa Fe?
This is a tough question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Santa Fe?
You can’t get solar panels for free in Santa Fe. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,399.72 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.