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Albuquerque solar panels
Are you consideringinstalling solar panels in Albuquerque? SaveOnEnergy gathered all the information you need to know about Albuquerque solar power, including solar panel installation costs, solar incentives you can claim, and potential long-term savings. When you’re ready to purchasesolar panels for your home, you can use the SaveOnEnergy marketplace to find competitive solar energy prices.
Cost of solar panels in Albuquerque
Thecost to install solar panels in Albuquerque is slightly above the national median price. Solar panel cost is measured by watt, and the national median is currently $3.82 per watt. In New Mexico, the median cost for solar panel installation is $4.14 per watt.
How much do solar panels cost in Albuquerque in 2022?
Albuquerque has a median solar panel installation cost of $4.14 per watt. The median size of a residential solar system is 5.6 kilowatts (kW) in New Mexico. Installing a 5.6-kilowatt system at $4.14 per watt would cost around $23,080. This figure does not take into account federal and state tax credits that can help you cover the total cost. If you apply the 30% federal tax credit to this installation cost estimate, you would save just under $7,000.
Thanks to the tax credit and other incentives, the predicted payback period for your solar panel installation is about 14 years. The payback period is the time it takes you to cover the installation costs with electricity bill savings. The average monthly cost of electricity in New Mexico is $94.74. Using this figure, we estimated that you could expect to save up to $6,581 over the 20 years after installing solar. The potential savings could be even larger because electricity prices typically increase over the years.
Average solar panel cost by system size in Albuquerque
The national median cost per watt of a solar panel system is $3.82. New Mexico’s median costs are as follows:
| Price Per Watt | System Size (kW) | Cost | |
| High | $4.91 | 8.4 kW | $41,263 |
| Median | $4.14 | 5.6 kW | $23,080 |
| Low | $3.53 | 3.6 kW | $12,804 |
The size of your solar panel installation is one of the biggest factors impacting its cost. Across New Mexico, the median size of a residential solar panel installation is 5.6 kW. Some systems can be as small as 3.6 kW, while larger ones used to power large residences can reach 8.4 kW in size. A mid-range installation costs about $23,080 before factoring in taxes and incentives. After subtracting the 30% Residential Clean Energy Credit, the total installation cost would be $16,156.
To determine what size your solar panel system should be, you should examine your electricity bills to find your energy consumption amount. New Mexico’s average monthly consumption is 670 kilowatt-hours (kWh). If you’re looking for a system that covers 100% of your energy consumption, the solar array would need to produce that much electricity or more every month.
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Incentives for solar panels in Albuquerque
Various financial incentives exist to encourage people toswitch to solar power for their home.Tax credits and other benefits can make installation costs more affordable. The main incentive is the 30% federal tax credit. However,many state governments also offer financial assistance. Here are the key incentives available to Albuquerque residents you should know about:
| Incentive | Local, State, or Federal? | Incentive details |
| Residential Clean Energy Credit | Federal | The tax credit covers 30% of your solar panel installation costs. You can receive this income tax credit if you install solar on your primary or secondary home. |
| Solar Market Development Tax Credit (SMTDC) | State | This tax credit can save you 10% of your overall Albuquerque solar installation costs, with a maximum of $6,000. |
| Net metering programs | State | Utilities in New Mexico offer net metering to their customers. Net metering is when you sell excess power to the grid in exchange for credits on your electricity bill. Talk to your utility to learn how its net metering program works. |
Solar companies in Albuquerque
There are several solar companies in Albuquerque for you to choose from when searching for a solar power installer. You can learn more about the services they provide and the types of solar panels they install on the SaveOnEnergy marketplace. Our comparisons give you a clear overview of the costs and make it easy to finalize your purchase agreement. Call the number on your screen to speak with an adviser or fill out our form to receive more information.
Is going solar in Albuquerque right for you?
Depending on your circumstances, there are many different ways to power your home withsolar energy. Even if you can’t afford to purchase solar panels outright, there are alternative options.
Solar for renters
A solar power purchase agreement (PPA) is a great way to access green energy if you rent your property. Through a PPA, you can sign a contract with a solar developer to purchase solar energy for a fixed period of time. The solar provider will specify the cost of the energy, which can change during the course of the agreement. They are also responsible for financing, installing, and managing the system on your property.
Renters can also consider asolar panel lease agreement, which is when a company produces solar power using off-site panels and sells the energy to you. You’ll makemonthly lease payments to purchase the energy. The benefit of this option is that you don’t have to install any panels on your home.
Solar for homeowners
Many homeowners choose tobuy their solar panels through various financing options. Solar is a sizable upfront investment, but it can lead to thousands of dollars in savings over time and increase your home’s resale value. Homeowners are also eligible for federal and state incentives that can lessen the installation costs.
Community solar
Communitysolar projects are a great solar option for people who cannot afford it or have a home that is not suitable for panels. A community solar program typically operates through a large number of solar panels at a central location, such as a local park or large building. Community residents can purchase or lease a portion of the energy produced by the facility. Some community solar projects offer incentives for customers to participate.
Solar power FAQs
The median solar panel installation in New Mexico costs $4.14 per watt. Based on a typical mid-sized solar installation in the city of 5.6 kilowatts, a solar installation would cost $23,080 before any savings from tax credits and other incentives.
Solar power is a worthwhile investment because you can make significant savings over the longer term. The projected payback period for New Mexico residents who install solar panels is 14 years. After 20 years, you could save over $6,500.
A great place to start your search for a solar installer is the SaveOnEnergy marketplace. You can compare company prices and services, read customer reviews, and connect with an installer. Remember to carefully review any solar installation agreement before you sign the paperwork so you’re sure what services you’re getting.
Excessive amounts of carbon dioxide and other greenhouse gases lead to climate change and cause environmental damage. Solar power can help reduce greenhouse gas levels in the atmosphere because it is a carbon-free energy source. Green energy sources like solar differ from fossil fuels, which release carbon dioxide when burned to produce energy.