Solar Panel Cost Guide in North Hobbs, NM (2024 Update)
- North 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 North Hobbs
We break down average solar pricing in North Hobbs.
The national average cost of solar panels is $2.66 per watt, but in North Hobbs it’s 4 per watt.The average North Hobbs homeowner needs a 5.5-kilowatt system, which would cost about $15,018 with the federal tax credit, or $21,476 before the 0 tax credit is applied.
The actual price you pay can be higher or lower than the average in North Hobbs depending on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire.Many homeowners find adopting solar power is a sound investment. The average homeowner in North Hobbs can save about $19,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a custom quote.
Solar savings over time in North 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 North Hobbs
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
If you’d like to make the switch to solar but still aren’t sure which solar company to go with, here are our suggestions for providers nearby:
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 North Hobbs
Factors that Affect Solar Panel Costs in North Hobbs
There are several criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of solar panels in North Hobbs, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $3,930 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the North Hobbs average.
Solar Financing Terms
Many homeowners find the average cost of solar in North Hobbs to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest.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 remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in North Hobbs, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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
The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Contract: Before signing a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The kind of solar panel you’d like to get plays a role in which installer you should opt for, since different companies have access to different panels.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 North Hobbs, NM Solar Cost FAQs
How much does it cost to install solar panels in North Hobbs?
The average cost of solar panels in North Hobbs 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 things such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in North Hobbs?
You can’t get solar panels for free in North Hobbs. However, you may still be able to install 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.
Can you sell solar power back to the grid in North Hobbs?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in North Hobbs?
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 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.