Solar Panel Cost Guide in Santa Fe, TX (2024 Update)
- Santa Fe Solar Installation Cost: $16,726
- 25-Year Savings: $23,676
- Payback Period: 11.2 Years
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Average Cost of Solar Panels in Santa Fe
Let’s take a look at the average cost of solar in Santa Fe.
In Santa Fe, solar panels cost about 3 per watt on average.To cover the typical energy needs of the average home in Santa Fe, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,726, or $23,918 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what installation company you go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $21,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar panel company in Santa Fe for a custom quote.
Solar savings over time in Santa Fe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,305 |
| 3 years | $-12,463 |
| 5 years | $-9,621 |
| 7 years | $-6,779 |
| 9 years | $-3,936 |
| 11 years | $-1,094 |
| 13 years | $1,748 |
| 15 years | $4,590 |
| 17 years | $7,432 |
| 19 years | $10,274 |
| 21 years | $13,117 |
| 23 years | $15,959 |
| 25 years | $18,801 |
Top Solar Installers in Santa Fe
Putting up solar panels yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Santa Fe
Factors that Affect Solar Panel Costs in Santa Fe
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Santa Fe: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The model of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, 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.When figuring out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence your pricing. Santa Fe’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Santa Fe are more knowledgeable 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 help you save 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 | $3.46 | $14,545 | $16,550 | 11.7 years |
| 8 kW | $3.40 | $19,021 | $22,440 | 11.5 years |
| 10 kW | $3.33 | $23,310 | $28,516 | 11.2 years |
| 12 kW | $3.26 | $27,413 | $34,778 | 11.0 years |
| 14 kW | $3.20 | $31,329 | $41,227 | 10.8 years |
| 16 kW | $3.13 | $35,058 | $47,863 | 10.6 years |
| 18 kW | $3.06 | $38,601 | $54,685 | 10.3 years |
| 20 kW | $3.00 | $41,958 | $61,694 | 10.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Warranty: If you’re concerned about the endurance of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Santa Fe, TX 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 few different factors. Broadly speaking, it costs about $16,650 for a 5-kW system and $33,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.