Solar Panel Cost in New Mexico: Get 3 Free Quotes From Top Solar Companies in 2024
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2 minutesWhy having solar panels is a good idea in New Mexico
By going solar, you help create an emission-free world of tomorrow, become energy independent, and save hard-earned money on your next energy bill.
Contact us now and we match you with the top solar companies in New Mexico, guaranteed 100% free of charge.
Benefits of solar in New Mexico
Save money
In the last few years, the cost of solar in New Mexico has dropped to record-lows, making solar a very attractive source of electricity. According to our data, installing 12 kW of solar saves the average household in New Mexico up to $2,166 - $5,416 on yearly energy bills.
Create your own electricity
On average, U.S. electricity consumers experience 7 hours of power interruption per year. With solar panels on your roof, outages are a thing of the past and you will become energy independent.
Increase your home value
Did you know that solar panels increase your home value? Statistics show that a solar system increases your home value by 4.1% on average.
Contribute to an emission-free world
Every kWh of solar energy means 0.846 lbs less carbon emitted into the atmosphere. A standard 10 kW system saves the equivalent of the weight of 49 F-150 pickup trucks throughout its lifetime.
Other Reasons Why New Mexico is a Great Place for Solar
added Solar Capacity 2023
In 2023, New Mexico added 375 MW in solar capacity. This is enough to power approximately 46,875 houses.
Price Drop / last 10 Years
Over the past decade, the cost of solar energy in New Mexico has witnessed a significant drop of 53%.
National Solar Ranking
Despite being 20th in the national solar ranking, New Mexico still offers numerous advantages for solar energy.
affected by Blackouts
Over the past years 917.41 k residents in New Mexico were affected by power outages.
Is solar worth it in New Mexico?
Going solar helps you to save a lot of money on your annual energy bill. On average, our data shows that you can expect to save between $2,166 - $5,416 per year, depending on the solar system size and your location.
| System Size | Average Yearly Output | Potential Yearly Savings |
|---|---|---|
8 kW | 14,951 kWh | $ 2,166 |
12 kW | 22,426 kWh | $ 3,250 |
16 kW | 29,901 kWh | $ 4,333 |
20 kW | 37,377 kWh | $ 5,416 |
State-wide solar incentives in New Mexico
| Name | Territory | Incentive Type | Details |
|---|---|---|---|
Clean Energy Revenue Bond Program | New Mexico | Bond Program | |
Solar Energy Gross Receipts Tax Deduction | New Mexico | Sales Tax Incentive | |
Alternative Energy Product Manufacturers Tax Credit | New Mexico | Industry Recruitment/Support | |
Local Option - Renewable Energy Financing District/Solar Energy Improvement Special Assessments | New Mexico | PACE Financing | |
Gross Receipts Tax Exemption for Sales of Wind and Solar Systems to Government Entities | New Mexico | Sales Tax Incentive | |
Advanced Energy Gross Receipts Tax Deduction | New Mexico | Sales Tax Incentive | |
Property Tax Exemption for Residential Solar Systems | New Mexico | Property Tax Incentive | |
2021 Sustainable Building Tax Credit (Corporate) | New Mexico | Corporate Tax Credit | |
2021 Sustainable Building Tax Credit (Personal) | New Mexico | Personal Tax Credit | |
Residential Energy Conservation Subsidy Exclusion (Personal) | Federal | Personal Tax Exemption | |
Modified Accelerated Cost-Recovery System (MACRS) | Federal | Corporate Depreciation | |
Residential Energy Conservation Subsidy Exclusion (Corporate) | Federal | Corporate Tax Exemption | |
Energy-Efficient Mortgages | Federal | Loan Program | |
USDA - Rural Energy for America Program (REAP) Grants | Federal | Grant Program | |
Office of Indian Energy Policy and Programs - Funding Opportunities | Federal | Grant Program | |
Clean Renewable Energy Bonds (CREBs) | Federal | Loan Program | |
USDA - Rural Energy for America Program (REAP) Loan Guarantees | Federal | Loan Program | |
U.S. Department of Energy - Loan Guarantee Program | Federal | Loan Program | |
Qualified Energy Conservation Bonds (QECBs) | Federal | Loan Program | |
USDA - High Energy Cost Grant Program | Federal | Grant Program | |
Fannie Mae Green Financing – Loan Program | Federal | Loan Program |
How much do solar panels cost in New Mexico?
Currently, the price per watt for solar panels is $2.79/W in New Mexico. Given the average solar system size of 8 kW, this means that your solar panel cost is around $22,290 in New Mexico (latest data: August 2024).*
Taking state and federal incentives into account, you can expect to save further 30% of the initial cost, bringing the cost of solar in New Mexico down to $15,603 (installation size: 8 kW).
About the diagram: The diagram shows the average price for an 8kW solar installation in New Mexico after the 30% federal tax incentive deduction. Get 3 free quotes from Quote For Solar and potentially save up to $4,049 compared to the average solar installation cost in New Mexico ("Good price").
Solar panels in New Mexico at one glance
Is It worth it to go solar in New Mexico?
How much do solar panels cost in New Mexico?
Are there solar incentives for New Mexico?
Do solar panels work in New Mexico during winter?
How long does the installation take in New Mexico?
Are there finance options for solar installations in New Mexico?
Is solar mandatory in New Mexico?
Do solar panels increase property taxes in New Mexico?
Is solar sales tax exempt in New Mexico?
Get 3 Quotes From Reviewed Solar Installers Fast!
For homeowners wishing to install solar energy on their properties, Quote For Solar is the ideal service.
Quote For Solar offers a free and easy single inquiry format for homeowners to obtain multiple offers from local solar companies for their installation needs.
Solar Companies will compete with each other to win your business, which can increase your savings. In addition, you are assured of receiving quotes only from trustworthy and dependable partners with a proven track record.
Furthermore, relevant advice on selecting the right product and installer as well as tax credits available will be included as part of the package.
Installing solar energy through Quote For Solar can result in long-term savings due to lower energy costs, but with no obligation to purchase, there is no cost to obtain the quotes.
