Solar Panels Cost $7.5k-$17k in Artesia, NM | August, 2024
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How much do solar panels cost in Artesia, NM in 2024?
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Typically, in Artesia, NM in the month of August, 2024, the cost per each watt for solar panel systems is $3.58/W.
In accordance with the price, you can conclude that for every 1 kW (1000 watts) your solar system can generate you will need to invest $3,580 to get your panels installed. After receiving the 30% federal tax credit, a 5 kW solar panel install in Artesia sets you back $12,530. Be aware that a larger system might be required to fulfill your energy requirements.
To the left,choose your area to find out the average roof size and the average maximum capacity of solar panel systems for homes in your county. Below is a full analysis of the price, payback period, and 20-year average savings for a 5 kW system in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Artesia: $12,530US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Artesia: 9 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Artesia: $8,685US Average: $15,248
Solar Potential in Artesia
Estimated system size and solar electricity production per median viable roof in Artesia.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Artesia, NM & What that Means for Your Solar Panel Pricing
On average, Artesia residents use 1,086 kWh each month, and the electric bill is $110.77. Bear in mind that this figure incorporates data from both apartments and smaller homes with reduced energy requirements.
In August 2024, the electricity rate in Artesia, NM is on average 10.2¢ per kWh.
Average electricity users in Artesia may want a solar panel system with a generation capacity of 7 kW or more to satisfy their full electricity usage needs. At the moment, a 7 kW solar installation will cost you roughly $25,060upfront, but thanks to the 30% federal tax credit, you receive 30% back, reducing the total to $17,542.
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Average solar panel costs by system size in Artesia
Below on the left side, there is the cost breakdown for multiple sizes of solar panel systems set up in Artesia. Even though a larger solar installation carries a larger expense, it also offers higher electricity savings and larger income tax credits.
In the calculator provided to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $110.77 electric bill for Artesia. Adjust the $110.77 to your average electricity bill payment for results that are tailored to you.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $569 a year
Est. Price
$7,518
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $47
Full payback in 6 years
Environmental Impacts
Reduces CO2 emissions by 2.1 tons a year
Equivalent to planting 97 trees a year
Equivalent to driving 5,205 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $759 a year
Est. Price
$10,024
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $63
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 2.8 tons a year
Equivalent to planting 129 trees a year
Equivalent to driving 6,939 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $949 a year
Est. Price
$12,530
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $79
Full payback in 9 years
Environmental Impacts
Reduces CO2 emissions by 3.5 tons a year
Equivalent to planting 161 trees a year
Equivalent to driving 8,674 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,138 a year
Est. Price
$15,036
Savings from a 6kWthis system
Est. yearly production 11,384 kWh
Est. monthly savings $95
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 4.21 tons a year
Equivalent to planting 193 trees a year
Equivalent to driving 10,409 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,328 a year
Est. Price
$17,542
Savings from a 7kWthis system
Est. yearly production 13,282 kWh
Est. monthly savings $111
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 4.91 tons a year
Equivalent to planting 225 trees a year
Equivalent to driving 12,144 mi less a year
Artesia Solar Panel Installation Incentives & Rebates | 2024
Small businesses and farms in rural areas may see between 80% and 100% of their solar or wind turbine installation costs covered by the REAP Grant. Wondering if you fall into this category? Check your eligibility with our REAP Grant eligibility tool.
Almost all homeowners can benefit from the 30% federal income tax credit for residential solar, making solar energy a sensible option across most parts of the country. Alongside federal incentives, there are many state and local efforts to encourage solar energy adoption.
Several utilities and government agencies in New Mexico currently offer 13 solar rebates and incentives.
Solar incentives in NMIncentive Description Value
PNM - Performance-Based Solar Program
Value:Varies
PNM may enter power purchase agreements with solar PV, thermal, and HVAC customers to obtain credits toward the state's renewable portfolio standard. Qualifying systems may be rated for up to 100 kW of capacity. As compensation for ownership of the customer's RECs, PNM will apply bill credits based on the current value of an individual REC and the amount of energy generated by the solar panels. Should an earned bill credit exceed consumption liability, it will roll forward to subsequent months. Agreements last for eight years by default, but they may be extended for larger systems. Additional information is available from the PNM website.
Sustainable Building Tax Credit (Personal)
Value:Varies
In New Mexico, new single or multi-family homes which meet certain green construction standards may be eligible for personal income tax credits. Eligible homes must qualify for ENERGY STAR certification or a minimum LEED Silver certification level and pursue formal accreditation from the US Department of Energy/Green Building Council. Once a building is certified, the owner may apply for the credit through the Department of Energy, Minerals, and Natural Resources. The amount of the credit will be determined on a rubric considering the specific certification obtained and the square footage of the property. Additional information is available from the EMNR website.
Solar Energy Gross Receipts Tax Deduction
Value:Varies
In New Mexico, active and passive solar water heating and HVAC equipment are exempt from state gross receipt tax. Gross receipt tax is similar to sales tax and is an assessment of the total of annual business receipts after expenses. Certain trombe walls and water tanks may also qualify for the exemption if they meet certain technical specifications. Customers do not have to do anything to claim the exemption. Retailers should present a completed form RPD41341 for the system to the New Mexico Taxation and Revenue Department. Additional information is available from the NMTRD website.
Renewable Portfolio Standard
Value:Varies
New Mexico first established a renewable portfolio standard in 2004 to set goals for alternative energy investment. In 2020, at least 20% of the state's retail electricity was required to be sourced renewably. Over the long term, 50% of retail electricity must be renewable by 2030, and all of the state's electricity must be emission-free by 2045. Carve-out provisions require portions of annual renewable energy investment to use solar and wind technologies. Compliance is measured through a Renewable Energy Credit (REC) system pegging a fixed amount of electricity to a fluctuating dollar value. All operations renewable energy systems in the state generate RECs, which utilities must procure through net metering and power purchasing agreements. For failure to meet the annual REC quota, a utility will be charged penalty fines for each kilowatt hour they are deficient.
Solar/Wind Construction Permitting Standards
Value:Varies
Contractors supervising the installation or repair of a solar or wind energy system in New Mexico should have the proper license from the state board. Valid licenses include EE-98 and ER-1. Workers performing the installation or repair of a solar or wind energy system should have an EE-98J or ER-1J journeyman's license. Provisions are made for apprentices who will be supervised by a journeyman. All new wind turbines are required to undergo a structural engineering analysis. Solar PV systems may need an analysis if they exceed a minimum weight, use a unique mounting strategy, are mounted on a roof with over-spanned structures, or if structural changes are needed. Analysis results are required for a permit to be approved.
Sustainable Building Tax Credit (Corporate)
Value:Varies
In New Mexico, new commercial buildings which meet certain green construction standards may be eligible for corporate income tax credits. Eligible buildings must qualify for a minimum LEED Silver certification level and pursue formal accreditation from the US Department of Energy/Green Building Council. Once a building is certified, the owner may apply for the credit through the Department of Energy, Minerals, and Natural Resources. The amount of the credit will be determined on a rubric considering the specific certification obtained and the square footage of the property. Additional information is available from the EMNR website.
Clean Energy Revenue Bond Program
Value:Varies
By a 2005 act of the New Mexico legislature, the state may use bonds to finance new renewable energy investment or energy efficiency upgrades for state buildings and public schools. Funding recipients have a 10-year window to make improvements suggested by the Energy, Materials, and Natural Resources Department. Bonds are tax-exempt and will be repaid through energy cost savings.
Drinking Water State Revolving Loan Fund
Value:Varies
The New Mexico state government manages a revolving loan fund to support drinking water access, quality, and safety. Repaid funds immediately "revolve" to another borrower, allowing for perpetual state investment and continued support through interest. By default, at least 25% of the loan principal is forgiven, effectively taking the form of a grant. Up to 75% of the principal may be forgiven if a project aids low-income/disadvantaged communities or supports water and energy conservation efforts.
Local Option - Renewable Energy Financing District/Solar Energy Improvement Special Assessments
Value:Varies
Cities and counties in New Mexico may join Renewable Energy Financing Districts (REFDs), the state's version of a property-assisted clean energy (PACE) program. With the usual exception of single-family homes or multi-family residential property under five units, any property may apply for specialized energy efficiency loans through their local REFD. Loans carry a maximum principal of 40% of a property's assessed value. They are offered at low interest rates and secured through loss reserve funds. Repayment takes the form of a property tax lien senior to mortgages; this means should the borrower sell their property, the new owner will be responsible for continuing loan payments. Additional information is available from local REFDs.
Gross Receipts Tax Exemption for Sales of Wind and Solar Systems to Government Entities
Value:Varies
In New Mexico, equipment used as part of a wind turbine or to otherwise generate wind power for a government agency is exempt from state gross receipt tax. Solar PV and active/passive solar thermal systems are also exempt as of 2010. Gross receipt tax is essentially equivalent to corporate sales tax in other states. Incentives are applied at the time of purchasing the equipment. Additional information is available from the state revenue department.
New Mexico Solar Easements & Rights Laws
Value:Varies
New Mexico has adopted two separate "solar rights" laws protecting access to sunlight for solar panel owners. Under the Solar Rights Act of 1977, it is unlawful for property owners neighboring a solar array to purposefully obstruct solar access by placing new structures or vegetation. Under the Solar Recordation Act of 1983, property owners may obtain a "solar right" from their county government. Solar rights act similar to easements and are tied to the property's deed. Later statutes overruled local ordinances and association covenants banning solar panels, with exceptions made for historic districts.
System Benefits Charge
Value:Varies
In 2002, New Mexico established a System Benefits Fund to support clean energy adoption and education with an emphasis on serving low-income populations, local/county governments, and school districts. The fund is supported by a surcharge on all customer energy bills in the state. Utilities may earn grants to build new solar/wind farms, hydroelectric installations, or biomass plants. Grants may also fund line extensions for low-income neighborhoods and rural or remote areas. Additional information is available from the New Mexico Energy, Minerals, and Natural Resources Department.
Alternative Energy Product Manufacturers Tax Credit
Value:Varies
Businesses in New Mexico that produce components for renewable or clean energy devices, including hybrid and electric vehicles, may be eligible to claim the Alternative Energy Product Manufacturers tax credit. Both end-use products and components supplied to end-use product manufacturers are eligible for the incentive. Credit amount is determined on an individual basis by the state Taxation and Revenue department; at maximum, it will be 5% of the business's expenditures. The credit will be awarded on the condition that the company creates new full-time jobs dependent on its expenditures. Additional information is available from the NMTRD website.
Are solar panels worth it in New Mexico?
For homeowners in Artesia planning to remain in their homes after the payback period for solar panels, solar energy is a sensible choice. In Artesia, NM, a 5 kW solar system installation might save you $14,054.8 on average over 20 years, with a typical break even point of 9 years.
The cost of not having solar panels in Artesia, NM
Besides missing out on the aforementioned savings, not having solar panels or a different backup energy source makes you fully reliant on your electric utility for electricity. The news has provided several examples demonstrating that full reliance on your utility is not always ideal.
The utilities in Artesia have averaged about 1.21 outages per customer per year in recent years. Usually, outages have an average duration of 149.99 minutes. However, during critical events like planned maintenance, grid management errors or winter storms, these times can extend dramatically.
A solar panel system, with or without a backup battery or not, could reduce the impact of future power outages you might face.
Go Solar for less than your cell phone bill.
What impacts the cost of solar panels in Artesia, NM?
Your Energy Needs - Even though larger solar panel systems have a larger initial cost, the cost per watt drops. For most individuals, setting up a system that can produce enough power to reduce their entire electric bill is useful, providing significant savings.
Make & Model - Similar to many other products, there are a variety of makes and models of solar panels on the market. The potential brand preferences of your installer mean that it is it's even more necessary to pick a highly rated company. Choosing superior quality materials generally yields a more favorable long-term experience for the buyer.
Solar Panel Type - For good reasons, monocrystalline panels have emerged as the standard in the industry. Even though they are costlier, they generate additional energy. The majority of installers use panels crafted from this material.
Your Property - Each property and home has its own characteristics. Factors like irregular terrain, trees, or other challenges can make the installation more challenging. Nowadays, solar installers commonly leverage satellite images to evaluate your home and incorporate these considerations into the preliminary cost estimate.
Labor Rates - Companies offer varying pay rates to their employees, which are then passed on to the prices consumers pay. Businesses that invest in higher wages often see higher reviews for their services and customer service.
Permitting & Interconnection - Regional differences in permitting and utility interconnection fees will affect your installation cost. Reliable local installers will incorporate these figures into your preliminary estimates to avoid any surprises.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Artesia, NM Solar Panel Cost FAQs
In August, 2024, the typical price per watt for solar panels in Artesia, NM is $3.58/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Artesia, NM is roughly $12,530.
Residents of New Mexico can currently take advantage of 13 rebates and incentives offered by various utilities and government bodies. In addition, the 30% federal income tax credit is available to almost everyone.
Paying in cash provides the highest savings, but there are several financing options available today for solar panels that are also financially advantageous. Many installers will detail information about financing options in their initial quotes.
Yes, in Artesia, NM, the average time for 5 kW solar panel systems to pay for themselves is 9 years, leading to electricity savings of $14,054.8 over a 20-year period.
Savings from 
Environmental Impacts 
