Solar Panels Cost $2.7k-$13k in Edgewood, NM | October, 2024
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How much do solar panels cost in Edgewood, NM in 2024?
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For the month of October, 2024, the price per watt for solar panel systems in Edgewood, NM is $3.89/W, on average.
In other words, solar panel installations will cost you about $3,890 per 1 kW (or 1000 watts) of production capacity. When you subtract the 30% federal tax credit, you will pay around $13,615 for a 5 kW panel install in Edgewood. However, a 5kW system may not be big enough to ensure your energy needs are met.
To the left, you can select your county to find out the average roof size and the maximum capacity of solar panels for houses in your area. You can review the costs, payback period, and 20-year average savings for a 5 kW system in your county below.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Edgewood: $13,615US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Edgewood: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Edgewood: $6,820US Average: $15,784
Solar Potential in Edgewood
Estimated system size and solar electricity production per median viable roof in Edgewood.
Roof size 876sq. ft.
Capacity 12.25kW DC
Electricity 20kkWh AC per yr.
Electricity Costs in Edgewood, NM & What that Means for Your Solar Panel Pricing
The average electricity bill in Edgewood, for a usage of 640 kWh per month, is $109.46. This figure also factors in the energy needs of apartments and smaller dwellings.
In October 2024, the average electricity rate in Edgewood, NM amounts to 17.09¢ per kWh.
In Edgewood, average users will require a system size of 5 kW or greater to fully meet their entire energy usage requirements. The cost of a a 5 kW solar system is approximately $19,450 initially, but the federal tax credit provides a 30% credit, reducing your total to $13,615.
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Average solar panel costs by system size in Edgewood
Presented on the left, you will find a cost summary for different solar panel system sizes installed in Edgewood. The bigger the solar array, the larger the initial expense, but also the greater electricity savings and income tax credits you'll receive.
The breakdown of costs and benefits for solar panels, displayed in the calculator below and to the right, is based on an average electric bill of $109.46 in Edgewood. For more specific results, just change the $109.46 with whatever your average electricity bill is.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $323 a year
Est. Price
$2,723
Savings from a 1kWthis system
Est. yearly production 1,897 kWh
Est. monthly savings $27
Full payback in 2 years
Environmental Impacts
Reduces CO2 emissions by 1.21 tons a year
Equivalent to planting 56 trees a year
Equivalent to driving 2,991 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $645 a year
Est. Price
$5,446
Savings from a 2kWthis system
Est. yearly production 3,795 kWh
Est. monthly savings $54
Full payback in 4 years
Environmental Impacts
Reduces CO2 emissions by 2.42 tons a year
Equivalent to planting 111 trees a year
Equivalent to driving 5,983 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $968 a year
Est. Price
$8,169
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $81
Full payback in 6 years
Environmental Impacts
Reduces CO2 emissions by 3.63 tons a year
Equivalent to planting 167 trees a year
Equivalent to driving 8,974 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,290 a year
Est. Price
$10,892
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $108
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 4.83 tons a year
Equivalent to planting 222 trees a year
Equivalent to driving 11,966 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,613 a year
Est. Price
$13,615
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $109
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 4.9 tons a year
Equivalent to planting 225 trees a year
Equivalent to driving 12,131 mi less a year
Edgewood Solar Panel Installation Incentives & Rebates | 2024
The financial burden of installing photovoltaic or wind turbines for rural agricultural enterprises and small businesses could be eased with the REAP Grant, covering 80% to 100% of the costs. If you think you might be eligible, try our REAP Grant eligibility tool to check your qualification.
Almost all residents are eligible for the 30% federal income tax credit for residential solar, which makes it a viable option in various states in the country. State and local governments offer various programs to promote the switch to solar energy.
A total of 13 solar incentive and rebate programs are available in New Mexico from various utilities and government organizations.
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 Edgewood expecting to remain in their homes after the payback period for solar panels, solar energy is a sensible choice. A 5 kW system in Edgewood, NM will help you save the average homeowner, on average, $12,655.4 over a 20 period and the average break even point is 10 years.
The cost of not having solar panels in Edgewood, NM
Apart from the savings noted earlier, failing to install solar panels or an alternative energy backup leads to you being wholly dependent on your electric utility for power supply. Total dependence on your utility provider isn't always ideal, as recent examples in the news have demonstrated.
In recent times, the average number of utility outages per customer annually in Santa Fe County has been about 1.36. Typically, outages have an average duration of 209.25 minutes. However, during significant events such as wildfires, overloaded power grids, or wildlife damage, these times can drastically increase.
A solar panel system could lessen the inconvenience of future outages, even if it doesn't have a backup battery.
Power Outages
Currently, 0 customers are being tracked in Santa Fe County.
What impacts the cost of solar panels in Edgewood, NM?
Your Energy Needs - The price per watt reduces with larger solar panel systems, even though the upfront cost is higher. Setting up a solar system that produces sufficient electricity to offset their electric bill is advantageous to most homeowners, resulting in savings.
Make & Model - Like many other products, there are various makes and models of solar panels available. It's crucial to pick a highly rated contractor, considering the brand preferences that installers may have. Superior quality materials generally lead to a more favorable long-term experience for buyers.
Solar Panel Type - Monocrystalline panels are widely recognized as the industry standard, and deservedly so. Despite the higher price tag, these panels produce greater energy output. Many installation experts use panels constructed from this material.
Your Property - Each property and home presents unique challenges. Trees, sloped land, or other impediments may complicate the installation process. Nowadays, the most solar installers can assess your home with satellite images and incorporate these factors in the preliminary cost estimate.
Labor Rates - The pay that various companies offer their employees differ, and these expenses are passed on to the consumers. Paying higher wages frequently results in businesses receiving better reviews for their work and customer service.
Permitting & Interconnection - Local permitting and utility interconnection fees, which differ by area, will affect your installation cost. That said, quality local installers will be able to incorporate these numbers into your initial quotes so there are no surprises.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Edgewood, NM Solar Panel Cost FAQs
During October, 2024, the average price for solar panel installations in Edgewood, NM is $3.89/W. Post federal tax credit, a 5 kW solar panel system installation in Edgewood, NM will roughly cost $13,615.
Various utility providers and government organizations in New Mexico are offering 13 rebates and incentives at this time. In addition, nearly all people are eligible for the 30%federal tax credit.
Even though paying cash offers the most savings, there are now numerous financing options for solar panels that also are cost-effective. Information about financing options is typically included in initial quotes provided by installers.
Yes, solar panels systems of 5 kW in Edgewood, NM typically have a payback period of 10years, with expected savings on electricity costs of $12,655.4 over 20 years.
Savings from 
Environmental Impacts 
