Solar Panels Cost $2.6k-$13k in Española, NM | August, 2024
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How much do solar panels cost in Española, NM in 2024?
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In Española, NM in the month of August, 2024 you will spend about $3.84 per watt to go solar.
It will cost you $3,840, on average, for every 1K (or 1000 watts) of capacity that your solar panels have. After receiving the 30% federal tax credit, you can expect to pay around $13,440 for a 5 kW solar setup in Española. Please keep in mind that a bigger system might be needed to adequately cover your energy consumption.
To the left, you can choose your county to see the average roof size and average maximum capacity for solar panels on homes in your area. Below is an analysis of the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Española: $13,440US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Española: 14 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Española: $178US Average: $15,248
Solar Potential in Española
Estimated system size and solar electricity production per median viable roof in Española.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Española, NM & What that Means for Your Solar Panel Pricing
On average, Española residents pay $80.74 for their electric bill each month and use 575 kWh. These statistics also include apartments and other smaller residences with reduced energy demand.
The average rate for electricity in Española, NM in August, 2024 is 14.05¢ per kWh.
Average citizens in Española will want a solar panel system with a generation capacity of 4 kW or larger to satisfy their full electricity consumption requirements. Installing a a 4 kW solar panel installation will be priced at about $15,360 initially, but with the 30% federal tax credit, you can receive a 30% reimbursement, reducing the cost to $10,752.
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Average solar panel costs by system size in Española
Located below and to the left, there is the price breakdown for different sizes of the solar panel systems set up in Española. The bigger the solar array, the higher the initial expense, but also the greater electricity savings and income tax credits you'll get.
The solar panel cost and benefit breakdown, shown in the calculator below and to the right, is based on an average electric bill of $80.74 in Española. Change the $80.74 to match your average electricity bill payment for custom results.
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 $266 a year
Est. Price
$2,688
Savings from a 1kWthis system
Est. yearly production 1,897 kWh
Est. monthly savings $22
Full payback in 3 years
Environmental Impacts
Reduces CO2 emissions by 1.34 tons a year
Equivalent to planting 62 trees a year
Equivalent to driving 3,328 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $531 a year
Est. Price
$5,376
Savings from a 2kWthis system
Est. yearly production 3,795 kWh
Est. monthly savings $44
Full payback in 6 years
Environmental Impacts
Reduces CO2 emissions by 2.69 tons a year
Equivalent to planting 124 trees a year
Equivalent to driving 6,657 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $797 a year
Est. Price
$8,064
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $66
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 4.03 tons a year
Equivalent to planting 185 trees a year
Equivalent to driving 9,985 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,063 a year
Est. Price
$10,752
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $81
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 4.92 tons a year
Equivalent to planting 226 trees a year
Equivalent to driving 12,179 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,328 a year
Est. Price
$13,440
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $81
Full payback in 14 years
Environmental Impacts
Reduces CO2 emissions by 4.92 tons a year
Equivalent to planting 226 trees a year
Equivalent to driving 12,179 mi less a year
Española Solar Panel Installation Incentives & Rebates | 2024
The REAP Grant can potentially cover between 80% and 100% of the installation costs for solar or wind turbines for rural small businesses and agricultural businesses. If you feel you might be eligible, we suggest utilizing our REAP Grant eligibility tool to verify your qualification.
The federal government offers a 30% tax credit for residential solar systems, making solar practical and practical for a diverse set of homeowners. A variety of state and local incentives are offered to promote the use of solar energy.
New Mexico features 13 solar rebate and incentive initiatives provided by multiple 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 those expecting to remain in their homes after the solar system's payback period, installing solar panels is a obvious choice in Española. By installing a 5 kW solar system in Española, NM, you can expect to save roughly $5,937.6 over 20 years, with the break even point usually being 14 years.
The cost of not having solar panels in Española, NM
Without solar panels or another backup power source, you miss out on the savings discussed previously and rely entirely on your electric utility for electricity. As we've seen in many recent news reports, full reliance on your utility isn't always ideal.
Recently, the average number of utility outages per customer in Española has been 2.73 annually. Outages generally last for an average of 569.77 minutes. During major occurrences like landslides, aging infrastructure, or construction accidents, these times can extend significantly.
Whether or not a backup battery is included, a solar panel system could help ease 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 Española, NM?
Your Energy Needs - Larger solar panel systems require more upfront investment, but the cost per watt decreases as the size of the system increases. Many people find it useful to install a solar energy system that can replace their entire electric bill. This results in optimal savings.
Make & Model - There are a variety of makes and models of solar panels and mounting equipment. Taking into account the certain brand preferences an installer might have, picking a reputable contractor is important. Choosing superior quality equipment usually provides a more favorable long-term experience for the buyer.
Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and deservedly so. They have a higher price, but they provide more energy. Most solar panel installers choose this type of material.
Your Property - Trees, sloped land, or additional considerations can increase the complexity of the installation. Nowadays, the majority of solar installers can assess your home with satellite images and incorporate these elements in the preliminary cost estimate.
Labor Rates - Companies compensate their employees in varying amounts, and these costs are passed down to consumers. Higher wages frequently lead to companies getting better reviews for their services and customer service.
Permitting & Interconnection - The local permitting and utility interconnection fees, which vary by region, will affect your final installation price. Quality installers will factor these costs into your preliminary quotes to prevent unexpected expenses.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Española, NM Solar Panel Cost FAQs
The average solar panel cost in Española, NM as of August, 2024 is estimated at $3.84/W. Post federal tax credit, a 5 kW solar panel system installation in Española, NM will roughly cost $13,440.
Currently, New Mexico residents can benefit from 13 rebates and incentives available through various utilities and government bodies. On top of that, nearly everyone can qualify for the 30% federal tax credit.
Paying cash provides the most savings, yet there are many financing options available today for solar panels that are also beneficial. Financing options are frequently available through installers and will be included in your initial quotes.
Yes, the average 5 kW solar panel payback time in Española, NM is 14 years, with expected savings of $5,937.6 on electricity over 20 years.
Savings from 
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