Solar Panels Cost $10k-$21k in Lovington, NM | August, 2024
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How much do solar panels cost in Lovington, NM in 2024?
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To have a solar system averages out to $3.77 per watt in Lovington, NM in the month of August, 2024.
According to this price per watt, we can come to the conclusion that for every 1 kW (1000 watts) your solar system can produce, you will need to invest $3,770 for its installation. When you deduct the 30% federal tax credit, you will pay about $13,195 for a 5 kW solar panel install in Lovington. It's important to note that a more extensive system could be needed to meet your energy requirements.
To the left,select your area to see the typical roof size and the average maximum capacity of solar panels for homes in your county. Below is a summary 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.
Lovington: $13,195US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Lovington: 8 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Lovington: $13,898US Average: $15,248
Solar Potential in Lovington
Estimated system size and solar electricity production per median viable roof in Lovington.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Lovington, NM & What that Means for Your Solar Panel Pricing
For Lovington energy consumers, the typical electric bill is $136.45 per month, with a usage of 1,124 kWh. These figures incorporate apartments and other smaller residences with lower energy consumption.
In August 2024, Lovington, NM's mean electricity rate amounts to 12.14¢ per kWh.
If you’re an average electricity consumer in Lovington you must have an 8 kW or more sized system to cover your entire electricity usage needs. Upfront, an 8 kW solar installation is around $30,160, with the federal tax credit returning 30% of your investment amount, lowering the cost to $21,112.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Lovington
To your left, we have provided a full pricing details for the multiple solar panel system sizes installed in Lovington. Naturally, with a larger solar system, there will be a larger initial investment, but the advantages consist of greater energy savings and greater income tax credits.
View a cost benefit analysis in the solar panel cost calculator below and to the right, for an average electric bill of $136.45 in Lovington. Adjust the $136.45 to your average electricity bill payment for customized results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $911 a year
Est. Price
$10,556
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $76
Full payback in 6 years
Environmental Impacts
Reduces CO2 emissions by 2.75 tons a year
Equivalent to planting 126 trees a year
Equivalent to driving 6,797 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,138 a year
Est. Price
$13,195
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $95
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 3.43 tons a year
Equivalent to planting 158 trees a year
Equivalent to driving 8,496 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,366 a year
Est. Price
$15,834
Savings from a 6kWthis system
Est. yearly production 11,384 kWh
Est. monthly savings $114
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 4.12 tons a year
Equivalent to planting 189 trees a year
Equivalent to driving 10,195 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,594 a year
Est. Price
$18,473
Savings from a 7kWthis system
Est. yearly production 13,282 kWh
Est. monthly savings $133
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 4.81 tons a year
Equivalent to planting 221 trees a year
Equivalent to driving 11,894 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,821 a year
Est. Price
$21,112
Savings from a 8kWthis system
Est. yearly production 15,179 kWh
Est. monthly savings $136
Full payback in 13 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
Lovington Solar Panel Installation Incentives & Rebates | 2024
Rural farmers and small business owners could have between 80% and 100% of their photovoltaic or wind turbine installation expenses covered by the REAP Grant. If you believe you might qualify, we suggest utilizing our REAP Grant eligibility tool to verify.
The federal government offers a 30% tax credit for residential solar systems, which makes solar appealing and feasible for a variety of homeowners. A variety of state and local incentives are available to support the use of solar energy.
Different utilities and government entities in New Mexico provide 13 solar rebate and incentive initiatives.
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 in Lovington intending to stay in their homes past the payback period of their solar system, solar panels make good sense. A 5 kW solar system in Lovington, NM could potentially save you $19,553 over the course of 20 years, with the break even point typically at 8 years.
The cost of not having solar panels in Lovington, NM
Without solar panels or another backup power source, you miss out on the savings highlighted previously and are entirely on your electric utility for electricity. Full reliance on your utility provider is not always ideal, as recent examples in the news have highlighted.
Each year, utility customers in Lea County have encountered an average of 1.21 outages per year. Usually, outages have an average duration of 149.99 minutes. However, during critical events like equipment failure, earthquakes or construction accidents, these times can extend dramatically.
Whether or not it includes a backup battery, a solar panel system could mitigate the effects of future power interruptions you might experience.
Go Solar for less than your cell phone bill.
What impacts the cost of solar panels in Lovington, NM?
Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size increases. It is often beneficial for individuals to set up a solar system that can make enough electricity to fully cover their electric bill, which results in substantial savings.
Make & Model - Similar to other products, solar panels and mounting equipment are offered in a wide variety of makes and models. The installer’s preference for system makes it essential to choose a reputable installer. Investing in superior quality makes and models can result in a much better long-term experience for the buyer.
Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. Although the cost is more, they yield more energy. The majority of installers use these types of panels.
Your Property - Each property and residence is unique. Issues like trees, uneven landscapes, or other impediments may add to the complexity of the installation. Using satellite images, solar installers these days can assess your home and factor in these considerations into the preliminary cost estimate.
Labor Rates - Differences in employee wages across companies lead to expenses that are borne by the consumers. Companies that invest in higher wages usually see higher reviews for their services and customer service.
Permitting & Interconnection - Your installation cost will be affected by area-specific permitting and utility interconnection fees. Good local installers will incorporate these figures into your first estimates to avoid any surprises.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Lovington, NM Solar Panel Cost FAQs
As of August, 2024, the typical cost for solar panels in Lovington, NM is $3.77/W. After federal tax credits, the installation of a 5 kW solar panel system in Lovington, NM is estimated to cost $13,195.
If you live in New Mexico, you can find 13 rebates and incentives through different utilities and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.
Cash payments yield the highest savings, yet several financing options now available for solar panels are financially beneficial as well. Financing options are frequently available through installers and will be detailed in your initial quotes.
Yes, on average, 5 kW solar panels in Lovington, NM pay for themselves in 8 years, with homeowners saving approximately $19,553 on electricity over 20 years.
Savings from 
Environmental Impacts 
