Solar Panels Cost $8.4k-$19k in Portales, NM | August, 2024
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How much do solar panels cost in Portales, NM in 2024?
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You'll spend around $4.02/W to go solar in August, 2024 in Portales, NM.
For every 1000 watts (1 kW) your solar system can generate, you will need to invest, on average, $4,020 to have it installed. In Portales, a 5 kW solar installation will cost you, on average, $14,070 after the 30% federal income tax credit. To meet your energy needs, you may require more than a 5kW system.
On the left, you can select your county to find out the average roof size and the maximum capacity for residential solar on houses in your area. Outlined below are the price, 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.
Portales: $14,070US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Portales: 10 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Portales: $9,262US Average: $15,248
Solar Potential in Portales
Estimated system size and solar electricity production per median viable roof in Portales.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Portales, NM & What that Means for Your Solar Panel Pricing
Portales energy consumers generally use 952 kWh monthly, with an average monthly bill of $122.34. Keep in mind that this figure covers both apartments and smaller homes, which typically require reduced energy.
The mean rate for electricity in Portales, NM during August, 2024 is 12.85¢ per kWh.
Typical electricity users in Portales will need a solar system of 7 kW or higher to cover their entire electricity usage requirements. The expected cost is around $28,140for a 7 kW setup before incentives, but the federal tax credit gives you 30% back, lowering the cost to $19,698.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Portales
On your left, we have displayed a thorough pricing details for various solar panel system sizes set up in Portales. More extensive solar installations come with a larger expense, yet they also offer higher electricity savings and higher income tax credits.
Refer to the solar panel cost calculator down and to the right to see the cost and benefit details derived from an average $122.34 electric bill in Portales. To get more personalized results, just adjust the $122.34to match your average electricity bill amount.
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 $740 a year
Est. Price
$8,442
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $62
Full payback in 6 years
Environmental Impacts
Reduces CO2 emissions by 2.49 tons a year
Equivalent to planting 114 trees a year
Equivalent to driving 6,156 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $987 a year
Est. Price
$11,256
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $82
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 3.32 tons a year
Equivalent to planting 152 trees a year
Equivalent to driving 8,208 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,233 a year
Est. Price
$14,070
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $103
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 4.14 tons a year
Equivalent to planting 190 trees a year
Equivalent to driving 10,260 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,480 a year
Est. Price
$16,884
Savings from a 6kWthis system
Est. yearly production 11,384 kWh
Est. monthly savings $122
Full payback in 12 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 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,727 a year
Est. Price
$19,698
Savings from a 7kWthis system
Est. yearly production 13,282 kWh
Est. monthly savings $122
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
Portales Solar Panel Installation Incentives & Rebates | 2024
Between 80% and 100% of your solar energy or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. Confirm if you are eligible by utilizing our REAP Grant eligibility tool.
Almost all homeowners can take advantage of the 30% federal income tax credit for residential solar, making solar energy a sensible option throughout most parts of the country. Several state and local efforts are designed to boost the adoption of solar energy.
Various utilities and government agencies in New Mexico have 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?
If you expect to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Portales. If you install a 5 kW solar system in Portales, NM, you might save $15,291.6 over 20 years on average, with a break even point at roughly 10 years.
The cost of not having solar panels in Portales, NM
The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. Recent news has proven that total reliance on your utility company is not always ideal.
In recent times, the average number of utility outages per customer annually in New Mexico has been about 1.35. On average, the length of an outage is 207.61 minutes. Major events like overloaded power grids, wildfires or construction accidents can cause these durations to rise considerably.
With or without a backup battery, a solar panel system could help to mitigate the effects of future power interruptions you might face.
Go Solar for less than your cell phone bill.
What impacts the cost of solar panels in Portales, NM?
Your Energy Needs - Despite the larger initial expense, the cost per watt drops when using larger solar panel systems. Many individuals find it advantageous to set up a system that can generate enough electricity to replace the entirety of their electric bill. This math makes the most sense for optimal savings.
Make & Model - Similar to other industries, the solar energy sector features a wide range of solar panel brands and designs. Because the installer might have certain system preferences, it's important to select a reputable installer. The utilization of better equipment is probably will provide a more positive long-term experience for buyers.
Solar Panel Type - The standard in the industry is now monocrystalline panels, and for good reason. They have a higher price, but they produce more energy. Many solar panel installers opt for this kind of material.
Your Property - Each property and home has its own unique features. Sloped land, trees, or other barriers may add to the difficulty of the installation. Most solar installers today are able to leverage satellite imagery to assess your home and include these elements in the preliminary cost estimate.
Labor Rates - Companies offer different pay rates to their employees, which are then shown in the prices consumers pay. Higher wages frequently lead to companies getting better reviews for their work and customer service.
Permitting & Interconnection - The final price of your installation will be affected by local permitting and utility interconnection fees, which vary by location. Reliable local installers will incorporate these figures into your initial estimates to prevent any surprises.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Portales, NM Solar Panel Cost FAQs
The cost per watt for solar panels in Portales, NM during August of 2024 averages $4.02/W. Post federal tax credit, a 5 kW solar panel system installation in Portales, NM will roughly cost $14,070.
In New Mexico, you have access to 13 rebates and incentives provided by numerous utilities and government organizations. In addition, the 30% federal income tax credit is available to almost everyone.
While paying cash ensures the greatest savings, there are now various financing options for solar panels that are also beneficial. Installers will often provide details on financing partners in the quotes they provide initially.
Yes, the average 5 kW solar panel payback period in Portales, NM stands at 10 years, yielding average electricity savings of $15,291.6 over 20 years.
Savings from 
Environmental Impacts 
