Solar Panels Cost $2.6k-$13k in Rio Rancho Estates CDP, NM | August, 2024
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How much do solar panels cost in Rio Rancho Estates CDP, NM in 2024?
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In Rio Rancho Estates CDP, NM in the month of August, 2024 you will pay approximately $3.84/W to get a solar system.
In other words, solar panel installations will cost you about $3,840 per 1000 watts (1 kW) of generation capacity. When you subtract the 30% federal tax credit, you can expect to spend around $13,440 for a 5 kW solar panel install in Rio Rancho Estates CDP. Please consider, a 5kW system may not be big enough to fully meet your energy needs.
Select your county from the menu on the left to find out the average roof size and maximum residential solar capacity for homes 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.
Rio Rancho Estates CDP: $13,440US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Rio Rancho Estates CDP: 13 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Rio Rancho Estates CDP: $1,718US Average: $15,248
Solar Potential in Rio Rancho Estates CDP
Estimated system size and solar electricity production per median viable roof in Rio Rancho Estates CDP.
Roof size 1,090sq. ft.
Capacity 15.25kW DC
Electricity 25.5kkWh AC per yr.
Electricity Costs in Rio Rancho Estates CDP, NM & What that Means for Your Solar Panel Pricing
In Rio Rancho Estates CDP, the typical electric bill is $87.16 per month, with an average consumption of 572 kWh. These statistics also reflects the energy consumption patterns of smaller residences, such as apartments.
In August 2024, the electricity rate in Rio Rancho Estates CDP, NM is 15.25¢ per kWh.
If you’re a typical electricity user in Rio Rancho Estates CDP, you may require a solar panel system sized at 4 kW or larger to meet your electricity needs. Presently, a 4 kW solar panel system will initially set you back around $15,360, but the 30% tax credit lowers the cost to $10,752.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Rio Rancho Estates CDP
To your left, we have provided a detailed cost breakdown for the various solar panel system sizes installed in Rio Rancho Estates CDP. While a bigger solar installation carries a higher price, it also offers increased electricity savings and larger income tax credits.
The calculator down and to the right gives a detailed summary of solar panel costs and benefits, based on an average electric bill of $87.16 in Rio Rancho Estates CDP. If you desire tailored results, modify the $87.16 to your average electricity bill amount.
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 $285 a year
Est. Price
$2,688
Savings from a 1kWthis system
Est. yearly production 1,897 kWh
Est. monthly savings $24
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 3,320 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $569 a year
Est. Price
$5,376
Savings from a 2kWthis system
Est. yearly production 3,795 kWh
Est. monthly savings $47
Full payback in 5 years
Environmental Impacts
Reduces CO2 emissions by 2.68 tons a year
Equivalent to planting 123 trees a year
Equivalent to driving 6,640 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $854 a year
Est. Price
$8,064
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $71
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 4.02 tons a year
Equivalent to planting 185 trees a year
Equivalent to driving 9,960 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,138 a year
Est. Price
$10,752
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $87
Full payback in 10 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 $1,423 a year
Est. Price
$13,440
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $87
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
Rio Rancho Estates CDP Solar Panel Installation Incentives & Rebates | 2024
Rural farmers and small business owners could have between 80% and 100% of their solar or wind turbine installation expenses covered by the REAP Grant. Wondering if you fit this category? Verify your eligibility with our REAP Grant eligibility tool.
The 30% federal income tax credit for residential solar is accessible to nearly all homeowners, which makes solar energy a smart choice in numerous regions nationwide. On top of that, there are numerous state and local incentives to further encourage the adoption of solar energy.
New Mexico has 13 solar incentive and rebate initiatives available through a variety of utilities and government agencies.
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 intend to reside in your home beyond the payback period of your solar system, solar panels are an clear choice in Rio Rancho Estates CDP. With a 5 kW solar system in Rio Rancho Estates CDP, NM, the average savings over a 20 period is $7,478.4, with break even usually occurring at 13 years.
The cost of not having solar panels in Rio Rancho Estates CDP, NM
Not installing solar panels or any other backup energy system results in missing the earlier mentioned savings and full dependence on your electric utility for electricity. The news has recently proven that relying entirely on your utility provider isn't always ideal.
In recent years, Rio Rancho Estates CDP has seen an average of 1.36 utility outages per customer each year. The average length of an outage is 209.25 minutes. However, during significant events such as aging infrastructure, earthquakes or planned maintenance, this duration can grow considerably.
A solar panel system, with or without a backup battery, could reduce the effects of future outages you might experience.
Go Solar for less than your cell phone bill.
What impacts the cost of solar panels in Rio Rancho Estates CDP, NM?
Your Energy Needs - Despite the higher initial expense, the cost per watt drops when using larger solar panel systems. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is advantageous, providing significant savings.
Make & Model - Solar panels, like many other products, are offered in a variety of makes and models. As the contractor might have particular system preferences, it's important to select a highly rated company. Choosing superior quality materials generally ensures a more satisfying long-term experience for the buyer.
Solar Panel Type - Monocrystalline panels are widely recognized as the standard in the industry, and for good cause. These panels are more expensive but offer a higher energy efficiency. Many installers in the industry utilize panels crafted of this material.
Your Property - Uneven ground, trees, or additional challenges can increase the difficulty of the installation. The majority of solar installers today are able to utilize satellite imagery to evaluate your home and factor in these aspects in the first cost estimate.
Labor Rates - Various wages are paid to employees by various companies, and these costs are transferred to the consumers. Higher wages often correlate with better reviews for companies' work and customer service.
Permitting & Interconnection - Permitting and utility interconnection fees change locally and will impact your installation cost. That said, reputable 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.
Rio Rancho Estates CDP, NM Solar Panel Cost FAQs
As of August, 2024, the average per-watt cost for solar panels in Rio Rancho Estates CDP, NM is $3.84/W. The cost of installing a 5 kW solar panel system in Rio Rancho Estates CDP, NM is about $13,440 post federal tax credit.
Utilities and government agencies in New Mexico are currently offering 13 different rebates and incentives. Furthermore, the majority of people qualify for the 30% federal tax credit.
While paying cash provides the highest savings, there are now various financing options for solar panels that are also financially advantageous. Many installers will include information about their financing partners in the initial quotes they provide.
Yes, homeowners in Rio Rancho Estates CDP, NM generally see a payback time of 13 years for 5 kW solar panel systems, with electricity savings averaging $7,478.4 over a 20-year period.
Savings from 
Environmental Impacts 
