Solar Panels Cost $2.5k-$12k in Silver City, NM | August, 2024
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How much do solar panels cost in Silver City, NM in 2024?
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Going solar averages out to $3.6 per watt in Silver City, NM in the month of August, 2024.
Applying the rate per watt, solar panel installations will cost you about $3,600 per 1000 watts (1 kW) of generation capacity. Typically, the cost of a 5 kW solar panel install in Silver City, after a 30% federal tax credit, is approximately $12,600. A more powerful system may be required to satisfy your energy demands.
On the left-hand side, you can choose your county to find out the average roof size and the maximum capacity for solar panels in residences in your area. The following summary, below, highlights 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.
Silver City: $12,600US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Silver City: 12 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Silver City: $2,964US Average: $15,248
Solar Potential in Silver City
Estimated system size and solar electricity production per median viable roof in Silver City.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Silver City, NM & What that Means for Your Solar Panel Pricing
For Silver City energy consumers, the typical electric bill is $87.35 per month, with a usage of 572 kWh. Bear in mind that this figure encompasses apartments and smaller homes with generally reduced energy requirements.
The average rate for electricity in Silver City, NM during August, 2024 is 15.28¢ per kWh.
In Silver City, the average electricity consumer needs a solar power setup of 4 kW or larger to account for their entire power usage needs. The estimated cost for a 4 kW solar installation will be $14,400 before incentives, but with a 30% federal tax credit, it drops to $10,080.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Silver City
Located below and to the left, there is the pricing details for various sizes of solar panel systems installed in Silver City. While a more extensive solar installation comes with a larger expense, it also offers greater electricity savings and more substantial income tax credits.
Using the solar panel cost calculator located below and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $87.35 in Silver City. Replace the $87.35 with your typical electricity bill to get more detailed 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 $285 a year
Est. Price
$2,520
Savings from a 1kWthis system
Est. yearly production 1,897 kWh
Est. monthly savings $24
Full payback in 2 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
$5,040
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
$7,560
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $71
Full payback in 7 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
$10,080
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
$12,600
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $87
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
Silver City Solar Panel Installation Incentives & Rebates | 2024
Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar energy or wind energy systems. Wondering if you are eligible? Our REAP Grant eligibility tool can help you find out.
Homeowners can benefit from a 30% federal income tax credit for installing residential solar panels, which makes solar power a feasible option across much of the country. Moreover, many state and local programs are intended to encourage more people to adopt solar power.
In New Mexico, multiple utilities and government organizations offer 13 solar rebate and incentive programs.
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 living in your home longer than the solar system's payback period, adding solar panels is an smart decision in Silver City. Installing a 5 kW solar system in Silver City, NM will, on average, save you $8,364 over 20 years, and you can expect to break even in about 12 years.
The cost of not having solar panels in Silver City, NM
The absence of solar panels or another backup power source results in missing out on the previously highlighted savings and full dependence on your electric utility for power. Recent news coverage has revealed that total dependence on your utility company isn't always the most favorable scenario.
The utilities in Silver City have averaged about 1.01 outages per customer per year recently. On average, the length of an outage is 119.12 minutes. Major events like thunderstorms, equipment failure, or vandalism can cause these durations to rise considerably.
A solar energy system could help mitigate the effects of future outages, with or without a backup battery.
Go Solar for less than your cell phone bill.
What impacts the cost of solar panels in Silver City, NM?
Your Energy Needs - The cost per watt decreases with larger solar panel systems, even if the upfront cost is greater. Consumers often find that setting up a solar system that can offset their entire electric bill is useful, resulting in optimal savings.
Make & Model - There are a wide variety of makes and models of solar panels. Because the installer you select might have particular brand preferences, choosing a reputable contractor is even more important. Consumers who opt for better equipment usually enjoy a more favorable long-term experience.
Solar Panel Type - Monocrystalline panels have established themselves as the standard in the industry, and justifiably so. Even with a higher cost, this technology generate more energy. Many installers choose panels made using this material.
Your Property - Every home and property differs in its own way. Challenges like uneven land, trees, or additional challenges can increase the difficulty of installing solar panels. These days, the majority of solar installers are able to utilize satellite images to assess your home and incorporate these elements for the preliminary cost estimate.
Labor Rates - The pay employees get from their employers are different, and these expenses are transferred to the consumers. Businesses often get higher reviews for their services and customer service when they offer better wages.
Permitting & Interconnection - The final price of your installation will be affected by local permitting and utility interconnection fees, which vary by location. Quality local installers will include these figures in your first estimates to ensure transparency.
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Silver City, NM Solar Panel Cost FAQs
The cost per watt for solar panels in Silver City, NM during August of 2024 averages $3.6/W. For a 5 kW solar panel system, the total cost in Silver City, NM after federal tax credits is around $12,600.
Residents of New Mexico can currently take advantage of 13 rebates and incentives offered by various utilities and government bodies. Furthermore, the majority of people qualify for the 30% federal tax credit.
Even though paying cash yields the best savings, there are now multiple financing options for solar panels that are also advantageous. Information about financing options is typically provided in initial quotes provided by installers.
Yes, the average 5 kW solar panel payback period in Silver City, NM stands at 12 years, yielding average electricity savings of $8,364 over 20 years.
Savings from 
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