Solar Panels Cost $2.8k-$14k in Tucumcari, NM | October, 2024
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How much do solar panels cost in Tucumcari, NM in 2024?
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Getting solar panels installed in October, 2024 in Tucumcari, NM averages out to $4.03/W.
This means that, for every 1000 watts (or 1 Kw) your system can generate you will spend $4,030 to get your system installed in . After receiving the 30% federal tax credit, you can expect to pay about $14,105 for a 5 kW system in Tucumcari. Remember, a more extensive system might be essential to adequately cover your energy consumption effectively.
To your left, you have the option to choose your county and determine the average roof size along with the average maximum capacity for solar panel installations on homes in your area. Shown below is an outline of 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.
Tucumcari: $14,105US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Tucumcari: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Tucumcari: $11,302US Average: $15,784
Solar Potential in Tucumcari
Estimated system size and solar electricity production per median viable roof in Tucumcari.
Roof size 947sq. ft.
Capacity 13.25kW DC
Electricity 21.9kkWh AC per yr.
Electricity Costs in Tucumcari, NM & What that Means for Your Solar Panel Pricing
For Tucumcari energy consumers, the typical electric bill is $131.05 per month, with a usage of 772 kWh. These statistics also covers the energy consumption patterns of smaller residences, such as apartments.
For October 2024, Tucumcari, NM's average electricity rate is 16.97¢ per kWh.
To fully meet the energy needs of an average user in Tucumcari, a solar panel system of 5 kW or larger is a must. You'll spend $14,106 on a 5 kW solar panel system after taking the 30% federal income tax credit into consideration.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Tucumcari
On the left side, you'll see a detailed price breakdown of the various sizes of solar panel systems installed in Tucumcari. Even though a bigger solar installation carries a greater cost, it also offers greater electricity savings and more substantial income tax credits.
The calculator down and to the right offers a detailed summary of solar panel costs and benefits, based on an average electric bill of $131.05 in Tucumcari. Just change the $131.05 to your regular electricity bill for customized 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 $323 a year
Est. Price
$2,821
Savings from a 1kWthis system
Est. yearly production 1,897 kWh
Est. monthly savings $27
Full payback in 2 years
Environmental Impacts
Reduces CO2 emissions by 3.53 tons a year
Equivalent to planting 162 trees a year
Equivalent to driving 8,742 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $645 a year
Est. Price
$5,642
Savings from a 2kWthis system
Est. yearly production 3,795 kWh
Est. monthly savings $54
Full payback in 4 years
Environmental Impacts
Reduces CO2 emissions by 7.06 tons a year
Equivalent to planting 324 trees a year
Equivalent to driving 17,484 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $968 a year
Est. Price
$8,463
Savings from a 3kWthis system
Est. yearly production 5,692 kWh
Est. monthly savings $81
Full payback in 5 years
Environmental Impacts
Reduces CO2 emissions by 10.6 tons a year
Equivalent to planting 487 trees a year
Equivalent to driving 26,226 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,290 a year
Est. Price
$11,284
Savings from a 4kWthis system
Est. yearly production 7,590 kWh
Est. monthly savings $108
Full payback in 7 years
Environmental Impacts
Reduces CO2 emissions by 14.13 tons a year
Equivalent to planting 649 trees a year
Equivalent to driving 34,968 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,613 a year
Est. Price
$14,105
Savings from a 5kWthis system
Est. yearly production 9,487 kWh
Est. monthly savings $131
Full payback in 9 years
Environmental Impacts
Reduces CO2 emissions by 17.21 tons a year
Equivalent to planting 791 trees a year
Equivalent to driving 42,605 mi less a year
Tucumcari 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 farmlands. Not sure if you qualify? Use our REAP Grant eligibility tool to verify.
The federal government offers a 30% tax credit for residential solar systems, which makes solar appealing and sensible for a wide range of homeowners. A variety of state and local programs are in place to support the use of solar energy.
Residents of New Mexico can access 13 solar rebate and incentive programs from a variety of utilities and governmental bodies.
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 own your residence longer than the solar system's payback period, solar panels are a good investment in Tucumcari. A 5 kW solar system in Tucumcari, NM could potentially save you $17,347 over the course of 20 years, with the break even point typically at 9 years.
The cost of not having solar panels in Tucumcari, NM
Besides missing out on the savings highlighted earlier, not installing solar panels or an alternative backup energy source results in you being fully reliant on your electric utility for electricity. As illustrated by recent news stories, complete dependence on your utility company isn't always the best scenario.
On average, there are 0.94 outages per customer each year in Tucumcari. Each outage, on average, lasts for 106.58 minutes. In the case of major events like landslides, vandalism, or grid management errors, this period can rise substantially.
Owning a solar panel system, irrespective of a backup battery, could reduce the strain of any future outages you may encounter.
Power Outages
Currently, 0 customers are being tracked in Quay County.
What impacts the cost of solar panels in Tucumcari, NM?
Your Energy Needs - With larger solar panel systems, the cost per watt decreases, despite the higher upfront expense. It is often useful for consumers to install a solar system that can generate enough electricity to fully cover their electric bill, which results in substantial savings.
Make & Model - Just like many products, solar panels are available in a range of makes and models. The system preferences of your chosen installer can make it crucial to select a recommended installer. Opting for better quality makes and models can yield a significantly improved long-term experience for the buyer.
Solar Panel Type - It's easy to see why monocrystalline panels are now the preferred option in the industry. These panels cost more but produce a higher energy efficiency. Many installers in the industry use panels crafted of this material.
Your Property - Uneven ground, trees, or other barriers can increase the difficulty of the installation. Solar installers today typically use satellite imagery to evaluate your home and include these factors into the first cost estimate.
Labor Rates - Companies provide different pay rates to their employees, which are then reflected in the prices consumers pay. It is common for businesses that offer higher wages to get better reviews for their services and customer service.
Permitting & Interconnection - Installation costs will be impacted by regularly changing local permitting and utility interconnection fees, depending on the region. Good 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.
Tucumcari, NM Solar Panel Cost FAQs
As of October, 2024, the typical cost for solar panels in Tucumcari, NM is $4.03/W. For a 5 kW solar panel system, the total cost in Tucumcari, NM after federal tax credits is around $14,105.
Utilities and government agencies in New Mexico are currently offering 13 different rebates and incentives. On top of that, most individuals are eligible for the 30% federal income tax credit.
Paying cash will ensure the most savings, but these days there are multiple options for financing solar panels that are financially sensible as well. Your preliminary quotes will usually detail financing options available through installers.
Yes, the typical duration for 5 kW solar panel systems to pay back their cost in Tucumcari, NM is 9 years, with electricity savings estimated at $17,347 over 20 years.
Savings from 
Environmental Impacts 
