Cost Of Solar Panels In New Mexico

The federal solar tax credit is equal to 26 of the total cost of installing solar panels on your home.

Cost of solar panels in new mexico.

Solar panel cost data new mexico 2020 updated. New mexico has a state solar tax credit that is equal to 10 of the total purchase and installation costs of a solar panel system. New mexico state tax credit. Solar incentives rebates and tax credits available in new mexico in 2020.

As of sep 2020 the average cost of solar panels in new mexico is 2 44 per watt making a typical 6000 watt 6 kw solar system 10 838 after claiming the 26 federal solar tax credit now available. However solarreviews handles more than 1 000 quote requests per day and the current average price we see on our marketplace is 2 64 per watt. Solar trends in new mexico. The most recent official data from the doe funded lawrence berkeley labs published in september 2019 found that the median cost of residential solar panels is 3 70 watt.

Solar is a complicated decision and ohmhome has compiled this guide to new mexico solar with the cost of solar panels in new mexico and advice on how to estimate cost and savings navigate state and federal incentives and find the best solar companies in new mexico. Based on the price of electricity in new mexico an average of 0 12 per kw and very high amounts of sun 29 more than average compared to other states solar power is 28 more cost effective than the rest of the nation. Solar power systems are very custom based on the home roof type shading and utility. Installation of panels for the average 5kw system ranges from 11 100 22 400.

The 26 federal solar tax credit explained. On a cost per watt w basis a solar panel installation in new mexico ranges in price from 2 79 to 3 77. As of september 2020 the average solar panel cost in albuquerque nm is 3 29 w given a solar panel system size of 5 kilowatts kw an average solar installation in albuquerque nm ranges in cost from 13 982 to 18 918 with the average gross price for solar in albuquerque nm coming in at 16 450 after accounting for the 26 federal investment tax credit itc and other state and local. Average solar panel cost.

New mexico solar permits decreased 26 to 145 in. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. Solar panels are strongly recommended in new mexico. This is lower than the average price of residential solar power systems across the united states which is currently 2 64 per watt.

Solar panel installers in new mexico.