Choosing the right solar installation company is probably the most important decision in your solar panel investment. When you’re looking for the best New Mexico solar companies, it can be overwhelming.
How do you know you’re choosing the right one? Like any other industry, the solar industry has its fair share of fast-talking salespeople, high-pressure tactics, and inflated performance claims.
So, we created an honest list of the best solar companies in New Mexico based on several different factors. We wanted a brutally honest top ten because you, as a consumer, deserve to trust where your money goes.
Note: ZERO of these companies paid us to be on this list. This list is our unbiased take on the best solar companies in NM.
Top 10 Residential Solar Companies in New Mexico
How We Calculated the Top Solar Installers
We combed the web and did a deep dive into all the solar companies in New Mexico. We read and averaged reviews from multiple websites, dug up warranties, accreditations, financing options, product options, experience, employee satisfaction, and more.
We looked at the following factors:
- Reviews
- Do they have NABCEP accreditation?
- Do they have BBB accreditation?
- How do their warranties look?
- Do they offer financing options?
- Do they offer product options?
- Do they use quality products?
- How long have they been in business?
- How many customers have they serviced?
- How many employees do they have?
- How is their employee satisfaction?
- Company website
How to Choose the Top Solar Installer
- Read up on the solar installer’s reviews and client testimonials
- Find out about the warranties offered
- Check the solar installer’s credentials and accreditations
- Ask for the turnaround time
- Look for customized solutions
- Decide whether you want a national or local solar installation company.
- Get multiple quotes. Get a quote from at least 3 solar companies.
New Mexico Solar Energy Incentives
Federal ITC
NM residents can take advantage of the 30% federal investment tax credit (ITC). A tax credit is a dollar-for-dollar reduction in your total income tax liability. If your system costs $10,000, you could claim a $3,000 credit on the federal taxes you owe. The tax credit carries forward multiple years in case your federal tax liability is low.
Other solar financial incentives to look for (not available in every state):
- State tax credits
- Net metering
- SRECs – Solar Renewable Energy Certificates
- Utility companies sometimes offer incentives
- City and county-level incentives
- Tax exemptions – sales and property value increase
How Much Do Solar Panels Cost in New Mexico?
The average cost of solar panels (including installation) in New Mexico is $2.90 per watt. The average cost of a 5kW solar panel system in NM is $14,500, and $10,730 after the federal tax credit.
Average payback period in NM: 7.5 years
Average 20-year savings in NM: $28,000
Factors that determine your total cost
- Size of the system
- Solar Power Equipment
- Solar installation company
- Solar incentives, tax credits, and rebates
- Solar financing options
- Payback period
- Electricity rates in New Mexico
- Roof condition
- Costs by city
- Home value increase
New Mexico Solar Energy Facts
- Solar Installed (MW): 1,467
- National Ranking: 19th (30th in 2021)
- Enough Solar Installed to Power: 348,135 homes
- Percentage of State’s Electricity from Solar: 6.2%
- Number of Installations in NM: 26,411
Data current through Q3 2022
Source: seia.org
