The cost of solar panels in Santa Fe, NM (2024)

Updated Nov 19, 2024

  • You'll pay an average of $16,130 to install a 5 kilowatt solar panel system in Santa Fe, NM, before incentives.

  • The federal investment tax credit (ITC) lowers that price by 30% of all your solar equipment and installation costs.

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Written by: Emily Walker

As of November 2024, the average solar panel system costs $3.23/W including installation in Santa Fe, NM. For a 5 kW installation, this comes out to about $16,130 before incentives, though prices range from $13,710 to $18,550. After the federal tax credit, the average price drops by 30%.

Average price of a 5 kW solar panel installation in Santa Fe, NM

Good Price
$13,710 or less
Market Average
$16,130
High Price
$18,550 or more

You'll probably pay even less than what we show here. It doesn't include the federal ITC or Santa Fe, NM state incentives, which will lower this price by at least a few thousand dollars.

Your solar panel cost depends on your system's size

It may seem obvious but larger solar panel systems cost more money. We use cost per watt ($/W) so you can easily compare quotes, controlling for slight variations in system size.

While a 5 kW system will only cost you $16,130 in Santa Fe, NM, doubling the system size effectively doubles the price, so you'll pay about twice that for a 10 kW system. The higher the price tag, though, the more you'll get back as a credit towards your federal tax bill.

Average solar cost by system size in Santa Fe, NM

System Size
System Cost
System Cost (after ITC)
3 kW$9,678$6,775
4 kW$12,904$9,033
5 kW$16,130$11,291
6 kW$19,356$13,549
7 kW$22,582$15,807
8 kW$25,808$18,065
9 kW$29,034$20,324
10 kW$32,260$22,582

Are solar panels worth it in Santa Fe, NM?

Solar panels are worth it in most areas, including Santa Fe, NM. Certain factors, including the cost of electricity, incentives, climate, and the angle at which the sun hits your roof impact how quickly you break even on your investment relative to other areas around the U.S. 

If you pay for your system with cash, you'll save about $28,496 over 25 years (the warranty term of most solar panels) on electricity costs with a 5 kW system in Santa Fe, NM. We generate this estimate based on real solar quote data from our Marketplace. It considers your system's cost, the federal tax credit, and inflation rates.

Payback Period
11.10 Years
25-Year Savings
$28,496
Cost-per-Watt
$3.23

If you can't shell out $16,130 in cash to pay for solar, don't sweat it. You can choose to finance your system with a loan instead. Some companies even offer $0-down loans so you can start saving on day one if your loan payments are less than your current electric bills. Just keep in mind that your long-term savings will be lower with a loan due to interest rates.

Find out what solar panels cost in your area in 2024
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The numbers we're showing are averages. The price you'll pay for solar depends on many factors unique to you and your home:

If you're looking for solar companies in NM, here are some popular suggestions:

  • Sunfire Solar Systems, LLC
    Multi-state
    Established 2021
    Elite Installer
    Sunfire Solar is a locally owned and operated Solar Installation company originally located in the El Paso and La...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    25 Reviews

    Sunfire Solar is a locally owned and operated Solar Installation company originally located in the El Paso and La...
  • Solar SME, Inc.
    Multi-state
    Established 2011
    Elite Installer
    Multi States
    At SolarSME, we aim to help homeowners to switch to clean power and maximize savings. Our top-tier so...
    Elite Installer
    Screened & Verified

    Multi States
    At SolarSME, we aim to help homeowners to switch to clean power and maximize savings. Our top-tier so...
  • Freedom Solar Pros
    Albuquerque, NM
    Established 2011
    Advanced Installer
    Our main focus is always on quality, both with equipment used and the installation performed. We offer the best w...
    Advanced Installer
    Screened & Verified
    5.0 /5.0
    3 Reviews

    Our main focus is always on quality, both with equipment used and the installation performed. We offer the best w...
  • Acorn Energy
    Albuquerque, NM
    Established 2016
    Elite Installer
    Our mission is to provide whatever level of energy independence you desire and to ensure your utmost satisfaction...
    Elite Installer
    Screened & Verified

    Our mission is to provide whatever level of energy independence you desire and to ensure your utmost satisfaction...
  • Poulin Solar Pro
    Santa Fe, NM
    Established 1982
    Approved Installer
    Poulin Design Center, home of Solar Pro, is dedicated to helping New Mexicans go solar, saving both money and the...
    Approved Installer
    Screened & Verified
    5.0 /5.0
    12 Reviews

    Poulin Design Center, home of Solar Pro, is dedicated to helping New Mexicans go solar, saving both money and the...

Solar is a major purchase, but you can get the price tag to come down a bit by being an educated shopper. Taking advantage of incentives and rebates and shopping around for quotes can bring down your cost of solar in Santa Fe, NM.

Take advantage of federal and local solar incentives

As long as your federal tax bill is high enough, you can take advantage of the federal tax credit in Santa Fe, NM. This incentive allows you to apply 30% of your solar installation and equipment costs toward your federal tax bill. If the amount exceeds your tax bill, you can roll over the remaining credit to the following year. Many states also offer great local incentives and rebates.

Get quotes from multiple installers

Comparing multiple solar quotes can save you money through competition and transparency. Each additional quote you receive for solar will help you find the right solar panel system at the right price.

This is where EnergySage can help. With funding from the Department of Energy’s SunShot Prize, EnergySage opened the country’s first (and now the largest) marketplace for home solar panel installations. We gather custom solar quotes from local installers on your behalf and put them in an easy-to-compare format. When you compare quotes for solar panels on the EnergySage Marketplace, you can expect to see prices up to 20% lower than if you work with a single solar company.

Why shop with EnergySage?

Save time & money

Request free quotes from vetted installers in minutes

Unbiased support

Our expert Energy Advisors will help you make the right decision

Trusted, local installers

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