Unraveling Solar Panel Pricing and Rewards in New Mexico
In the sun-drenched state of New Mexico, the sun’s energy is bountiful. So why not tap into this wealth with solar panels?
If you’re a resident of New Mexico, installing solar panels on your home or business premises could be an excellent option to save on energy costs. Since October 2021, there has been a nearly 8% hike in electricity rates in the state. As the costs of conventional energy sources continue to escalate, solar power emerges as a potentially less expensive alternative. Solar panels also provide homeowners with a degree of self-sufficiency from their utility providers and offer a chance to decrease their environmental impact.
As reported by SaveOnEnergy, CNET’s sister publication, the average monthly electricity bill in New Mexico is $87.40. On the other hand, the cost of solar panels in the state has been on a steady downward trajectory, plunging by 52% over the past ten years. With tax credits and rebates, the total expenses of a solar panel system could be reduced significantly further. If you’re contemplating installing a solar system for your home in 2023, here are some vital details to know.
Will solar panels bring about financial savings for you?
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The average expense of solar panels in New Mexico Here’s an overview of the average cash price for a 5-kilowatt system before applying tax credits and incentives, as per data from FindEnergy.com.
Methods to finance solar panels in New Mexico If you’re thinking about adding solar panels to your home, there are several financing options available to make the investment more manageable. You have the option to pay for your solar panels upfront with cash or to finance them using a solar-specific loan or a personal loan.
