New Mexico

Solar Panel Cost in New Mexico: Get 3 Free Quotes From Top Solar Companies in 2024

Thinking about going solar in New Mexico? Learn about whether solar is worth it in New Mexico, your potential savings by going solar and get 3 free quotes from the best solar companies in New Mexico.
clock icon only  2 minutes
Request a quote
Going Solar in New Mexico

Why having solar panels is a good idea in New Mexico

By going solar, you help create an emission-free world of tomorrow, become energy independent, and save hard-earned money on your next energy bill.

Contact us now and we match you with the top solar companies in New Mexico, guaranteed 100% free of charge.


Benefits of solar in New Mexico

Continue reading this page to get an in-depth overview of why we think that solar is a good idea in New Mexico, but here we list you the top 4 reasons to install solar panels:

Save money

In the last few years, the cost of solar in New Mexico has dropped to record-lows, making solar a very attractive source of electricity. According to our data, installing 12 kW of solar saves the average household in New Mexico up to $1,794 - $4,485 on yearly energy bills.

Create your own electricity

On average, U.S. electricity consumers experience 7 hours of power interruption per year. With solar panels on your roof, outages are a thing of the past and you will become energy independent.

Increase your home value

Did you know that solar panels increase your home value? Statistics show that a solar system increases your home value by 4.1% on average.

Contribute to an emission-free world

Every kWh of solar energy means 0.846 lbs less carbon emitted into the atmosphere. A standard 10 kW system saves the equivalent of the weight of 49 F-150 pickup trucks throughout its lifetime.

Request a quote

Other Reasons Why New Mexico is a Great Place for Solar

There are many unique features, that make New Mexico an excellent place for going solar.
483 MW

added Solar Capacity 2022

In 2022, New Mexico added 483 MW in solar capacity. This is enough to power approximately 60,375 houses.


Price Drop / last 10 Years

Over the past decade, the cost of solar energy in New Mexico has witnessed a significant drop of 53%.


National Solar Ranking

Despite being 20th in the national solar ranking, New Mexico still offers numerous advantages for solar energy.

917.41 k

affected by Blackouts

Over the past years 917.41 k residents in New Mexico were affected by power outages.

Request a quote

Is solar worth it in New Mexico?

Going solar helps you to save a lot of money on your annual energy bill. On average, our data shows that you can expect to save between $1,794 - $4,485 per year, depending on the solar system size and your location.
System SizeAverage
Yearly Output
Yearly Savings
8 kW
14,951 kWh
$ 1,794
12 kW
22,426 kWh
$ 2,691
16 kW
29,901 kWh
$ 3,588
20 kW
37,377 kWh
$ 4,485
* (Be aware that these numbers represent the average solar panel cost in New Mexico and may be different from your location due to numerous factors such as roof size and roof angle)

State-wide solar incentives in New Mexico

NameTerritoryIncentive TypeDetails
Clean Energy Revenue Bond Program
New Mexico
Bond Program
Solar Energy Gross Receipts Tax Deduction
New Mexico
Sales Tax Incentive
Alternative Energy Product Manufacturers Tax Credit
New Mexico
Industry Recruitment/Support
Local Option - Renewable Energy Financing District/Solar Energy Improvement Special Assessments
New Mexico
PACE Financing
Gross Receipts Tax Exemption for Sales of Wind and Solar Systems to Government Entities
New Mexico
Sales Tax Incentive
Advanced Energy Gross Receipts Tax Deduction
New Mexico
Sales Tax Incentive
Property Tax Exemption for Residential Solar Systems
New Mexico
Property Tax Incentive
2021 Sustainable Building Tax Credit (Corporate)
New Mexico
Corporate Tax Credit
2021 Sustainable Building Tax Credit (Personal)
New Mexico
Personal Tax Credit
Residential Energy Conservation Subsidy Exclusion (Personal)
Personal Tax Exemption
Modified Accelerated Cost-Recovery System (MACRS)
Corporate Depreciation
Residential Energy Conservation Subsidy Exclusion (Corporate)
Corporate Tax Exemption
Energy-Efficient Mortgages
Loan Program
USDA - Rural Energy for America Program (REAP) Grants
Grant Program
Office of Indian Energy Policy and Programs - Funding Opportunities
Grant Program
Clean Renewable Energy Bonds (CREBs)
Loan Program
USDA - Rural Energy for America Program (REAP) Loan Guarantees
Loan Program
U.S. Department of Energy - Loan Guarantee Program
Loan Program
Qualified Energy Conservation Bonds (QECBs)
Loan Program
USDA - High Energy Cost Grant Program
Grant Program
Fannie Mae Green Financing – Loan Program
Loan Program
Request a quote

How much do solar panels cost in New Mexico?

Currently, the price per watt for solar panels is $3.51/W in New Mexico. Given the average solar system size of 8 kW, this means that your solar panel cost is around $28,087 in New Mexico (latest data: April 2023).*

Taking state and federal incentives into account, you can expect to save further 30% of the initial cost, bringing the cost of solar in New Mexico down to $19,661 (installation size: 8 kW).

$30,000 $20,000 $10,000 $0
Good price Average price Expensive price

About the diagram: The diagram shows the average price for an 8kW solar installation in New Mexico after the 30% federal tax incentive deduction. Get 3 free quotes from Quote For Solar and potentially save up to $6,064 compared to the average solar installation cost in New Mexico ("Good price").

Solar panels in New Mexico at one glance

Is It worth it to go solar in New Mexico?

Yes, it is. Depending on how many solar panels you have and the location of your home, our data shows that you can save up to $1,794 - $4,485 on your yearly energy bill.

How much do solar panels cost in New Mexico?

Currently, the price per watt for solar panels is $3.51 in New Mexico. An average 8 kW solar system costs therefore around $28,087 before incentives and $19,661 after accounting for the 30% investment tax credit (ITC).

Are there solar incentives for New Mexico?

Yes, there are various country-wide and state-specific incentives for going solar. For New Mexico, the federal tax incentive amounts to 30%. Check out our article to learn more about the incentives and rebates in your state.
Yes, solar panels do work in New Mexico during winter but you will typically see less output than in the warmer months. Our partners will help you to find the right system size for the whole year.
On average, our customers have their solar installation completed in 6 to 8 weeks after they have been contacted by our partners.
That depends on your financial situation. Generally speaking, there are several finance options for solar panels in New Mexico and almost always you can finance your solar system for $0 down.
No, solar panels are not yet mandatory in New Mexico. While only California requires solar systems on new construction projects at this moment, there are legislations being drafted to expand this policy throughout other states. It is therefore likely that solar soon might become mandatory in other states as well.
No, solar installations are tax exempt in New Mexico. That means that you can boost your home value by going solar while your property tax base remains the same.
Yes, solar panels are sales tax exempt in New Mexico meaning that you will profit even more when going solar.
Why You Should Choose Quote For Solar

Get 3 Quotes From Reviewed Solar Installers Fast!

For homeowners wishing to install solar energy on their properties, Quote For Solar is the ideal service.

Quote For Solar offers a free and easy single inquiry format for homeowners to obtain multiple offers from local solar companies for their installation needs.

Solar Companies will compete with each other to win your business, which can increase your savings. In addition, you are assured of receiving quotes only from trustworthy and dependable partners with a proven track record.

Furthermore, relevant advice on selecting the right product and installer as well as tax credits available will be included as part of the package.

Installing solar energy through Quote For Solar can result in long-term savings due to lower energy costs, but with no obligation to purchase, there is no cost to obtain the quotes.


Solar Panel Costs Across The State of New Mexico



Acomita Lake


Agua Fria











Angel Fire




Anton Chico

Anzac Village

Apache Creek


Arenas Valley


Arroyo Hondo

Arroyo Seco














Black Hat

Black Rock




Bluewater Village

Boles Acres

Borrego Pass

Bosque Farms


Learn More About Solar Offers Across The US 💡