Home › New Mexico › Farmington
Solar Panel Cost in Farmington, New Mexico
Local pricing, savings, and net metering data for Farmington homeowners.
$1,460
Annual Savings
3.4 yrs
Payback Period
$5,010
Net Cost
$44,860
25-Year Savings
Cost & Savings Breakdown
Based on $150/month electric bill in Farmington
System Size
5.7 kW
Annual Production
10,355 kWh
Gross System Cost
$15,729
Federal Tax Credit (30%)
-$4,719
State Incentive
-$6,000
Net Cost
$5,010
Monthly Savings
$122
CO₂ Offset/yr
9,526 lbs
25-Year Savings Projection
Utility & Net Metering
Local UtilityPublic Service NM
Net Metering PolicyFull Retail
Compensation RateFull retail rate
Capacity Limit125% of annual consumption
Electricity Rate$0.141/kWh
Peak Sun Hours6.2 hrs/day
Available Incentives
30%
Federal ITC — Deduct 30% of your system cost from federal taxes. Available through 2032.
$6,000
New Mexico State Incentive — New Mexico offers a 10% state tax credit up to $6,000.
Common Questions
How much does solar cost in Farmington?
Solar in Farmington, New Mexico costs approximately $15,729 for a 5.7 kW system. After the 30% federal tax credit, your net cost is about $5,010.
What is the solar payback period in Farmington?
The estimated payback period for solar in Farmington is 3.4 years, based on a $150/month electric bill and local sun hours of 6.2 hrs/day.
Does Public Service NM offer net metering?
Public Service NM offers Full Retail net metering. Full retail rate.