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Solar Panel Cost in Hobbs, New Mexico
Local pricing, savings, and net metering data for Hobbs homeowners.
$1,460
Annual Savings
4.5 yrs
Payback Period
$6,638
Net Cost
$43,232
25-Year Savings
Cost & Savings Breakdown
Based on $150/month electric bill in Hobbs
System Size
6.6 kW
Annual Production
12,269 kWh
Gross System Cost
$18,054
Federal Tax Credit (30%)
-$5,416
State Incentive
-$6,000
Net Cost
$6,638
Monthly Savings
$122
CO₂ Offset/yr
11,287 lbs
25-Year Savings Projection
Utility & Net Metering
Local UtilityXcel Energy NM
Net Metering PolicyFull Retail
Compensation RateFull retail rate
Capacity Limit120% of annual consumption
Electricity Rate$0.119/kWh
Peak Sun Hours6.4 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 Hobbs?
Solar in Hobbs, New Mexico costs approximately $18,054 for a 6.6 kW system. After the 30% federal tax credit, your net cost is about $6,638.
What is the solar payback period in Hobbs?
The estimated payback period for solar in Hobbs is 4.5 years, based on a $150/month electric bill and local sun hours of 6.4 hrs/day.
Does Xcel Energy NM offer net metering?
Xcel Energy NM offers Full Retail net metering. Full retail rate.