Solar Savings Calculator for Farmington, NM

Homeowners in Farmington pay an average of $105/month for electricity through PNM (Public Service Company of New Mexico). With 6.3 peak sun hours per day, solar panels can significantly reduce your energy costs.

$105
Avg Monthly Bill
14.5¢/kWh
Electricity Rate
6.3h/day
Peak Sun Hours
$37,401
Est. 25-Year Savings

Calculate Your Savings in Farmington

Adjust Your Details for Farmington, NM

$
$50$1,000
50010,000
50¢

Your Estimated Solar Savings

System Size
4 kW
Panel Count
10 panels
Total System Cost
$10,800
Federal Tax Credit (30%)
-$3,240
State Tax Credit (10%)
-$1,080
Net Cost
$6,480
Annual Savings
$1,260
Payback Period
5.1 years
25-Year Savings
$37,401
Return on Investment
577%

* Estimates based on 6.3 peak sun hours/day in Farmington, NM, system cost of $2.7/watt, 30% federal ITC, 10% state tax credit, 3% annual electricity inflation, and 0.5% annual panel degradation over 25 years. Actual results may vary.

Local Solar Details for Farmington

Utility & Permits

Utility Company
PNM (Public Service Company of New Mexico)
Permit Cost
$250
Permit Timeline
2-3 weeks
Net Metering
full

System Estimates

Recommended Size
4 kW
Panel Count
10 panels
Gross Cost
$10,800
Net Cost (after credits)
$6,480

Available Incentives for Farmington, NM

Federal Solar Investment Tax Credit (ITC)

Reduces federal income tax liability by 30% of the total cost of a solar energy system, including equipment and installation.

30% of system cost

New Mexico Solar Tax Credit

State income tax credit for solar installations.

10% of cost, up to $6,000

Other Cities in New Mexico

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