The popularity of solar panels as a home renovation choice is on the rise in Santa Fe and across the country as homeowners seek ways to cut energy costs and contribute to a greener environment. However, before you take the plunge into solar energy, you likely have some essential questions to address. What is the value that solar panels can bring to your home? How long can you expect them to last? Is Installing solar worth it for me? Like any significant home improvement or investment, comprehending the advantages of solar power is crucial.
The Advantages of Rooftop Solar in Santa Fe
As the cost of electricity from utility providers continues on an upward trajectory, an increasing number of Santa Feans are turning to rooftop solar panels to help protect our planet and insulate themselves from growing energy bills. Santa Fe’s climate is extremely conducive for solar energy because of the abundant days of sunny weather, mild temperatures & high UV index—all of which result in favorable conditions for efficient solar energy production.
Saving on energy costs
Santa Fe’s utility provider, PNM, is requesting a rate change to start in 2024 and has historically increased electricity rates around 15% or more every four years. Installing solar panels allows you to remove the volatility of energy costs by generating your own power and amortizing that energy cost over the life of the system.
Increase home value
A lesser-known benefit to solar panel installation is it’s potential to enhance property values. Research indicates that homes equipped with solar panels can command a premium of around 4.1% compared to homes without them. While there’s no guarantee of increased value, Zillow's research shows that roughly two-thirds of potential homebuyers consider a home's energy efficiency to be very or extremely important, and a home without the added monthly electric bill is very appealing.
Solar Tax Credits & Return on Investment
Like any home investment, the primary drawback with solar panels is their initial cost. However, financing options and tax credits can help. Thanks to the Inflation Reduction Act, you may qualify for tax credits of up to 30% for installing solar panels & New Mexico provides an additional 10% tax credit (up to $6000) reducing the time it takes to reap the major financial benefits of your eco-friendly investment to an average of six to ten years. You’ll see more financial gain in a shorter period of time if your household has larger electric bills to begin with. Typically, an average electric bill of $80/month is the minimum baseline to consider solar, from a purely economic standpoint.
Determining What's Right for You
Solar should be seen as a long-term investment to your home and the decision process should take that into consideration. Santa Fe can be a difficult and complex place for permitting, construction, and retrofitting of any kind, including solar. Choosing the right solar company to facilitate your project can make a significant difference in your overall savings, system reliability, and satisfaction.
How long do solar panels last in Santa Fe?
Typically, home solar systems have an expected lifespan of around 40 years (Positive Energy Solar offers a 30-year warranty). However, it's essential to recognize that the durability of solar panels can be influenced by factors such as weather conditions, installation quality, and the type of solar panel used.
Is my property good for solar panels?
Considering factors such as your property layout, shading conditions and roof age are important to deciding whether solar makes sense for you. A professional solar advisor at Positive Energy will help identify your energy needs, properly size a solar energy system, evaluate your property and determine whether you are a good candidate for solar. We’ll be the first to let you know if we don’t think it makes sense for you, based on your goals.
It's evident that installing solar panels in Santa Fe can be an environmentally and economically prudent investment. However, it's crucial to comprehend the potential risks and costs associated with solar panels before deciding to install them. With thorough research and adequate preparation, you can make an informed choice about whether solar panels are the right fit for your home.
If you’re ready to see some specific numbers and information for your home, schedule a free solar property evaluation with our Santa Fe solar advisors. You’ll find our approach is consultive, without the high-pressure sales tactics. Our goal is to ensure you fully understand what your options are and to allow you to make an informed decision.