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Solar vs. grid power: how much can you save?
Electricity rates are on the rise. The U.S Energy Information Administration (EIA) estimates that electricity prices in the U.S. rose 6.2% in 2023 alone.
Homeowners across the country are looking for ways to reduce their energy costs and many are turning to solar energy. But just how much can you save with solar and is it worth the investment?
Solar customers can often save tens of thousands of dollars over the lifespan of their solar system. To determine exactly how much you can save, you’ll have to do a little math.
Compare your current cost per kW from Public Service Co Of NM with the cost per kW of your solar system. Then calculate your monthly or yearly expenses across a 25-year period. Finally, subtract your total cost of energy with solar from your total of energy from the grid to determine your savings
A simpler way to estimate your savings potential is to compare your current monthly energy costs with your projected solar payments. If your energy costs are higher than your solar payments, there is a good chance you will see savings.
At Solar Cost Calculator, we suggest that anybody paying more than $100 a month for electricity should consider solar.
What solar incentives Public Service Co Of NM does offer?
Category : Financial Incentive
Website : https://www.xcelenergy.com/staticfiles/xe-responsive/Marketing/nm-business-programs-summary.pdf
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Schools, State Government, Federal Government, Agricultural, Institutional
Incentive Amount : Building Tune-up Audit: $500, Up to $400/kW saved for additional measures Motors: $25 - $5,500 Drives: $400 - $10,500 Air Compressor: $1,000 - $7,000 No-Loss Air Drain: Up to $200 Cycling Dryers: Up to $1.50/CFM Mist Eliminators: Up to $3.00/CFM Purge Controls: Up to $1,000 Constant Speed Motor Controllers: Up to $10/HP Pump-Off Controllers: Up to $3,000/unit Cooling System: Incentives varied. See program website for details Custom Measures: Up to $400/kW saved Lighting (Retrofit): Incentives varied. See program website for details Lighting (New Construction): Up to $400/kW
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.pnm.com/rebates
Applicable Sectors : Residential, Low Income Residential
Incentive Amount : Refrigerator/Freezer Recycling: $75 Lighting: Instant Discounts at Participating Retailers Peak Demand Reduction: $75 for signing up and $25/year afterwards Window-Mounted AC Evaporative Units: Up to $150 AC tune-ups: free Room AC Units: Up to $33 ENERGY STAR Refrigerator: $165 ENERGY STAR Freezer: $75 ENERGY STAR Clothes Washer: $110 ENERGY STAR Clothes Dryer: $110 ENERGY STAR Dishwasher: $80 Smart Thermostat: $50
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.pnm.com/bizrebates
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Schools, State Government, Federal Government, Agricultural, Institutional
Incentive Amount : Lighting: $0.15-$4.00/unit (see application for details) Occupancy Sensors: $0.15/W Controlled Daylighting Sensor Controls: $0.09/W Controlled Unitary and Split AC: $25/ton, plus $15 bonus efficiency incentive Air-Source Heat Pumps: $40/ton, plus $15 bonus efficiency incentive Chillers: $20-$40/ton, plus $20 bonus efficiency incentive Packaged Terminal AC: $50/ton Packaged Terminal HP: $100/ton Variable Refrigerant Flow HP: $40/ton, plus $25 bonus efficiency incentive Hotel Guest Room Occupancy Sensor: $60/ton per room Indirect Evaporative Cooling: $100/ton Motors: $2-$625/motor Variable Frequency Drives: $50/HP Pool Pump: $100 Food Service Equipment: $100-$1800/unit High Efficiency Ice Makers: $100-$250/unit 3-Phase High Frequency Battery Charger: $200 Custom: $0.080/kWh Horticultural Lighting: $0.60/kWh
Implementing Sector : Utility
Installing and connecting your solar system
When you install a solar system in Public Service Co Of NM territory, these are steps you can expect to go through:
Once you’ve hired a contractor, you will need to communicate with Public Service Co Of NM to prepare the interconnection paper. Your contractor will handle most of these responsibilities
After the interconnection agreement has been finalized, your contractor can begin the installation process.
Once your system is installed, it needs to be inspected for safety and code compliance.
After the final inspection, you will receive a written notice within a few days that your system is approved to operate. You can turn on the system yourself or you can contact your installer for further assistance.
Most homeowners prefer to do it themselves. The whole process should only take 10 - 15 minutes.
Is solar worth it for Public Service Co Of NM customers?
The short and sweet answer is a resounding YES. Going solar is definitely worth it for Public Service Co Of NM customers. The average homeowner in _UtilityCompanyName_ can save an estimated #### over the lifespan of their solar system.
Going solar is a long game so you need to think several years ahead. It can take a few years to hit your break even period. But between net metering and solar incentives, you can drastically reduce that timeframe.
Want to get an idea for what it will cost you to go solar with Public Service Co Of NM? You can use our Solar Cost Calculator to generate a customized estimate instantly. We take into consideration a wide range of criteria including location, electric bill, roof size, and other factors. Try it out today and start planning for your future.
