Is It Time to Switch to Solar?: The Costs and Benefits of Solar Panels in Colorado

There’s been a lot of talk lately about the importance of using green, renewable energy. If you live in Colorado, you’ve probably seen countless homes and businesses with solar panels. Clearly, there are benefits to using solar energy.

Of course, investing in solar panels in Colorado isn’t free. The question you need to answer then, is how much do solar panels cost, and is it worth it?

We want to help you come to a decision. Keep reading for everything you need to know about the cost of solar panels in Colorado and the incentives that will make your investment worthwhile.

Solar Panel Prices

The average cost of solar panels in Colorado falls between $13,000 and $18,000. Your overall cost, however, depends on the amount of energy you want to create for your home or business. This figure also includes all the other solar system components.

For a more accurate depiction of what you need for your home, view here for solar pricing. Working with a company to devise a system specific to your needs is the only way to get an exact price.

Colorado Solar Incentives

Now, let’s take a look at the incentives you can receive by installing solar panels in Colorado. When you invest in solar energy for your home, your property value will increase. However, in the state of Colorado, you won’t have to pay higher property taxes based on the positive equity solar adds to your home.

Colorado offers local utility company rewards and rebates as well. You can receive cash incentives based on the size of your solar system. Lastly, Xcel Energy Colorado provides compensation for every kilowatt-hour produced by your system.

Government Tax Credits

Through 2022, you can get up to 26% of your solar energy costs back by claiming them on your federal taxes. Therefore, if you spend $16,000 on a whole-home solar energy system, you can expect to get up to $4,160 in tax credits.

This will greatly reduce your overall costs. Just as importantly, you’ll recoup what you spent on solar panels in Colorado much faster.

Lower Energy Bills

Aside from increasing equity in your home, you’ll also save a ton of money on your electricity bill. If your home operates entirely off of solar, you can save hundreds of dollars a month.

You’ll no longer be dependent on city or county power. This also means you won’t be affected by power outages and blackouts.

Furthermore, in the state of Colorado, you can earn energy credits by producing more electricity than you need and selling it back to power companies. If there are periods of time when your solar panels don’t bring in enough energy, you can use those credits to power your home for free.

Thinking About Installing Solar Panels in Colorado?

Is Colorado a good state for solar? We think the answer is yes. If you have the means, investing in solar panels in Colorado can be a great way to save money and help improve the environment.

For more homeowner tips and eco-friendly living advice, stick around. Check out the rest of our blog before you go to find more informative and insightful articles.