2024 Solar Incentives Guide for Greenwood Village, CO - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Greenwood Village.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Greenwood Village solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Greenwood Village?

Property Tax Exemption for Residential Renewable Energy Equipment

Incentive Type:
Property Tax Incentive
100% exemption for renewable energy system property

Sales and Use Tax Exemption for Renewable Energy Equipment

Incentive Type:
Sales Tax Incentive

Eagle County - Energy Smart Colorado Renewable Energy Rebate Program

Incentive Type:
Rebate Program
Residential
PV: 50% up to $500
Solar Thermal: 50% of project costs
Commercial
50% of project costs

City of Boulder - Solar Sales and Use Tax Rebate

Incentive Type:
Sales Tax Incentive
~15% refund on sales and use tax for the solar installation

Roaring Fork Valley - Energy Smart Colorado Renewable Energy Rebate Program

Incentive Type:
Rebate Program
PV: 25% of cost
Solar Water Heat: $25% of cost
Solar Thermal Tune-up: 25% of project cost
Micro-hydro and Geothermal: 25% of cost

Property Tax Exemption for Community Solar Gardens

Incentive Type:
Property Tax Incentive
100% exemption for the percentage of electricity capacity (AC) of a community solar garden attributed to residential or governmental subscribers or organizations that are already exempt from property taxes

Xcel Energy - Solar*Rewards Program

Incentive Type:
Performance-Based Incentive
Systems 0.5 kW - 25 kW: $0.005/kWh
Medium-sized Systems 25.1-500 kW: $0.0375/kWh
Large Systems (>500kW): Determined through competitive bid

Local Option - Sales and Use Tax Exemption for Renewable Energy Systems

Incentive Type:
Sales Tax Incentive
Varies (local option)

Local Option - Property Tax Exemption for Renewable Energy Systems

Incentive Type:
Property Tax Incentive
Varies (local option)

Efficiency Works - Residential Energy Efficiency Rebate Program (Offered by 4 Utilities)

Incentive Type:
Rebate Program
Air Sealing: $300-$500
Insulation: Up to $1,815
Duct Sealing: $200 (gas-heated homes only)
Window Replacement: Up to $1,000
Air Handler Blower Motor: $150
Whole House Mechanical Ventilation: 20% of cost
Heat Pumps: $500
Replacement Furnace: $300-$500 (gas-heated homes only)
Ductless Mini-Split: $250/head
Replacement Gas Boiler: $300 (gas-heated homes only)
Replacement Water Heater: $100-$500
AC System: $150-$500
Whole House Fan: $275
Evaporative Cooler: $500

Xcel Energy - Residential Energy Efficiency Financing

Incentive Type:
Loan Program
Up to $50,000

Xcel Energy - Residential Energy Efficiency Rebate Programs

Incentive Type:
Rebate Program
Refrigerator Recycling: varies, contact utility for details
Natural Gas Furnace: $300
EC Motor in New or Existing Furnace: $100
Air Conditioning/Air Source Heat Pump: $300-$600
Mini-Split Heat Pump: $300
Water Heater: $70-$450
Evaporative Cooling: $200-$1,200
Attic Insulation: $350-$600
Wall Insulation: $350-$600
Air Sealing, bypass sealing, and weather-stripping: $175-$450
Ground Source Heat Pump: $300/ton
Smart Thermostat: $50

Xcel Energy - Home Performance with ENERGY STAR

Incentive Type:
Rebate Program
Attic Insulation: $400-$700
Air Sealing/Bypass Sealing/Weather-Stripping: $250-$550
High Efficiency Lighting: 30% of cost
Wall Insulation: $450-$700
Evaporative Cooling System: $325-$1200
Central Air Conditioner (New): $400 - $700
Central Air Conditioner (Trade In): $550
Ground Source/Geothermal Heat Pump: $300 per ton
Electric Heat Pump Water Heater: $550
Programmable Thermostat: $25
High Efficiency Furnace: $400
Electrically Commuted Motor: $125
Tankless Water Heater: $200
Standard Tank Water Heater: $100
ENERGY STAR Refrigerator: $15
ENERGY STAR Clothes Washer: $30

Residential Energy Upgrade (RENU) Loan Program

Incentive Type:
Loan Program
$35,000

Green Colorado Credit Reserve

Incentive Type:
Loan Program
$250,000

Xcel Energy - Solar*Rewards Community Program

Incentive Type:
Performance-Based Incentive
2015 Large RFP Program:
Determined through competitive bid. RFP released on March 3, 2016

Eagle, Garfield, Gunnison, Lake, and Pitkin Counties - Energy Smart Colorado Loan Program

Incentive Type:
Loan Program
$25,000

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more homeowners to switch to renewable energy. You might be eligible for various types of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Colorado government and others from the federal government. You might qualify for any of the following types of solar incentives:

  • Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from the total price before tax credits are calculated.
  • Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Greenwood Village utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
  • Tax Exemptions: These may come in the form of property tax exemptions, which can let you ignore the value of your solar system when calculating the taxes you pay on your home. You could also look for exemptions on sales tax at the time of purchase.
  • Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the government. These differ from tax deductions.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is the most well-known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of the cost of your solar system.

The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar panels have to have been installed on a property you own after January 1, 2006, for you to claim the credit. The ITC originally paid out 30% of all system costs (panels, accessories, equipment and labor), although the total amount has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.

Wondering how the ITC applies to your specific situation? Reach out to your local Greenwood Village solar panel installer to get more information.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners are now eligible for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The total credit will then be decreased by a few percentage points every year until it expires. Starting in 2023, it will also be easier to obtain credits for energy storage systems with the new act.

Click here to learn more about the new Inflation Reduction Act. Your local Greenwood Village solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these can include rebates, tax credits and more. Incentives may be offered by the state of Colorado, or by your county or municipality. Certain incentives may be available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Greenwood Village

You can qualify for solar incentives from the federal government and the Colorado government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. Your local Greenwood Village solar panel installer can provide you with more details about which incentives you can apply for, and get you started on the path to switching to renewable energy today.

EcoWatch's Greenwood Village, CO Solar Incentives FAQs

My home already has solar panels installed. Do I qualify for any incentives?

You should plan to talk to the company that installed your solar panels – or get in touch with a local Greenwood Village solar installer — to learn about which incentives you might qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

How much will solar panels save me on my electric bill in Greenwood Village annually?

On average, Greenwood Village homeowners who install solar panels save approximately $1,046.99 per year, or approximately $19,892.80 over 20 years after making the switch.

Who installs solar panels near me?

To discover the top solar panel installation companies near you, take a look at our article on the best solar companies in Greenwood Village.

How long until the federal solar tax credit ends?

The Clean Energy Credit (formerly called the federal solar tax credit, or ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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