Solar Panel Cost Guide in Applewood, CO (Mar 2023)
- Applewood Solar Installation Cost: $9,886
- 25-Year Savings: $16,894
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Applewood
Let's have a look at the average cost of solar in Applewood.
The average cost of a solar system in Applewood is 2.69 per watt. The average Applewood homeowner needs a 5.2-kilowatt system, which would cost about $9,886 with the federal tax credit, or $14,137 before the 30% tax credit is applied.
These figures are just estimates, and your own solar costs will differ based on the amount of energy your home requires and what company you want to go with. For most homeowners, the upfront cost of solar power is worth paying. On average Applewood homeowners see about $19,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Applewood
| Year | Return on Investment |
|---|---|
| 1 years | $-8,815 |
| 3 years | $-6,672 |
| 5 years | $-4,530 |
| 7 years | $-2,387 |
| 9 years | $-245 |
| 11 years | $1,898 |
| 13 years | $4,040 |
| 15 years | $6,182 |
| 17 years | $8,325 |
| 19 years | $10,467 |
| 21 years | $12,610 |
| 23 years | $14,752 |
| 25 years | $16,894 |
Top Solar Installers in Applewood
Many homeowners decide to use a solar installation company since installing solar panels on your own can be time-consuming. Plus, if you're unsure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Applewood:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Applewood
Factors that Affect Solar Panel Costs in Applewood
For many Applewood homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Applewood, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Applewood, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past power bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Applewood provide solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Applewood is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $18,865 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,455 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,195 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,086 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,128 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $53,320 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,663 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,157 | 8.3 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Before signing a contract with a solar installer, make sure to read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Applewood, CO Solar Cost FAQs
How much does it cost to install solar panels in Applewood?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Applewood?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact my home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.
Company 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.