Solar Panel Cost Guide in Applewood, CO (2023 Update)
- Applewood Solar Installation Cost: $9,883
- 25-Year Savings: $16,897
- Payback Period: 9.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Applewood
Let's take a look at the average cost of solar in Applewood.
In Applewood, solar panels cost about 2.69 per watt on average. 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.
Keep in mind that the figures above are only estimates based on the average Applewood homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $19,000 on utility bills over 20 years, many homeowners in Applewood find going solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Applewood
| Year | Return on Investment |
|---|---|
| 1 years | $-9,793 |
| 3 years | $-9,615 |
| 5 years | $-9,436 |
| 7 years | $-9,258 |
| 9 years | $-9,079 |
| 11 years | $-8,901 |
| 13 years | $-8,722 |
| 15 years | $-8,544 |
| 17 years | $-8,365 |
| 19 years | $-8,187 |
| 21 years | $-8,008 |
| 23 years | $-7,829 |
| 25 years | $-7,651 |
Top Solar Installers in Applewood
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be time-consuming. The expertise that solar installers provide can be invaluable as well, especially if you don't quite know what kind of solar equipment would be right for your home.
If you're looking for a solar installer in Applewood, the EcoWatch team has compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Applewood
Factors that Affect Solar Panel Costs in Applewood
Although the average cost of a solar system in Applewood is $9,886, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,690. There are several different solar panel brands and the one you pick also changes the cost. In general, 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
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Applewood homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Applewood is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for example, you'll have many options for solar installers that provide a range of services at different costs. Additionally, some companies in Applewood know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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
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.