Solar Panel Cost Guide in Aspen, CO (2023 Update)
- Aspen Solar Installation Cost: $9,942
- 25-Year Savings: $18,454
- Payback Period: 8.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Aspen
Let's take a look at the average cost of solar panels in Aspen.
The national average cost of solar panels is $2.66 per watt, but in Aspen it's 2.69 per watt. Because a 5.3-kW system is needed to cover the energy consumption of a typical home in Aspen, the average price of going solar will be about $9,942 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Aspen depending on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire. With average savings of about $20,000 on electricity bills over 20 years, many homeowners in Aspen find investing in solar can be quite rewarding.
To get a free estimate from a top solar installer in Aspen, you can click the button below.
Solar savings over time in Aspen
| Year | Return on Investment |
|---|---|
| 1 years | $-8,806 |
| 3 years | $-6,535 |
| 5 years | $-4,263 |
| 7 years | $-1,991 |
| 9 years | $280 |
| 11 years | $2,552 |
| 13 years | $4,824 |
| 15 years | $7,095 |
| 17 years | $9,367 |
| 19 years | $11,639 |
| 21 years | $13,910 |
| 23 years | $16,182 |
| 25 years | $18,454 |
Top Solar Installers in Aspen
Trying to install solar panels yourself can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. Plus, if you're not certain what kind of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in Aspen:
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 Aspen
Factors that Affect Solar Panel Costs in Aspen
Even though the average cost of a solar system in Aspen is $9,942, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Aspen homeowners choose to finance their solar panel systems to offset upfront costs. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Aspen, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Aspen know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $20,542 | 9.1 years |
| 8 kW | $2.74 | $15,365 | $27,691 | 8.9 years |
| 10 kW | $2.69 | $18,830 | $34,991 | 8.7 years |
| 12 kW | $2.64 | $22,144 | $42,441 | 8.6 years |
| 14 kW | $2.58 | $25,308 | $50,041 | 8.4 years |
| 16 kW | $2.53 | $28,320 | $57,793 | 8.2 years |
| 18 kW | $2.47 | $31,182 | $65,695 | 8.0 years |
| 20 kW | $2.42 | $33,894 | $73,747 | 7.9 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which installer you should choose, since different companies have access to different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Aspen, CO Solar Cost FAQs
What is the average cost of installing solar panels in Aspen?
This is a tough question to answer exactly, 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Aspen?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is it worth going solar in Aspen?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.