Solar Panel Cost Guide in Aspen, CO (2024 Update)
- Aspen Solar Installation Cost: $14,699
- 25-Year Savings: $18,461
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Aspen
Find out what the average cost of a solar system is in Aspen.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Aspen, the typical cost of solar panels is 4 per watt.The average Aspen homeowner needs a 5.3-kilowatt system, which would cost about $14,699 with the federal tax credit, or $21,020 before the 0 tax credit is applied.
These figures are only estimates, and how much solar costs for you will look different based on the amount of energy your home requires and what company you choose to go with.For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $20,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Aspen
| Year | Return on Investment |
|---|---|
| 1 years | $-13,731 |
| 3 years | $-11,795 |
| 5 years | $-9,858 |
| 7 years | $-7,922 |
| 9 years | $-5,986 |
| 11 years | $-4,050 |
| 13 years | $-2,113 |
| 15 years | $-177 |
| 17 years | $1,759 |
| 19 years | $3,695 |
| 21 years | $5,631 |
| 23 years | $7,568 |
| 25 years | $9,504 |
Top Solar Installers in Aspen
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Using a solar company can make converting to solar power much easier. The payback period on a solar system will vary based on factors like your roof configuration and energy use, but going with a solar installer can shorten it. Your provider will be able to help you apply for incentives available in your area.
If you’d like to start using solar energy but still aren’t certain which solar panel company to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Aspen
Factors that Affect Solar Panel Costs in Aspen
The cost of installing a solar system in Aspen can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,980.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Aspen, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Aspen, which can bring down, or in some cases eliminate, your upfront costs to make 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in Aspen, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that has the products, warranties and services you’re looking for and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.14 | $17,385 | $14,908 | 13.5 years |
| 8 kW | $4.06 | $22,734 | $20,323 | 13.2 years |
| 10 kW | $3.98 | $27,860 | $25,961 | 12.9 years |
| 12 kW | $3.90 | $32,763 | $31,821 | 12.7 years |
| 14 kW | $3.82 | $37,444 | $37,905 | 12.4 years |
| 16 kW | $3.74 | $41,901 | $44,212 | 12.2 years |
| 18 kW | $3.66 | $46,136 | $50,741 | 11.9 years |
| 20 kW | $3.58 | $50,148 | $57,493 | 11.6 years |
How to Save on Solar Panels
There are a large number of companies available in Aspen, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project timeline incentives and warranties.
- Warranty: If you’re concerned about the durability of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The brand of solar panel you want to install plays a role in which installer you should opt for, since different companies have different panels.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Aspen, CO Solar Cost FAQs
How much does it cost to install solar panels in Aspen?
The average cost of solar panels in Aspen is about $19,900 for a 5-kW system and $39,800 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Aspen?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Aspen is currently $3,218,030, so you can expect a value of about $131,939 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Aspen is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.