Solar Panel Cost Guide in Castle Rock, CO (2023 Update)
- Castle Rock Solar Installation Cost: $9,679
- 25-Year Savings: $19,000
- Payback Period: 8.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Castle Rock
Find out what the average cost of installing solar panels is in Castle Rock.
Although the national average of solar panels is $2.66 per watt, solar panels in Castle Rock typically cost around 2.69. Using this figure, a typical 5.1-kW system would cost about $9,679 before the 30% federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you may differ based on your specific situation and what company you go with. With typical savings of about $21,000 on power bills over 20 years, many homeowners in Castle Rock find investing in solar can be quite rewarding.
Click the button below to get connected to a vetted solar panel company in Castle Rock for a customized quote.
Solar savings over time in Castle Rock
| Year | Return on Investment |
|---|---|
| 1 years | $-8,531 |
| 3 years | $-6,237 |
| 5 years | $-3,943 |
| 7 years | $-1,649 |
| 9 years | $646 |
| 11 years | $2,940 |
| 13 years | $5,234 |
| 15 years | $7,528 |
| 17 years | $9,823 |
| 19 years | $12,117 |
| 21 years | $14,411 |
| 23 years | $16,705 |
| 25 years | $19,000 |
Top Solar Installers in Castle Rock
Although you can install solar panels yourself, it takes extra time and knowledge. That's one of the reasons most people choose a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Castle Rock
Factors that Affect Solar Panel Costs in Castle Rock
For many Castle Rock homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Castle Rock, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,690. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Castle Rock average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Castle Rock homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only 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 considerably.
Solar Panel Installation Company
The solar panel installation company you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more 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 down 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 | $21,697 | 8.8 years |
| 8 kW | $2.74 | $15,365 | $29,230 | 8.6 years |
| 10 kW | $2.69 | $18,830 | $36,915 | 8.4 years |
| 12 kW | $2.64 | $22,144 | $44,749 | 8.3 years |
| 14 kW | $2.58 | $25,308 | $52,735 | 8.1 years |
| 16 kW | $2.53 | $28,320 | $60,871 | 7.9 years |
| 18 kW | $2.47 | $31,182 | $69,158 | 7.8 years |
| 20 kW | $2.42 | $33,894 | $77,595 | 7.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Read the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating 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
EcoWatch's Castle Rock, CO Solar Cost FAQs
What is the average cost of installing solar panels in Castle Rock?
The average cost of solar panels in Castle Rock is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Castle Rock?
Leasing solar panels can be an appealing choice, because it typically 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 way to go if you want to maximize your savings.
Is making the switch to solar worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.