Solar Panel Cost Guide in Cherry Creek, CO (2023 Update)
- Cherry Creek Solar Installation Cost: $9,641
- 25-Year Savings: $17,793
- Payback Period: 8.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cherry Creek
Find out what the average cost of solar panel installation is in Cherry Creek.
The national average cost of solar panels is $2.66 per watt, but in Cherry Creek it's 2.69 per watt. The average solar panel system size in Cherry Creek is around 5.1 kilowatts, meaning a cost of about $9,641 for a solar installation, or $13,787 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Cherry Creek depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. Even with the significant upfront cost, the average Cherry Creek homeowner can save around $20,000 on their power bills over 20 years, which is one of the benefits of solar.
To get a free quote from a highly rated solar company in Cherry Creek, you can click the button below.
Solar savings over time in Cherry Creek
| Year | Return on Investment |
|---|---|
| 1 years | $-8,544 |
| 3 years | $-6,349 |
| 5 years | $-4,154 |
| 7 years | $-1,959 |
| 9 years | $235 |
| 11 years | $2,430 |
| 13 years | $4,625 |
| 15 years | $6,820 |
| 17 years | $9,014 |
| 19 years | $11,209 |
| 21 years | $13,404 |
| 23 years | $15,599 |
| 25 years | $17,793 |
Top Solar Installers in Cherry Creek
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be a lot of work. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
If you're looking for a solar installer in Cherry Creek, 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 Cherry Creek
Factors that Affect Solar Panel Costs in Cherry Creek
There are many factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $2,690. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can impact the cost. Cherry Creek's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Cherry Creek are more knowledgeable about local solar incentives and can help you learn about 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 | $20,427 | 9.1 years |
| 8 kW | $2.74 | $15,365 | $27,537 | 9.0 years |
| 10 kW | $2.69 | $18,830 | $34,798 | 8.8 years |
| 12 kW | $2.64 | $22,144 | $42,210 | 8.6 years |
| 14 kW | $2.58 | $25,308 | $49,772 | 8.4 years |
| 16 kW | $2.53 | $28,320 | $57,485 | 8.3 years |
| 18 kW | $2.47 | $31,182 | $65,348 | 8.1 years |
| 20 kW | $2.42 | $33,894 | $73,362 | 7.9 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers 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 Cherry Creek, CO Solar Cost FAQs
How much does it cost to install solar panels in Cherry Creek?
This is a tough 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Cherry Creek?
Leasing solar panels can be an option if you can't afford to 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 financial benefits from going solar.
How will solar panels impact the value of my home?
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 Cherry Creek is currently $657,000, so you could be looking at a value of about $26,937 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Cherry Creek is a worthwhile investment.
How long do solar panels last in Cherry Creek?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.