Solar Panel Cost Guide in Colorado Springs, CO (2024 Update)
- Colorado Springs Solar Installation Cost: $13,979
- 25-Year Savings: $21,423
- Payback Period: 11.3 Years
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Average Cost of Solar Panels in Colorado Springs
We break down average solar pricing in Colorado Springs.
The national average cost of solar panels is $2.66 per watt, but in Colorado Springs it’s 4 per watt.To cover the typical energy usage of the average home in Colorado Springs, most homeowners require a 5.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $13,979, or $19,990 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Colorado Springs based on several factors, such as the brand of solar panels you choose and the solar contractor you hire.But, once you've paid the initial cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $23,000 over 20 years on electricity bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Colorado Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-12,849 |
| 3 years | $-10,588 |
| 5 years | $-8,326 |
| 7 years | $-6,065 |
| 9 years | $-3,804 |
| 11 years | $-1,542 |
| 13 years | $719 |
| 15 years | $2,980 |
| 17 years | $5,241 |
| 19 years | $7,503 |
| 21 years | $9,764 |
| 23 years | $12,025 |
| 25 years | $14,286 |
Top Solar Installers in Colorado Springs
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar company can make converting to solar power much easier. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Colorado Springs:
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
Outstanding Local Installer
Smart Wave Solar
- Installations include backup power guarantee
- Outstanding customer service
- Offers rewards for customer referrals
- Expensive
- No assistance with solar financing
- Limited brands of solar equipment available
See all of the solar companies in Colorado Springs
Factors that Affect Solar Panel Costs in Colorado Springs
The cost of installing a solar system in Colorado Springs can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need 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 panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Colorado Springs, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Colorado Springs provide solar loans, which reduce your upfront costs of installing a solar system.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 last significant cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Colorado Springs, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $19,530 | 11.8 years |
| 8 kW | $4.06 | $22,734 | $26,486 | 11.5 years |
| 10 kW | $3.98 | $27,860 | $33,664 | 11.3 years |
| 12 kW | $3.90 | $32,763 | $41,066 | 11.1 years |
| 14 kW | $3.82 | $37,444 | $48,690 | 10.9 years |
| 16 kW | $3.74 | $41,901 | $56,538 | 10.6 years |
| 18 kW | $3.66 | $46,136 | $64,608 | 10.4 years |
| 20 kW | $3.58 | $50,148 | $72,901 | 10.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
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
Outstanding Local Installer
Smart Wave Solar
- Installations include backup power guarantee
- Outstanding customer service
- Offers rewards for customer referrals
- Expensive
- No assistance with solar financing
- Limited brands of solar equipment available
EcoWatch's Colorado Springs, CO Solar Cost FAQs
How much does it cost to install solar panels in Colorado Springs?
The average cost of solar panels in Colorado Springs is about $19,900 for a 5-kW system and $39,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Colorado Springs?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to 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.