Solar Panel Cost Guide in Craig, CO (2024 Update)
- Craig Solar Installation Cost: $14,301
- 25-Year Savings: $18,313
- Payback Period: 12.8 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Craig
Let’s take a look at the average cost of solar in Craig.
The national average cost of solar panels is $2.66 per watt, but in Craig it’s 4 per watt.Since a 5.1-kW system is needed to cover the energy usage of a typical home in Craig, the average price of going solar will be about $14,301 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average energy use of Craig homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Craig see about $21,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Craig
Year | Return on Investment |
---|---|
1 years | $-13,387 |
3 years | $-11,558 |
5 years | $-9,729 |
7 years | $-7,901 |
9 years | $-6,072 |
11 years | $-4,243 |
13 years | $-2,414 |
15 years | $-586 |
17 years | $1,243 |
19 years | $3,072 |
21 years | $4,901 |
23 years | $6,729 |
25 years | $8,558 |
Top Solar Installers in Craig
When going solar, many homeowners prefer to go with a solar installation company since handling can be a time-consuming project. In addition, if you’d like to maximize your investment in solar energy, using a solar installer can help with that as well. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Craig
Factors that Affect Solar Panel Costs in Craig
For many Craig homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Craig, 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
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,980 per kilowatt in Craig.The model of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over five to seven years on average.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 finding a solar loan with a low APR could reduce your costs significantly.
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 Craig, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also is within 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 | $15,319 | 13.3 years |
8 kW | $4.06 | $22,734 | $20,871 | 13.0 years |
10 kW | $3.98 | $27,860 | $26,646 | 12.8 years |
12 kW | $3.90 | $32,763 | $32,643 | 12.5 years |
14 kW | $3.82 | $37,444 | $38,864 | 12.3 years |
16 kW | $3.74 | $41,901 | $45,307 | 12.0 years |
18 kW | $3.66 | $46,136 | $51,974 | 11.8 years |
20 kW | $3.58 | $50,148 | $58,863 | 11.5 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: When making the switch to solar, it’s essential to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the completion timeline.
- 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 substantial role in the company you go with.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Craig, CO Solar Cost FAQs
How much does it cost to install solar panels in Craig?
The average cost of solar panels in Craig 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 things such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Craig?
You can’t get solar panels for free in Craig. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,090.11 per year.
How often do you have to replace solar panels?
Though 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.