Solar Panel Cost Guide in Denver, CO (2024 Update)
- Denver Solar Installation Cost: $14,418
- 25-Year Savings: $16,082
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Denver
Let’s take a look at the average cost of solar panels in Denver.
The average cost of a solar system in Denver is 4 per watt.Since a 5.2-kW system is needed to cover the energy costs of a typical home in Denver, the average price of going solar will be about $14,418 after claiming the federal solar tax credit of 0.
How much you pay can go above or below the average in Denver based on several factors, such as the type of solar panels you choose and the solar contractor you hire.Even with the high initial cost, the average Denver homeowner can save around $19,000 on their power bills over 20 years, which is one of the advantages of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Denver
| Year | Return on Investment |
|---|---|
| 1 years | $-13,450 |
| 3 years | $-11,513 |
| 5 years | $-9,577 |
| 7 years | $-7,641 |
| 9 years | $-5,705 |
| 11 years | $-3,768 |
| 13 years | $-1,832 |
| 15 years | $104 |
| 17 years | $2,040 |
| 19 years | $3,976 |
| 21 years | $5,913 |
| 23 years | $7,849 |
| 25 years | $9,785 |
Top Solar Installers in Denver
Many homeowners decide to use a solar panel company since figuring out how to install solar panels yourself can be a labor-intensive endeavor. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Denver
Factors that Affect Solar Panel Costs in Denver
For many Denver homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Denver, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,980. 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 opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Denver average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Denver, which can reduce, or in some cases completely eliminate, your upfront costs to make 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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Denver is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for instance, you’ll have no shortage of solar installers that offer a range of services at different costs.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment 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 | $12,559 | 14.5 years |
| 8 kW | $4.06 | $22,734 | $17,191 | 14.2 years |
| 10 kW | $3.98 | $27,860 | $22,046 | 14.0 years |
| 12 kW | $3.90 | $32,763 | $27,124 | 13.7 years |
| 14 kW | $3.82 | $37,444 | $32,424 | 13.4 years |
| 16 kW | $3.74 | $41,901 | $37,948 | 13.1 years |
| 18 kW | $3.66 | $46,136 | $43,694 | 12.8 years |
| 20 kW | $3.58 | $50,148 | $49,664 | 12.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Reputation: Companies that have been operating for many years likely have a good 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.
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 Denver, CO Solar Cost FAQs
What is the average cost of installing solar panels in Denver?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,900 for a 5-kW system and $39,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Denver?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.
Is it worth going solar in Denver?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Denver?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.