Solar Panel Cost Guide in Derby, CO (2024 Update)
- Derby Solar Installation Cost: $14,371
- 25-Year Savings: $16,777
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Derby
We go over average solar pricing in Derby.
While the national average of solar panels is $2.66 per watt, solar panels in Derby generally cost about 4.The average Derby homeowner needs a 5.2-kilowatt system, which would cost about $14,371 with the federal tax credit, or $20,551 before the 0 tax credit is applied.
The actual price you pay can go above or below the average in Derby based on several factors, such as the type of solar panels you choose and the solar contractor you hire.Despite the significant upfront cost, the average Derby homeowner can save around $20,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in your area for a custom quote.
Solar savings over time in Derby
| Year | Return on Investment |
|---|---|
| 1 years | $-13,403 |
| 3 years | $-11,466 |
| 5 years | $-9,530 |
| 7 years | $-7,594 |
| 9 years | $-5,658 |
| 11 years | $-3,722 |
| 13 years | $-1,785 |
| 15 years | $151 |
| 17 years | $2,087 |
| 19 years | $4,023 |
| 21 years | $5,960 |
| 23 years | $7,896 |
| 25 years | $9,832 |
Top Solar Installers in Derby
When switching to solar energy, many homeowners decide to use a solar installer since putting up solar panels yourself can be a difficult project. A solar company can also help save you money over time by providing warranties, repairs and component replacements.
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 Derby
Factors that Affect Solar Panel Costs in Derby
The cost of installing a solar system in Derby can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,980 per kilowatt in Derby.There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Derby, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can play a role in determining your pricing. Derby’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $13,429 | 14.1 years |
| 8 kW | $4.06 | $22,734 | $18,351 | 13.8 years |
| 10 kW | $3.98 | $27,860 | $23,495 | 13.6 years |
| 12 kW | $3.90 | $32,763 | $28,863 | 13.3 years |
| 14 kW | $3.82 | $37,444 | $34,454 | 13.0 years |
| 16 kW | $3.74 | $41,901 | $40,267 | 12.7 years |
| 18 kW | $3.66 | $46,136 | $46,304 | 12.5 years |
| 20 kW | $3.58 | $50,148 | $52,563 | 12.2 years |
How to Save on Solar Panels
There are a lot of companies available in Derby, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Make sure you’re aligned with the company in 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.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: If you care about the durability of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Derby, CO Solar Cost FAQs
What is the average cost of installing solar panels in Derby?
This is a hard question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Derby?
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 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 financial benefits from going solar.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $1,027.11 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.