Solar Panel Cost Guide in Derby, CO (2023 Update)
- Derby Solar Installation Cost: $9,716
- 25-Year Savings: $16,774
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Derby
Here's how much it might cost to install solar panels in Derby.
In Derby, solar panels cost about 2.69 per watt on average. The average solar panel system size in Derby is around 5.2 kilowatts, meaning a cost of about $9,716 for a solar installation, or $13,894 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $20,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Derby for a quote for your home.
Solar savings over time in Derby
| Year | Return on Investment |
|---|---|
| 1 years | $-8,657 |
| 3 years | $-6,537 |
| 5 years | $-4,418 |
| 7 years | $-2,299 |
| 9 years | $-180 |
| 11 years | $1,939 |
| 13 years | $4,059 |
| 15 years | $6,178 |
| 17 years | $8,297 |
| 19 years | $10,416 |
| 21 years | $12,536 |
| 23 years | $14,655 |
| 25 years | $16,774 |
Top Solar Installers in Derby
Many homeowners opt for a solar installation company since trying to put up solar panels by yourself can be a lot of work. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you're looking for a solar installer in Derby, we've put together 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 Derby
Factors that Affect Solar Panel Costs in Derby
There are a number of criteria that can play into 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 few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use 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 type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Derby have solar loans, which reduce the initial cost of installing solar panels. You'll have to consider the long-term cost of financing options, 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 principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can influence the cost. Derby's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $19,063 | 9.5 years |
| 8 kW | $2.74 | $15,365 | $25,719 | 9.3 years |
| 10 kW | $2.69 | $18,830 | $32,525 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,482 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,590 | 8.8 years |
| 16 kW | $2.53 | $28,320 | $53,848 | 8.6 years |
| 18 kW | $2.47 | $31,182 | $61,257 | 8.4 years |
| 20 kW | $2.42 | $33,894 | $68,817 | 8.2 years |
How to Save on Solar Panels
There are a large number of companies available in Derby, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Installation Process: When making the switch to solar power, it's crucial to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the project 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 big role in the company you hire.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Derby, CO Solar Cost FAQs
How much does it cost to install solar panels in Derby?
This is a hard question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Derby?
Solar panels aren't free in Derby, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. 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 long do solar panels last in Derby?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.