Solar Panel Cost Guide in Erie, CO (2024 Update)
- Erie Solar Installation Cost: $14,670
- 25-Year Savings: $16,583
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Erie
We break down average solar pricing in Erie.
The average cost of solar panels in Erie is 4 per watt.The average solar panel system size in Erie is around 5.3 kilowatts, meaning a cost of about $14,670 for a solar installation, or $20,978 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Erie depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.With average savings of about $19,000 on utility bills over 20 years, many homeowners in Erie find going solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Erie
| Year | Return on Investment |
|---|---|
| 1 years | $-13,701 |
| 3 years | $-11,765 |
| 5 years | $-9,829 |
| 7 years | $-7,893 |
| 9 years | $-5,957 |
| 11 years | $-4,020 |
| 13 years | $-2,084 |
| 15 years | $-148 |
| 17 years | $1,788 |
| 19 years | $3,724 |
| 21 years | $5,661 |
| 23 years | $7,597 |
| 25 years | $9,533 |
Top Solar Installers in Erie
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar panel installer can make swapping over to solar power much easier. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Erie
Factors that Affect Solar Panel Costs in Erie
There are a number of criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar energy system you need, 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. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Erie, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $12,810 | 14.4 years |
| 8 kW | $4.06 | $22,734 | $17,526 | 14.1 years |
| 10 kW | $3.98 | $27,860 | $22,464 | 13.8 years |
| 12 kW | $3.90 | $32,763 | $27,626 | 13.6 years |
| 14 kW | $3.82 | $37,444 | $33,010 | 13.3 years |
| 16 kW | $3.74 | $41,901 | $38,618 | 13.0 years |
| 18 kW | $3.66 | $46,136 | $44,448 | 12.7 years |
| 20 kW | $3.58 | $50,148 | $50,501 | 12.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: If you’re worried about the endurance of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: Your solar installer should have a sound reputation as a company and have proven 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 previous customers.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Erie, CO Solar Cost FAQs
What is the average cost of installing solar panels in Erie?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Erie?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Erie is currently $738,711, which means you can expect a value of about $30,287 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Erie is a fruitful investment.
How long do solar panels last in Erie?
On average, solar panels can last 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 level 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.