Solar Panel Cost Guide in Erie, CO (Mar 2023)
- Erie Solar Installation Cost: $9,923
- 25-Year Savings: $16,575
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Erie
Let's take a look at the average cost of solar panels in Erie.
In Erie, solar panels cost about 2.69 per watt on average. Using this figure, a typical 5.3-kW system would cost about $9,923 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Erie homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Erie can save around $19,000 on their power bills over 20 years.
To get a free quote from a top solar installer in Erie, you can click the button below.
Solar savings over time in Erie
| Year | Return on Investment |
|---|---|
| 1 years | $-8,863 |
| 3 years | $-6,744 |
| 5 years | $-4,624 |
| 7 years | $-2,504 |
| 9 years | $-384 |
| 11 years | $1,736 |
| 13 years | $3,856 |
| 15 years | $5,976 |
| 17 years | $8,095 |
| 19 years | $10,215 |
| 21 years | $12,335 |
| 23 years | $14,455 |
| 25 years | $16,575 |
Top Solar Installers in Erie
Trying to install solar panels yourself can be a time-consuming undertaking, which is why getting a solar installation company is a good option for many homeowners. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
If you'd like to switch to solar energy but still aren't certain which solar system company to go with, here are our suggestions for providers in Erie:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Erie
Factors that Affect Solar Panel Costs in Erie
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Erie: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher 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 get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Erie to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest. It's wise to add 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Erie, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, 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 | $2.80 | $11,750 | $18,445 | 9.7 years |
| 8 kW | $2.74 | $15,365 | $24,894 | 9.5 years |
| 10 kW | $2.69 | $18,830 | $31,494 | 9.4 years |
| 12 kW | $2.64 | $22,144 | $38,245 | 9.2 years |
| 14 kW | $2.58 | $25,308 | $45,147 | 9.0 years |
| 16 kW | $2.53 | $28,320 | $52,199 | 8.8 years |
| 18 kW | $2.47 | $31,182 | $59,402 | 8.6 years |
| 20 kW | $2.42 | $33,894 | $66,755 | 8.4 years |
How to Save on Solar Panels
There are a lot of companies available in Erie, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Erie, CO Solar Cost FAQs
What is the average cost of installing solar panels in Erie?
This is a tough question to answer precisely, because the cost depends on a few different 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Erie?
Leasing solar panels can be an option if you can't afford to 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.
Can you sell solar power back to the grid in Erie?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.