Solar Panel Cost Guide in Fairmount, CO (2023 Update)
- Fairmount Solar Installation Cost: $9,883
- 25-Year Savings: $16,226
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Fairmount
Find out what the average cost of solar panels are in Fairmount.
While the national average of solar panels is $2.66 per watt, solar panels in Fairmount generally cost around 2.69. The average solar panel system size in Fairmount is around 5.2 kilowatts, meaning a cost of about $9,886 for a solar installation, or $14,137 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may vary based on factors unique to your home and what company you want to go with. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Fairmount find investing in solar has a decent ROI.
You can click the button below to get connected with a vetted solar company in Fairmount for a quote for your home.
Solar savings over time in Fairmount
| Year | Return on Investment |
|---|---|
| 1 years | $-9,796 |
| 3 years | $-9,622 |
| 5 years | $-9,448 |
| 7 years | $-9,273 |
| 9 years | $-9,099 |
| 11 years | $-8,925 |
| 13 years | $-8,751 |
| 15 years | $-8,577 |
| 17 years | $-8,403 |
| 19 years | $-8,229 |
| 21 years | $-8,055 |
| 23 years | $-7,881 |
| 25 years | $-7,707 |
Top Solar Installers in Fairmount
Although you can install solar panels yourself, it involves extra time and handiness. That's one of the reasons most people choose a solar panel installer. Solar warranties and repairs are usually included in the cost of installation when you opt for a solar contractor as well, which can save you more money after your upfront investment.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers near you:
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 Fairmount
Factors that Affect Solar Panel Costs in Fairmount
Though the average cost of a solar system in Fairmount is $9,886, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Fairmount, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Fairmount offer solar loans, which reduce the initial cost of installing solar. It's wise to add 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
The final key cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Fairmount, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that has the products, warranties and services you're looking for and also fits within your budget.
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 | $18,097 | 9.8 years |
| 8 kW | $2.74 | $15,365 | $24,431 | 9.7 years |
| 10 kW | $2.69 | $18,830 | $30,915 | 9.5 years |
| 12 kW | $2.64 | $22,144 | $37,550 | 9.3 years |
| 14 kW | $2.58 | $25,308 | $44,336 | 9.1 years |
| 16 kW | $2.53 | $28,320 | $51,272 | 8.9 years |
| 18 kW | $2.47 | $31,182 | $58,359 | 8.7 years |
| 20 kW | $2.42 | $33,894 | $65,597 | 8.5 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Fairmount, CO Solar Cost FAQs
What is the average cost of installing solar panels in Fairmount?
The average cost of solar panels in Fairmount is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Fairmount?
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 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 bang for your buck from going solar.
Can solar panels significantly reduce my energy bills?
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 $994.91 per year.
How long do solar panels last in Fairmount?
On average, the lifespan of solar panels is 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 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.