Solar Panel Cost Guide in Fairmount, CO (2023 Update)
- Fairmount Solar Installation Cost: $9,886
- 25-Year Savings: $16,223
- Payback Period: 9.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Fairmount
Find out what the average cost of installing solar panels is in Fairmount.
In Fairmount, solar panels cost about 2.69 per watt on average. The average Fairmount homeowner needs a 5.2-kilowatt system, which would cost about $9,886 with the federal tax credit, or $14,137 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Fairmount find installing solar panels has a decent ROI.
Click the button below to get connected to a vetted solar panel company in your area for a custom quote.
Solar savings over time in Fairmount
| Year | Return on Investment |
|---|---|
| 1 years | $-8,841 |
| 3 years | $-6,753 |
| 5 years | $-4,664 |
| 7 years | $-2,575 |
| 9 years | $-487 |
| 11 years | $1,602 |
| 13 years | $3,691 |
| 15 years | $5,779 |
| 17 years | $7,868 |
| 19 years | $9,957 |
| 21 years | $12,045 |
| 23 years | $14,134 |
| 25 years | $16,223 |
Top Solar Installers in Fairmount
When going solar, many homeowners prefer to use a solar installer since DIY solar panel installation can be a challenging project. Solar warranties and repairs are usually included in the cost of installation when you go with a solar company too, which can save you more money over time.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some 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
The cost of installing a solar system in Fairmount can vary by more than $10,000 from home to home. Your actual cost is dependent 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
When it comes to estimating the cost of solar panels 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 chiefly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,690 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 limited roof space 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 increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Fairmount to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest. While solar loans make going solar more accessible for Fairmount homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with the company that provides the products, warranties and services you want and also fit into 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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 often do you have to replace solar panels?
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 higher 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.