Solar Panel Cost Guide in Glenwood Springs, CO (Mar 2023)
- Glenwood Springs Solar Installation Cost: $9,716
- 25-Year Savings: $15,475
- Payback Period: 9.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Glenwood Springs
Find out what the average cost of solar panels are in Glenwood Springs.
While the national average of solar panels is $2.66 per watt, solar panels in Glenwood Springs typically cost about 2.69. Using this figure, a typical 5.2-kW system would cost about $9,716 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Glenwood Springs homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the high initial cost, the average Glenwood Springs homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Glenwood Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-8,709 |
| 3 years | $-6,693 |
| 5 years | $-4,678 |
| 7 years | $-2,663 |
| 9 years | $-648 |
| 11 years | $1,368 |
| 13 years | $3,383 |
| 15 years | $5,398 |
| 17 years | $7,414 |
| 19 years | $9,429 |
| 21 years | $11,444 |
| 23 years | $13,459 |
| 25 years | $15,475 |
Top Solar Installers in Glenwood Springs
When switching to solar energy, many homeowners decide to go with a solar installation company since DIY solar panel installation can be a time-consuming project. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Glenwood Springs
Factors that Affect Solar Panel Costs in Glenwood Springs
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Glenwood Springs: 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 major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,690. The model of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on 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
If paying for a solar system out of pocket is out of reach, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Glenwood Springs have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $17,521 | 10.0 years |
| 8 kW | $2.74 | $15,365 | $23,663 | 9.8 years |
| 10 kW | $2.69 | $18,830 | $29,955 | 9.6 years |
| 12 kW | $2.64 | $22,144 | $36,398 | 9.5 years |
| 14 kW | $2.58 | $25,308 | $42,992 | 9.3 years |
| 16 kW | $2.53 | $28,320 | $49,736 | 9.1 years |
| 18 kW | $2.47 | $31,182 | $56,631 | 8.9 years |
| 20 kW | $2.42 | $33,894 | $63,677 | 8.7 years |
How to Save on Solar Panels
Since the model 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 select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which installer you should go with, since different companies offer different panels.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
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 Glenwood Springs, CO Solar Cost FAQs
What is the average cost of installing solar panels in Glenwood Springs?
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. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Glenwood Springs?
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.