Solar Panel Cost Guide in Golden, CO (2023 Update)
- Golden Solar Installation Cost: $9,886
- 25-Year Savings: $16,880
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Golden
See how much it might cost to go solar in Golden.
The national average cost of solar panels is $2.66 per watt, but in Golden it's 2.69 per watt. Using this figure, a typical 5.2-kW system would cost about $9,886 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Golden can save about $19,000 on their power bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Golden
| Year | Return on Investment |
|---|---|
| 1 years | $-8,815 |
| 3 years | $-6,674 |
| 5 years | $-4,533 |
| 7 years | $-2,391 |
| 9 years | $-250 |
| 11 years | $1,891 |
| 13 years | $4,033 |
| 15 years | $6,174 |
| 17 years | $8,315 |
| 19 years | $10,456 |
| 21 years | $12,598 |
| 23 years | $14,739 |
| 25 years | $16,880 |
Top Solar Installers in Golden
Although it's possible to install solar panels yourself, it takes extra labor and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Golden:
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 Golden
Factors that Affect Solar Panel Costs in Golden
For many Golden homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Golden, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better 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 type of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Golden, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea 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 final major cost factor you should consider is the installer you choose. Given the massive popularity of renewable energy solutions in Golden, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Golden have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $18,849 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,433 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,168 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,054 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,090 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $53,277 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,615 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,103 | 8.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- 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 substantial role in the company you hire.
- Contract: When reading through your solar installer'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.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: When making the switch to solar, it's important to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.
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 Golden, CO Solar Cost FAQs
What is the average cost of installing solar panels in Golden?
The average cost of solar panels in Golden 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 things such as the type 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 Golden?
Leasing solar panels can be an option if you can't pay upfront or secure 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 savings from going solar.
How will installing solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Golden is currently $515,279, which means you could be looking at a value of about $21,126 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Golden is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.