Solar Panel Cost Guide in Greenwood Village, CO (2024 Update)
- Greenwood Village Solar Installation Cost: $14,252
- 25-Year Savings: $17,147
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Greenwood Village
Let’s take a look at the average cost of solar in Greenwood Village.
In Greenwood Village, solar panels cost about 4 per watt on average.The average Greenwood Village homeowner needs a 5.1-kilowatt system, which would cost about $14,252 with the federal tax credit, or $20,380 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy usage and what company you go with.Even with the large upfront cost, the average Greenwood Village homeowner can save around $20,000 on their power bills over 20 years, which is one of the advantages of solar.
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 Greenwood Village
| Year | Return on Investment |
|---|---|
| 1 years | $-13,284 |
| 3 years | $-11,348 |
| 5 years | $-9,412 |
| 7 years | $-7,475 |
| 9 years | $-5,539 |
| 11 years | $-3,603 |
| 13 years | $-1,667 |
| 15 years | $270 |
| 17 years | $2,206 |
| 19 years | $4,142 |
| 21 years | $6,078 |
| 23 years | $8,014 |
| 25 years | $9,951 |
Top Solar Installers in Greenwood Village
Although it's possible to install solar panels yourself, it involves extra time and knowledge. Because of that, most homeowners choose a solar panel installer. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for your family.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Greenwood Village
Factors that Affect Solar Panel Costs in Greenwood Village
For many Greenwood Village homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Greenwood Village, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $3,980 per kilowatt in Greenwood Village.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Greenwood Village average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Greenwood Village, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Greenwood Village is the company you get to install your solar system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.14 | $17,385 | $14,025 | 13.8 years |
| 8 kW | $4.06 | $22,734 | $19,146 | 13.6 years |
| 10 kW | $3.98 | $27,860 | $24,489 | 13.3 years |
| 12 kW | $3.90 | $32,763 | $30,056 | 13.0 years |
| 14 kW | $3.82 | $37,444 | $35,845 | 12.8 years |
| 16 kW | $3.74 | $41,901 | $41,858 | 12.5 years |
| 18 kW | $3.66 | $46,136 | $48,093 | 12.2 years |
| 20 kW | $3.58 | $50,148 | $54,551 | 12.0 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 efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Greenwood Village, CO Solar Cost FAQs
How much does it cost to install solar panels in Greenwood Village?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,900 for a 5-kW system and $39,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Greenwood Village?
A solar panel system isn’t free in Greenwood Village, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase the value of your home?
Solar panels can increase your home 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 many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 get 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.