Solar Panel Cost Guide in Greenwood Village, CO (2023 Update)
- Greenwood Village Solar Installation Cost: $9,633
- 25-Year Savings: $17,147
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenwood Village
See how much it might cost to install solar panels in Greenwood Village.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenwood Village, the typical cost of a solar system is 2.69 per watt. Since a 5.1-kW system is needed to cover the energy needs of a typical home in Greenwood Village, the average price of going solar will be about $9,641 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Greenwood Village homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $20,000 over 20 years on power bills.
To get a free estimate from a highly rated solar company in Greenwood Village, you can click the button below.
Solar savings over time in Greenwood Village
| Year | Return on Investment |
|---|---|
| 1 years | $-8,665 |
| 3 years | $-6,728 |
| 5 years | $-4,792 |
| 7 years | $-2,856 |
| 9 years | $-920 |
| 11 years | $1,016 |
| 13 years | $2,953 |
| 15 years | $4,889 |
| 17 years | $6,825 |
| 19 years | $8,761 |
| 21 years | $10,698 |
| 23 years | $12,634 |
| 25 years | $14,570 |
Top Solar Installers in Greenwood Village
When switching to solar energy, many homeowners choose to go with a solar installation company since installing solar panels yourself can be a difficult project. Solar warranties and repairs are typically included in the cost of installation when you hire a solar contractor as well, which can save you more money over time.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Greenwood Village
Factors that Affect Solar Panel Costs in Greenwood Village
For many Greenwood Village homeowners, the decision to install solar panels rests on 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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Greenwood Village, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your total costs, so it's crucial to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Greenwood Village have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $19,660 | 9.4 years |
| 8 kW | $2.74 | $15,365 | $26,514 | 9.2 years |
| 10 kW | $2.69 | $18,830 | $33,519 | 9.0 years |
| 12 kW | $2.64 | $22,144 | $40,675 | 8.8 years |
| 14 kW | $2.58 | $25,308 | $47,982 | 8.6 years |
| 16 kW | $2.53 | $28,320 | $55,439 | 8.5 years |
| 18 kW | $2.47 | $31,182 | $63,047 | 8.3 years |
| 20 kW | $2.42 | $33,894 | $70,805 | 8.1 years |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Not all solar installers have 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: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Greenwood Village, CO Solar Cost FAQs
What is the average cost of installing solar panels in Greenwood Village?
This is a tough question to answer precisely, because the cost depends on many factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,046.99 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.