Solar Panel Cost Guide in Greenwood Village, CO (Mar 2023)
- Greenwood Village Solar Installation Cost: $9,641
- 25-Year Savings: $17,139
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Greenwood Village
We go over average solar pricing in Greenwood Village.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greenwood Village, the average cost of a solar system is 2.69 per watt. Because a 5.1-kW system is needed to cover the energy consumption 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%.
These figures are only estimates, and your own solar costs may differ based on factors unique to your home and what company you choose to go with. With average savings of about $20,000 on energy bills over 20 years, many homeowners in Greenwood Village find investing in solar can be quite rewarding.
Click the button below to get connected to a highly rated solar company in Greenwood Village for a custom quote.
Solar savings over time in Greenwood Village
| Year | Return on Investment |
|---|---|
| 1 years | $-8,570 |
| 3 years | $-6,427 |
| 5 years | $-4,285 |
| 7 years | $-2,142 |
| 9 years | $-0 |
| 11 years | $2,142 |
| 13 years | $4,285 |
| 15 years | $6,427 |
| 17 years | $8,570 |
| 19 years | $10,712 |
| 21 years | $12,854 |
| 23 years | $14,997 |
| 25 years | $17,139 |
Top Solar Installers in Greenwood Village
When making the switch to solar, many homeowners choose to hire a solar installer since handling can be a challenging project. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you'd like to start using solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers in Greenwood Village:
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 Greenwood Village
Factors that Affect Solar Panel Costs in Greenwood Village
There are several criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher 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 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. However, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Greenwood Village average.
Solar Financing Terms
Most solar installers in Greenwood Village have solar loans, which reduce the initial cost of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Greenwood Village know more 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 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 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 picking a company can be a tough decision, we have some tips to help you, such as:
- 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.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
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 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.