Solar Panel Cost Guide in Lafayette, CO (2023 Update)
- Lafayette Solar Installation Cost: $9,957
- 25-Year Savings: $16,777
- Payback Period: 9.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lafayette
Let's take a look at the average cost of solar in Lafayette.
The average cost of solar panels in Lafayette is 2.69 per watt. Because a 5.3-kW system is needed to cover the energy usage of a typical home in Lafayette, the average price of going solar will be about $9,961 after claiming the federal solar tax credit of 30%.
The actual price you pay can be above or below the average in Lafayette depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $19,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-9,868 |
| 3 years | $-9,689 |
| 5 years | $-9,511 |
| 7 years | $-9,333 |
| 9 years | $-9,155 |
| 11 years | $-8,977 |
| 13 years | $-8,798 |
| 15 years | $-8,620 |
| 17 years | $-8,442 |
| 19 years | $-8,264 |
| 21 years | $-8,085 |
| 23 years | $-7,907 |
| 25 years | $-7,729 |
Top Solar Installers in Lafayette
Trying to install solar panels on your own can be a stressful undertaking, which is why hiring a solar installation company is a good option for many homeowners. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Lafayette: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. 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 choose 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 power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Lafayette average.
Solar Financing Terms
Most solar installers in Lafayette provide solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also adds to your overall costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Lafayette, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fit into your budget.
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 | $18,585 | 9.7 years |
| 8 kW | $2.74 | $15,365 | $25,081 | 9.5 years |
| 10 kW | $2.69 | $18,830 | $31,728 | 9.3 years |
| 12 kW | $2.64 | $22,144 | $38,526 | 9.1 years |
| 14 kW | $2.58 | $25,308 | $45,474 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $52,573 | 8.8 years |
| 18 kW | $2.47 | $31,182 | $59,822 | 8.6 years |
| 20 kW | $2.42 | $33,894 | $67,222 | 8.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which company you should go with, since different companies offer different panels.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two 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 satisfied reviews from previous customers.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lafayette, CO Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
The average cost of solar panels in Lafayette 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lafayette?
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 don't have access to many solar incentives. Also your property 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 bang for your buck from going solar.
Is it worth going solar in Lafayette?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power 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 usually 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.