Solar Panel Cost Guide in Lakewood, CO (2023 Update)
- Lakewood Solar Installation Cost: $9,883
- 25-Year Savings: $16,243
- Payback Period: 9.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lakewood
Find out what the average cost of solar panel installation is in Lakewood.
While the national average of solar panels is $2.66 per watt, solar panels in Lakewood typically cost about 2.69. To account for the typical energy usage of the average home in Lakewood, most homeowners require a 5.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,886, or $14,137 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and how much solar costs for you may vary based on your specific situation and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Lakewood see about $19,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a top solar installer in your area for a personalized estimate.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-8,915 |
| 3 years | $-6,978 |
| 5 years | $-5,042 |
| 7 years | $-3,106 |
| 9 years | $-1,170 |
| 11 years | $767 |
| 13 years | $2,703 |
| 15 years | $4,639 |
| 17 years | $6,575 |
| 19 years | $8,511 |
| 21 years | $10,448 |
| 23 years | $12,384 |
| 25 years | $14,320 |
Top Solar Installers in Lakewood
Many homeowners opt for a solar installer since trying to install solar panels yourself can be time-consuming. Plus, if you're unsure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
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
See all of the solar companies in Lakewood
Factors that Affect Solar Panel Costs in Lakewood
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Lakewood: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,690. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a 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 a small roof 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
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. Even though solar loans make adopting solar energy more accessible for Lakewood homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Lakewood, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $18,117 | 9.8 years |
| 8 kW | $2.74 | $15,365 | $24,458 | 9.6 years |
| 10 kW | $2.69 | $18,830 | $30,949 | 9.5 years |
| 12 kW | $2.64 | $22,144 | $37,591 | 9.3 years |
| 14 kW | $2.58 | $25,308 | $44,383 | 9.1 years |
| 16 kW | $2.53 | $28,320 | $51,326 | 8.9 years |
| 18 kW | $2.47 | $31,182 | $58,420 | 8.7 years |
| 20 kW | $2.42 | $33,894 | $65,664 | 8.5 years |
How to Save on Solar Panels
The company that does your 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 model of solar panel you'd like to get plays a role in which company you should choose, since different companies have access to different panels.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lakewood, CO Solar Cost FAQs
How much does it cost to install solar panels in Lakewood?
This is a hard question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Lakewood?
You can't get solar panels for free in Lakewood. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Lakewood?
Solar panels can be a beneficial investment for lots of 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 fairly low, solar panels might not be for you.
How long do solar panels last in Lakewood?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.