Solar Panel Cost Guide in Lakewood, CO (Aug 2022)

  • Lakewood Solar Installation Cost: $10,451
  • 25-Year Savings: $15,675
  • Payback Period: 10.0 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Lakewood

Let's have a look at the average cost of solar in Lakewood.

While the national average of solar panels is $2.66 per watt, solar panels in Lakewood typically cost around $3. The average solar panel system size in Lakewood is around 5.2 kilowatts, meaning a cost of about $10,451 for a solar installation, or $7,734 after the federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary depending on multiple factors, such as how many panels you need, your energy consumption and what company you go with. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Lakewood find installing solar panels has a decent ROI.

To calculate your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Lakewood

Year Return on Investment
1 years $-9,406
3 years $-7,316
5 years $-5,225
7 years $-3,135
9 years $-1,045
11 years $1,045
13 years $3,135
15 years $5,225
17 years $7,315
19 years $9,405
21 years $11,495
23 years $13,585
25 years $15,675

Top Solar Installers in Lakewood

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make your switch to solar much easier. The payback period of solar panels will vary based on factors like your location and energy needs, but going with a solar installer can shorten that period. Your provider will be able to help you apply for incentives available in your area.

If you're on the hunt for a solar installer in Lakewood, we've put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Lakewood

Factors that Affect Solar Panel Costs in Lakewood

For many Lakewood homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lakewood, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $2,690 per kilowatt in Lakewood. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Lakewood, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

Lastly, the company you get to install your solar system can impact your pricing. Lakewood's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lakewood are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 $12,421 $17,446 10.4 years
8 kW $2.74 $16,243 $23,580 10.2 years
10 kW $2.69 $19,906 $29,873 10.0 years
12 kW $2.64 $23,409 $36,325 9.8 years
14 kW $2.58 $26,754 $42,937 9.6 years
16 kW $2.53 $29,939 $49,708 9.4 years
18 kW $2.47 $32,964 $56,638 9.2 years
20 kW $2.42 $35,831 $63,727 9.0 years

Solar Incentives in Lakewood

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Property Tax Exemption for Residential Renewable Energy Equipment
Incentive Amount 100% exemption for renewable energy system property
Website Visit here
More Info Click here

Name Xcel Energy - Solar*Rewards Community Program
Incentive Amount 2015 Large RFP Program:
Determined through competitive bid. RFP released on March 3, 2016
Website Visit here
More Info Click here

Name Local Option - Sales and Use Tax Exemption for Renewable Energy Systems
Incentive Amount Varies (local option)
Incentive Max Varies (local option)
More Info Click here

Name Sales and Use Tax Exemption for Renewable Energy Equipment
Incentive Amount 100%
Website Visit here
More Info Click here

Name Xcel Energy - Residential Energy Efficiency Financing
Website Visit here
More Info Click here

Name Property Tax Exemption for Community Solar Gardens
Incentive Amount 100% exemption for the percentage of electricity capacity (AC) of a community solar garden attributed to residential or governmental subscribers or organizations that are already exempt from property taxes
Website Visit here
More Info Click here

Name Xcel Energy - Solar*Rewards Program
Incentive Amount Systems 0.5 kW - 25 kW: $0.005/kWh
Medium-sized Systems 25.1-500 kW: $0.0375/kWh
Large Systems (>500kW): Determined through competitive bid
Website Visit here
More Info Click here

Name Residential Energy Upgrade (RENU) Loan Program
Website Visit here
More Info Click here

Name Local Option - Property Tax Exemption for Renewable Energy Systems
Incentive Amount Varies (local option)
Incentive Max Varies (local option)
More Info Click here

Name Green Colorado Credit Reserve
Website Visit here
More Info Click here

How to Save on Solar Panels

Since the kind of solar panels and the installer you choose considerably affect your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which installer you should opt for, since different companies provide different panels.
  • Installation Process: When going solar, it's essential to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project completion timeline.
  • 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Lakewood, CO Solar Cost FAQs

How much does it cost to install solar panels in Lakewood?

This is a difficult question to answer precisely, because the cost depends on many factors. Broadly 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in Lakewood?

You can't get solar panels for free in Lakewood. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.

Can you sell solar power back to the grid in Lakewood?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future energy bills.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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 buy 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.

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