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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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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- 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.
