Solar Panel Cost Guide in Lakewood, CO (2023 Update)
- Lakewood Solar Installation Cost: $9,886
- 25-Year Savings: $16,240
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lakewood
See how much it might cost to switch to solar power in Lakewood.
The average cost of a solar panel system in Lakewood is 2.69 per watt. To cover the typical energy needs of the average home in Lakewood, most homeowners require a 5.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,886, or $14,137 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Lakewood homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Lakewood find going solar can be quite rewarding.
Click the button below to get connected to a top solar company in your area for a personalized quote.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-8,841 |
| 3 years | $-6,751 |
| 5 years | $-4,661 |
| 7 years | $-2,570 |
| 9 years | $-480 |
| 11 years | $1,610 |
| 13 years | $3,700 |
| 15 years | $5,790 |
| 17 years | $7,880 |
| 19 years | $9,970 |
| 21 years | $12,060 |
| 23 years | $14,150 |
| 25 years | $16,240 |
Top Solar Installers in Lakewood
Although it's possible to install solar panels yourself, it takes extra time and handiness. Because of that, almost all homeowners choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for your home.
You can work with a local solar installer to get a free estimate on how much your investment in solar 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 (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 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 key factors that will push your cost above or below the average in Lakewood: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lakewood, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Lakewood provide solar loans, which reduce the initial cost of installing solar panels. Although solar loans make switching to 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 put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Lakewood, and each can charge varying amounts for labor and equipment. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they generally 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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Warranty: If you're concerned about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
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 Lakewood, CO Solar Cost FAQs
How much does it cost to install solar panels in Lakewood?
This is a tough 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 needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lakewood?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 financial benefits from going solar.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $995.58 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 get 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.