Solar Panel Cost Guide in Loveland, CO (2023 Update)
- Loveland Solar Installation Cost: $10,168
- 25-Year Savings: $15,546
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Loveland
Find out what the average cost of solar panels are in Loveland.
The national average cost of solar panels is $2.66 per watt, but in Loveland it's 2.69 per watt. The average Loveland homeowner needs a 5.4-kilowatt system, which would cost about $10,168 with the federal tax credit, or $14,540 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Loveland depending on a variety of factors, such as the type of solar panels you choose and the solar company you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on electricity bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Loveland
| Year | Return on Investment |
|---|---|
| 1 years | $-9,140 |
| 3 years | $-7,083 |
| 5 years | $-5,025 |
| 7 years | $-2,968 |
| 9 years | $-911 |
| 11 years | $1,146 |
| 13 years | $3,203 |
| 15 years | $5,260 |
| 17 years | $7,317 |
| 19 years | $9,374 |
| 21 years | $11,432 |
| 23 years | $13,489 |
| 25 years | $15,546 |
Top Solar Installers in Loveland
When making the switch to solar, many homeowners choose to use a solar company since installing a solar system yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Loveland:
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 Loveland
Factors that Affect Solar Panel Costs in Loveland
While the average cost of a solar system in Loveland is $10,168, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Loveland, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Loveland, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. 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 reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies in Loveland, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $16,818 | 10.3 years |
| 8 kW | $2.74 | $15,365 | $22,725 | 10.1 years |
| 10 kW | $2.69 | $18,830 | $28,783 | 9.9 years |
| 12 kW | $2.64 | $22,144 | $34,992 | 9.7 years |
| 14 kW | $2.58 | $25,308 | $41,351 | 9.5 years |
| 16 kW | $2.53 | $28,320 | $47,861 | 9.3 years |
| 18 kW | $2.47 | $31,182 | $54,521 | 9.1 years |
| 20 kW | $2.42 | $33,894 | $61,332 | 8.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
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 Loveland, CO Solar Cost FAQs
What is the average cost of installing solar panels in Loveland?
The average cost of solar panels in Loveland 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 things such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Loveland?
You can't get solar panels for free in Loveland. 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.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Loveland is currently $330,103, which means you can expect a value of about $13,534 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Loveland is a worthwhile investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.