Solar Panel Cost Guide in Meridian, CO (2023 Update)
- Meridian Solar Installation Cost: $9,687
- 25-Year Savings: $17,747
- Payback Period: 8.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Meridian
Find out how much it might cost to go solar in Meridian.
In Meridian, solar panels cost about 2.69 per watt on average. The average Meridian homeowner needs a 5.1-kilowatt system, which would cost about $9,679 with the federal tax credit, or $13,841 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of equipment you choose, your solar contractor and more. With average savings of about $20,000 on energy bills over 20 years, many homeowners in Meridian find investing in solar has a decent ROI.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Meridian
| Year | Return on Investment |
|---|---|
| 1 years | $-9,596 |
| 3 years | $-9,413 |
| 5 years | $-9,230 |
| 7 years | $-9,047 |
| 9 years | $-8,864 |
| 11 years | $-8,681 |
| 13 years | $-8,498 |
| 15 years | $-8,315 |
| 17 years | $-8,133 |
| 19 years | $-7,950 |
| 21 years | $-7,767 |
| 23 years | $-7,584 |
| 25 years | $-7,401 |
Top Solar Installers in Meridian
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make switching to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers nearby:
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 Meridian
Factors that Affect Solar Panel Costs in Meridian
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Meridian: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,690 per kilowatt in Meridian. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Meridian average.
Solar Financing Terms
Most solar installers in Meridian provide solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Meridian, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $20,246 | 9.2 years |
| 8 kW | $2.74 | $15,365 | $27,296 | 9.0 years |
| 10 kW | $2.69 | $18,830 | $34,496 | 8.8 years |
| 12 kW | $2.64 | $22,144 | $41,848 | 8.7 years |
| 14 kW | $2.58 | $25,308 | $49,350 | 8.5 years |
| 16 kW | $2.53 | $28,320 | $57,002 | 8.3 years |
| 18 kW | $2.47 | $31,182 | $64,805 | 8.1 years |
| 20 kW | $2.42 | $33,894 | $72,759 | 7.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on 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:
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Meridian, CO Solar Cost FAQs
How much does it cost to install solar panels in Meridian?
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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is switching to solar power worth it?
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 power bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 level 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.