Solar Panel Cost Guide in Meridian, CO (2023 Update)
- Meridian Solar Installation Cost: $9,679
- 25-Year Savings: $17,756
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Meridian
See how much it might cost to make the switch to solar in Meridian.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Meridian, the typical cost of solar panels is 2.69 per watt. The average solar panel system size in Meridian is around 5.1 kilowatts, meaning a cost of about $9,679 for a solar installation, or $13,841 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Meridian homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a sound investment. The average homeowner in Meridian can save around $20,000 on their power bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Meridian
| Year | Return on Investment |
|---|---|
| 1 years | $-8,581 |
| 3 years | $-6,387 |
| 5 years | $-4,192 |
| 7 years | $-1,997 |
| 9 years | $198 |
| 11 years | $2,392 |
| 13 years | $4,587 |
| 15 years | $6,782 |
| 17 years | $8,977 |
| 19 years | $11,171 |
| 21 years | $13,366 |
| 23 years | $15,561 |
| 25 years | $17,756 |
Top Solar Installers in Meridian
Many homeowners opt for a solar panel installer since trying to put up solar panels yourself can be a labor-intensive endeavor. Plus, if you're unsure what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
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 Meridian:
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 Meridian
Factors that Affect Solar Panel Costs in Meridian
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost 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
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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, more efficient panels could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Meridian average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Meridian homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your overall costs, so it's vital to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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 | $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
The solar installer you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
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 Meridian, CO Solar Cost FAQs
How much does it cost to install solar panels in Meridian?
The average cost of solar panels in Meridian is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Meridian?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Meridian?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.