Solar Panel Cost Guide in New Castle, CO (2023 Update)
- New Castle Solar Installation Cost: $9,716
- 25-Year Savings: $15,450
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Castle
We go over average solar pricing in New Castle.
Although the national average of solar panels is $2.66 per watt, solar panels in New Castle typically cost about 2.69. The average New Castle homeowner needs a 5.2-kilowatt system, which would cost about $9,716 with the federal tax credit, or $13,894 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 $19,000 on power bills over 20 years, many homeowners in New Castle find investing in solar can pay off big.
You can click the button below to get connected with a top solar installer in New Castle for a quote for your home.
Solar savings over time in New Castle
| Year | Return on Investment |
|---|---|
| 1 years | $-8,710 |
| 3 years | $-6,696 |
| 5 years | $-4,683 |
| 7 years | $-2,670 |
| 9 years | $-656 |
| 11 years | $1,357 |
| 13 years | $3,370 |
| 15 years | $5,384 |
| 17 years | $7,397 |
| 19 years | $9,410 |
| 21 years | $11,424 |
| 23 years | $13,437 |
| 25 years | $15,450 |
Top Solar Installers in New Castle
When switching to solar energy, many homeowners choose to hire a solar installer since handling can be a time-consuming project. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 New Castle
Factors that Affect Solar Panel Costs in New Castle
Though the average cost of a solar system in New Castle is $9,716, your actual cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
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 a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 a small roof 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 additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in New Castle have solar loans, which reduce the initial cost of installing a solar system. Even though solar loans make going solar more accessible for New Castle homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in New Castle, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also is within your budget.
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 | $17,493 | 10.0 years |
| 8 kW | $2.74 | $15,365 | $23,625 | 9.9 years |
| 10 kW | $2.69 | $18,830 | $29,908 | 9.7 years |
| 12 kW | $2.64 | $22,144 | $36,342 | 9.5 years |
| 14 kW | $2.58 | $25,308 | $42,926 | 9.3 years |
| 16 kW | $2.53 | $28,320 | $49,661 | 9.1 years |
| 18 kW | $2.47 | $31,182 | $56,547 | 8.9 years |
| 20 kW | $2.42 | $33,894 | $63,583 | 8.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. 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 be sure to take a look at their list of options before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 New Castle, CO Solar Cost FAQs
What is the average cost of installing solar panels in New Castle?
The average cost of solar panels in New Castle 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 like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in New Castle?
Leasing solar panels can be an attractive choice, as it often 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 get the most savings.
Can you sell solar power back to the grid in New Castle?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in New Castle?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.