Solar Panel Cost Guide in New Castle, CO (2024 Update)
- New Castle Solar Installation Cost: $14,386
- 25-Year Savings: $15,444
- Payback Period: 14.3 Years
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Average Cost of Solar Panels in New Castle
We go over average solar pricing in New Castle.
The average cost of solar panels in New Castle is 4 per watt.Using this figure, a typical 5.2-kW system would cost about $14,386 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Castle homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $19,000 on power bills over 20 years, many homeowners in New Castle find installing solar panels has a decent ROI.
Click the button below to get connected to a reputable solar installer in New Castle for a personalized quote.
Solar savings over time in New Castle
| Year | Return on Investment |
|---|---|
| 1 years | $-13,418 |
| 3 years | $-11,481 |
| 5 years | $-9,545 |
| 7 years | $-7,609 |
| 9 years | $-5,673 |
| 11 years | $-3,737 |
| 13 years | $-1,800 |
| 15 years | $136 |
| 17 years | $2,072 |
| 19 years | $4,008 |
| 21 years | $5,944 |
| 23 years | $7,881 |
| 25 years | $9,817 |
Top Solar Installers in New Castle
Many homeowners decide to hire a solar panel installer since trying to put up solar panels yourself can be a labor-intensive endeavor. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in New Castle
Factors that Affect Solar Panel Costs in New Castle
For many New Castle homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in New Castle, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,980. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like New Castle, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in New Castle, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.Though solar loans make switching to solar energy more accessible for New Castle homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies operating in New Castle, and each can charge varying amounts for labor and equipment.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 | $4.14 | $17,385 | $11,858 | 14.9 years |
| 8 kW | $4.06 | $22,734 | $16,257 | 14.6 years |
| 10 kW | $3.98 | $27,860 | $20,878 | 14.3 years |
| 12 kW | $3.90 | $32,763 | $25,723 | 14.0 years |
| 14 kW | $3.82 | $37,444 | $30,790 | 13.7 years |
| 16 kW | $3.74 | $41,901 | $36,080 | 13.4 years |
| 18 kW | $3.66 | $46,136 | $41,593 | 13.1 years |
| 20 kW | $3.58 | $50,148 | $47,329 | 12.9 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The type of solar panel you’d like plays a role in which installer you should opt for, since different companies have access to different panels.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's New Castle, CO Solar Cost FAQs
How much does it cost to install solar panels in New Castle?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $19,900 for a 5-kW system and $39,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.