Solar Panel Cost Guide in Penrose, CO (Mar 2023)
- Penrose Solar Installation Cost: $9,490
- 25-Year Savings: $26,544
- Payback Period: 6.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Penrose
Find out what the average cost of solar panel installation is in Penrose.
In Penrose, solar panels cost about 2.69 per watt on average. The average solar panel system size in Penrose is around 5.0 kilowatts, meaning a cost of about $9,490 for a solar installation, or $13,571 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely look different based on factors unique to your home and what company you want to go with. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $27,000 in savings on utility bills over 20 years.
To get a free quote from a pre-vetted solar company in Penrose, you can click the button below.
Solar savings over time in Penrose
| Year | Return on Investment |
|---|---|
| 1 years | $-8,049 |
| 3 years | $-5,166 |
| 5 years | $-2,283 |
| 7 years | $599 |
| 9 years | $3,482 |
| 11 years | $6,365 |
| 13 years | $9,248 |
| 15 years | $12,131 |
| 17 years | $15,013 |
| 19 years | $17,896 |
| 21 years | $20,779 |
| 23 years | $23,662 |
| 25 years | $26,544 |
Top Solar Installers in Penrose
Many homeowners opt for a solar panel installer since trying to install solar panels yourself can be a labor-intensive endeavor. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
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 Penrose
Factors that Affect Solar Panel Costs in Penrose
While the average cost of a solar system in Penrose is $9,490, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,690 per kilowatt in Penrose. There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Penrose homeowners choose to finance their solar panel systems to make going solar more affordable. Although solar loans make switching to solar energy more accessible for Penrose homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in Penrose, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $31,130 | 6.9 years |
| 8 kW | $2.74 | $15,365 | $41,807 | 6.7 years |
| 10 kW | $2.69 | $18,830 | $52,636 | 6.6 years |
| 12 kW | $2.64 | $22,144 | $63,615 | 6.5 years |
| 14 kW | $2.58 | $25,308 | $74,745 | 6.3 years |
| 16 kW | $2.53 | $28,320 | $86,025 | 6.2 years |
| 18 kW | $2.47 | $31,182 | $97,456 | 6.1 years |
| 20 kW | $2.42 | $33,894 | $109,038 | 5.9 years |
How to Save on Solar Panels
The solar company you go with will be a major factor in determining not only your overall 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, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable 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 satisfied reviews from previous customers.
- Contract: Before signing a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points 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 Penrose, CO Solar Cost FAQs
How much does it cost to install solar panels in Penrose?
This is a hard question to answer exactly, 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Penrose?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,429.32 per year.
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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.