Solar Panel Cost Guide in Severance, CO (2023 Update)
- Severance Solar Installation Cost: $9,867
- 25-Year Savings: $16,943
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Severance
Let's have a look at the average cost of solar in Severance.
The national average cost of solar panels is $2.66 per watt, but in Severance it's 2.69 per watt. To cover the typical energy usage of the average home in Severance, most homeowners require a 5.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,867, or $14,110 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with. With typical savings of about $19,000 on energy bills over 20 years, many homeowners in Severance find investing in solar can be quite rewarding.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Severance
| Year | Return on Investment |
|---|---|
| 1 years | $-8,795 |
| 3 years | $-6,650 |
| 5 years | $-4,505 |
| 7 years | $-2,360 |
| 9 years | $-215 |
| 11 years | $1,929 |
| 13 years | $4,074 |
| 15 years | $6,219 |
| 17 years | $8,364 |
| 19 years | $10,508 |
| 21 years | $12,653 |
| 23 years | $14,798 |
| 25 years | $16,943 |
Top Solar Installers in Severance
Installing solar panels by yourself can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers offer can be valuable as well, particularly if you aren't sure what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
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 Severance
Factors that Affect Solar Panel Costs in Severance
Although the average cost of a solar system in Severance is $9,867, your final cost may differ. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need for your home, 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 around $2,690. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect 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 raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Severance to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. Though solar loans make going solar more accessible for Severance homeowners, they can also add to 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 panel installation company you pick will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Severance have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $18,928 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,539 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,300 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,212 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,274 | 8.8 years |
| 16 kW | $2.53 | $28,320 | $53,487 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,851 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,366 | 8.3 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Warranty: If you care about the endurance of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. 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 make sure you take a look at their list of options before making your decision.
- Contract: Before signing a contract with a solar installer, make sure to read it through 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 part breaks or malfunctions and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Severance, CO Solar Cost FAQs
What is the average cost of installing solar panels in Severance?
The average cost of solar panels in Severance 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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities 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.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly 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 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 typically produce about 250 to 400 watt-hours per hour, the average household 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.