Solar Panel Cost Guide in Twin Lakes, CO (2023 Update)
- Twin Lakes Solar Installation Cost: $9,713
- 25-Year Savings: $15,759
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Twin Lakes
We go over average solar pricing in Twin Lakes.
In Twin Lakes, solar panels cost about 2.69 per watt on average. The average solar panel system size in Twin Lakes is around 5.2 kilowatts, meaning a cost of about $9,716 for a solar installation, or $13,894 before the 30% federal solar tax credit is applied.
The true price you pay can go above or below the average in Twin Lakes based on a few factors, such as the type of solar panels you choose and the solar installer you hire. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $19,000 over 20 years on electricity bills.
Click the button below to get connected to a vetted solar panel company in your area for a custom quote.
Solar savings over time in Twin Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-9,628 |
| 3 years | $-9,458 |
| 5 years | $-9,288 |
| 7 years | $-9,119 |
| 9 years | $-8,949 |
| 11 years | $-8,779 |
| 13 years | $-8,609 |
| 15 years | $-8,439 |
| 17 years | $-8,269 |
| 19 years | $-8,100 |
| 21 years | $-7,930 |
| 23 years | $-7,760 |
| 25 years | $-7,590 |
Top Solar Installers in Twin Lakes
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Taking advantage of an installer can make converting to solar power much easier. Another good thing about choosing a vetted solar installer is that it'll provide warranties and free repairs, which help protect your investment.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Twin Lakes
Factors that Affect Solar Panel Costs in Twin Lakes
The cost of installing a solar system in Twin Lakes can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you want for your solar system can raise or lower 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra 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 Twin Lakes to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company 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 because of interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Twin Lakes, and each can charge varying amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $17,879 | 9.9 years |
| 8 kW | $2.74 | $15,365 | $24,139 | 9.7 years |
| 10 kW | $2.69 | $18,830 | $30,551 | 9.5 years |
| 12 kW | $2.64 | $22,144 | $37,113 | 9.3 years |
| 14 kW | $2.58 | $25,308 | $43,826 | 9.2 years |
| 16 kW | $2.53 | $28,320 | $50,689 | 9.0 years |
| 18 kW | $2.47 | $31,182 | $57,703 | 8.8 years |
| 20 kW | $2.42 | $33,894 | $64,868 | 8.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Installation Process: When making the switch to solar, it's essential to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Twin Lakes, CO Solar Cost FAQs
What is the average cost of installing solar panels in Twin Lakes?
The average cost of solar panels in Twin Lakes 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 such as the model 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 Twin Lakes?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Twin Lakes?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.