Solar Panel Cost Guide in Twin Lakes, CO (2024 Update)
- Twin Lakes Solar Installation Cost: $14,371
- 25-Year Savings: $15,759
- Payback Period: 14.1 Years
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Average Cost of Solar Panels in Twin Lakes
Find out how much it might cost to switch to solar power in Twin Lakes.
Although the national average of solar panels is $2.66 per watt, solar panels in Twin Lakes typically cost about 4.The average solar panel system size in Twin Lakes is around 5.2 kilowatts, meaning a cost of about $14,371 for a solar installation, or $20,551 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Twin Lakes depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $19,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar company in Twin Lakes that can help you get a more accurate cost estimate for your home.
Solar savings over time in Twin Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-13,403 |
| 3 years | $-11,466 |
| 5 years | $-9,530 |
| 7 years | $-7,594 |
| 9 years | $-5,658 |
| 11 years | $-3,722 |
| 13 years | $-1,785 |
| 15 years | $151 |
| 17 years | $2,087 |
| 19 years | $4,023 |
| 21 years | $5,960 |
| 23 years | $7,896 |
| 25 years | $9,832 |
Top Solar Installers in Twin Lakes
Many homeowners opt for a solar installer since trying to install solar panels by yourself can be a lot of work. Some solar companies, especially local ones, can help you take advantage of incentives in Twin Lakes, therefore optimizing your ROI.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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
Outstanding Local Installer
Smart Wave Solar
- Installations include backup power guarantee
- Outstanding customer service
- Offers rewards for customer referrals
- Expensive
- No assistance with solar financing
- Limited brands of solar equipment available
See all of the solar companies in Twin Lakes
Factors that Affect Solar Panel Costs in Twin Lakes
There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,980 per kilowatt in Twin Lakes.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, 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
Many homeowners find the average cost of solar in Twin Lakes to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
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 panel companies in Twin Lakes, and each can charge different amounts for labor and equipment.Additionally, some companies in Twin Lakes are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $4.14 | $17,385 | $12,244 | 14.7 years |
| 8 kW | $4.06 | $22,734 | $16,771 | 14.4 years |
| 10 kW | $3.98 | $27,860 | $21,521 | 14.1 years |
| 12 kW | $3.90 | $32,763 | $26,494 | 13.8 years |
| 14 kW | $3.82 | $37,444 | $31,689 | 13.5 years |
| 16 kW | $3.74 | $41,901 | $37,108 | 13.3 years |
| 18 kW | $3.66 | $46,136 | $42,750 | 13.0 years |
| 20 kW | $3.58 | $50,148 | $48,614 | 12.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a quality company.
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
Outstanding Local Installer
Smart Wave Solar
- Installations include backup power guarantee
- Outstanding customer service
- Offers rewards for customer referrals
- Expensive
- No assistance with solar financing
- Limited brands of solar equipment available
EcoWatch's Twin Lakes, CO Solar Cost FAQs
How much does it cost to install solar panels in Twin Lakes?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally 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 higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Twin Lakes?
You can’t get solar panels for free in Twin Lakes. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
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 get paid for the extra power your system produces or or receive credits to put toward future electricity 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 usage and the amount of sunlight your roof gets. You can 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.