Solar Panel Cost Guide in Welby, CO (2023 Update)
- Welby Solar Installation Cost: $9,713
- 25-Year Savings: $17,032
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Welby
We go over average solar pricing in Welby.
In Welby, solar panels cost about 2.69 per watt on average. The average Welby homeowner needs a 5.2-kilowatt system, which would cost about $9,716 with the federal tax credit, or $13,894 before the 30% tax credit is applied.
The true cost of your system can go above or below the average in Welby depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Welby can save around $20,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Welby
| Year | Return on Investment |
|---|---|
| 1 years | $-8,745 |
| 3 years | $-6,809 |
| 5 years | $-4,872 |
| 7 years | $-2,936 |
| 9 years | $-1,000 |
| 11 years | $936 |
| 13 years | $2,873 |
| 15 years | $4,809 |
| 17 years | $6,745 |
| 19 years | $8,681 |
| 21 years | $10,617 |
| 23 years | $12,554 |
| 25 years | $14,490 |
Top Solar Installers in Welby
Installing solar panels yourself can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for you.
If you'd like to go solar but still aren't sure which solar company to go with, here are our suggestions for providers in Welby:
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 Welby
Factors that Affect Solar Panel Costs in Welby
The cost of installing a solar system in Welby can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Welby, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,690 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Welby, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can influence how much it costs. Welby's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Welby are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $19,359 | 9.4 years |
| 8 kW | $2.74 | $15,365 | $26,114 | 9.3 years |
| 10 kW | $2.69 | $18,830 | $33,019 | 9.1 years |
| 12 kW | $2.64 | $22,144 | $40,075 | 8.9 years |
| 14 kW | $2.58 | $25,308 | $47,281 | 8.7 years |
| 16 kW | $2.53 | $28,320 | $54,638 | 8.5 years |
| 18 kW | $2.47 | $31,182 | $62,146 | 8.4 years |
| 20 kW | $2.42 | $33,894 | $69,804 | 8.2 years |
How to Save on Solar Panels
There are many companies available in Welby, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Contract: Before signing a contract with a solar company, make sure you look it over fully 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.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Welby, CO Solar Cost FAQs
How much does it cost to install solar panels in Welby?
This is a difficult question to answer exactly, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Welby?
Leasing solar panels can be an option if you are unable to 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 home 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.
Does Welby have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 opt to replace them once you've had 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.