Solar Panel Cost Guide in Woodmoor, CO (2023 Update)
- Woodmoor Solar Installation Cost: $9,448
- 25-Year Savings: $21,359
- Payback Period: 7.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Woodmoor
Let's take a look at the average cost of solar in Woodmoor.
The average cost of a solar panel system in Woodmoor is 2.69 per watt. Using this figure, a typical 5.0-kW system would cost about $9,453 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you may look different based on your energy needs and what company you want to go with. Despite the significant upfront cost, the average Woodmoor homeowner can save around $23,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a top solar company in Woodmoor for a quote for your home.
Solar savings over time in Woodmoor
| Year | Return on Investment |
|---|---|
| 1 years | $-9,346 |
| 3 years | $-9,140 |
| 5 years | $-8,935 |
| 7 years | $-8,730 |
| 9 years | $-8,524 |
| 11 years | $-8,319 |
| 13 years | $-8,113 |
| 15 years | $-7,908 |
| 17 years | $-7,703 |
| 19 years | $-7,497 |
| 21 years | $-7,292 |
| 23 years | $-7,087 |
| 25 years | $-6,881 |
Top Solar Installers in Woodmoor
Many homeowners choose to hire a solar installer since trying to install solar panels on your own can be hard. Another good thing about using a reliable solar installer is that it'll provide warranties and free repairs, which help protect your solar investment.
Working with a professional solar installer 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 Woodmoor
Factors that Affect Solar Panel Costs in Woodmoor
Even though the average cost of a solar system in Woodmoor is $9,453, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important 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 important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,690. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Woodmoor, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can affect your pricing. Woodmoor's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $25,087 | 8.0 years |
| 8 kW | $2.74 | $15,365 | $33,751 | 7.8 years |
| 10 kW | $2.69 | $18,830 | $42,566 | 7.7 years |
| 12 kW | $2.64 | $22,144 | $51,531 | 7.5 years |
| 14 kW | $2.58 | $25,308 | $60,646 | 7.4 years |
| 16 kW | $2.53 | $28,320 | $69,913 | 7.2 years |
| 18 kW | $2.47 | $31,182 | $79,330 | 7.1 years |
| 20 kW | $2.42 | $33,894 | $88,897 | 6.9 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your total costs, but also the kinds 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:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed 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 Woodmoor, CO Solar Cost FAQs
How much does it cost to install solar panels in Woodmoor?
This is a tough question to answer exactly, because the cost depends on a few different 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 cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Woodmoor?
Leasing solar panels can be an option if you can't afford 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 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Woodmoor?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
How long do solar panels last in Woodmoor?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.