Solar Panel Cost Guide in Denver, NC (2023 Update)
- Denver Solar Installation Cost: $12,162
- 25-Year Savings: $19,277
- Payback Period: 9.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Denver
Let's have a look at the average cost of solar in Denver.
Although the national average of solar panels is $2.66 per watt, solar panels in Denver typically cost about 2.54. To account for the typical energy usage of the average home in Denver, most homeowners require a 6.8-kilowatt system. Using the figure above, a solar installation costs about $12,162, or $17,392 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of equipment you want to get, your solar contractor and more. With typical savings of about $17,000 on electricity bills over 20 years, many homeowners in Denver find investing in solar has a decent ROI.
To get a free quote from a top solar installation company in Denver, you can click the button below.
Solar savings over time in Denver
| Year | Return on Investment |
|---|---|
| 1 years | $-10,904 |
| 3 years | $-8,389 |
| 5 years | $-5,874 |
| 7 years | $-3,359 |
| 9 years | $-844 |
| 11 years | $1,672 |
| 13 years | $4,187 |
| 15 years | $6,702 |
| 17 years | $9,217 |
| 19 years | $11,732 |
| 21 years | $14,247 |
| 23 years | $16,762 |
| 25 years | $19,277 |
Top Solar Installers in Denver
Trying to install solar panels by yourself can be a time-consuming project, which is why using a solar installation company is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, particularly if you don't quite know what brand 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 in Denver:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Denver
Factors that Affect Solar Panel Costs in Denver
Even though the average cost of a solar system in Denver is $12,162, your final cost may differ. There are many 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
When it comes to estimating the price of a solar panel system in Denver, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Denver offer solar loans, which reduce your upfront costs of installing solar panels. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Denver, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $2.64 | $11,095 | $16,475 | 10.1 years |
| 8 kW | $2.59 | $14,508 | $22,251 | 9.9 years |
| 10 kW | $2.54 | $17,780 | $28,170 | 9.7 years |
| 12 kW | $2.49 | $20,909 | $34,230 | 9.5 years |
| 14 kW | $2.44 | $23,896 | $40,433 | 9.3 years |
| 16 kW | $2.39 | $26,741 | $46,778 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,266 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $59,895 | 8.7 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Warranty: If you're worried about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Denver, NC Solar Cost FAQs
What is the average cost of installing solar panels in Denver?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Denver?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Denver is currently $320,500, which means you can look forward to a value of about $13,140 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Denver is a fruitful investment.
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 stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.