As the cost of solar panels continues to drop, more and more people are considering solar for their homes and businesses. Once you start your online search, you will likely fall into a rabbit hole of blog posts and websites breaking down solar installation. We’re so glad you landed here on that search!
In this blog post, we’ll break down average solar panel installation costs and what factors impact those numbers. We’ll even discuss the difference between leased and purchased panels. By the end of this post, you should have a better idea of what to expect when budgeting for your own Colorado solar installation.
Installing Solar Panels to Change Up Your Carbon Footprint
Installing a solar panel system is a great way to cut energy costs and save money on electricity bills. This is because solar energy is often cheaper than energy from the utility grid and enables you to have a future return on investment instead of simply paying a utility company your monthly electricity bill.
While discovering what solar panels cost might give you sticker shock, the long-term savings you can get from going green with solar power can be substantial and make it a worthwhile investment for your carbon footprint. In a day where everything adds to the carbon load, why not take a step to make your own home carbon neutral?
The Impact of Solar Power Installation on Your Home’s Value
Installing solar panels can be a smart move for homeowners looking to increase their homes’ value. According to 2008 literature published by the U.S. Department of Energy, a Denver home with a 2-kW solar panel system can expect an average home value increase of $3,880 because “home value increases $20 for every $1 reduction in annual utility bills”. Given the updated technology of residential solar systems, the same-sized solar panel systems of the past will see higher solar energy production – who knows how much that value could add to your home today!
Additionally, a solar energy system will cause your home to stand out if you choose to put it on the market. The solar investment makes it clear you care about your home and the environment, giving potential buyers peace of mind that you’ve had quality roofing contractors taking care of your home’s top form of protection.
The Average Solar Panels Cost Is Dependent on What Type of Solar Panel You Purchase
Several factors determine the cost of a solar system, the most important being the type and model you select.
Monocrystalline solar panels typically cost the most due to their higher efficiency capabilities. Polycrystalline solar panels are less expensive than monocrystalline panels, as polycrystalline panels use a slightly less efficient method to create electricity. Thin film solar panels are the least expensive option as they are the least efficient and have lower power capabilities. Naturally, the average solar panel costs will range depending on which model and type you select, but keep in mind that a quality solar panel installer will likely only recommend monocrystalline or polycrystalline options.
Solar Panel Installation Stat
According to a January 2023 article published by Forbes, the average cost of solar panels is $16,000, which can double based on the average cost to install solar by a professional solar company between $15,000 and $25,000.
Claiming Solar Incentives
Investing in a residential solar system is a great way to save money on energy bills; federal incentives make it easier than ever. Because the federal solar tax credit (also commonly known as the Investment Tax Credit or Residential Clean Energy Credit) has been extended until 2032, solar panel prices don’t have to be so scary!
You must own the system instead of attaining one through a solar lease to qualify for the solar Investment Tax Credit. Even those who install their solar panels through a solar loan are eligible for this benefit! That type of news is almost as exciting as learning solar panels can even work on cloudy days.
Get Your Roof Ready to Install Solar Panels with Peak to Peak Roofing & Exteriors
If you’re convinced that solar panels are right for you, contact Peak to Peak Roofing & Exteriors today! We specialize in all aspects of roof preparation and would love to give you a roof health inspection before we walk you through how many solar panels your home might need. Give us a call today!