Is It Worth Going Solar in Colorado?
If you live in Colorado, going solar can be a smart choice. Colorado is a great place for solar energy because it gets a lot of sunshine – about 300 days each year!
Colorado also has programs that can help make solar panels cheaper to install, such as:
- Federal Solar Investment Tax Credits
- Colorado Solar Rebates and Tax Credits
- Weatherization Assistance Program (WAP)
- Colorado Solar Property Tax Exemption
These programs can help lower the cost of putting solar panels on your home. On average, it takes about 11.5 years for the savings from solar to pay back the cost of installing the panels in Colorado. After that, you can save an average of $880 per year on your electricity bills.
Colorado has big plans for solar energy. By 2035, the state wants 20% of Colorado Springs’ energy to come from renewable sources like solar. In the next 5 years, they want to install over 1,000 megawatts (MW) of solar power.
How much you can save with solar depends on things like how much sun your home gets, how much electricity you use, and what kind of solar panels you choose.
It’s a good idea to talk to solar panel installers in your area to figure out if solar is right for your home.
How much does solar save homeowners in Colorado?
With an average 6kW solar system, homeowners in Colorado can save about $1,440 per year on their electricity bills. That’s a lot of money!
What is the average cost of going solar in Colorado?
A 5 kW solar panel system in Colorado usually costs about $16,283 before any discounts or incentives.
The price can be a bit higher or lower depending on the size of your home and how much energy you need. After using the federal solar tax credit, which pays for 30% of the installation cost, the price is a lot lower.
You can also save up to 20% by comparing offers from different solar companies.
Colorado Solar IncentivesColorado has several tax credits and incentives for homeowners who install solar panels:
- Federal Solar Investment Tax Credits let you claim a tax credit for part of the cost of your solar panels.
- All renewable energy equipment in Colorado is taxable unless it’s specifically exempted.
- Colorado doesn’t have statewide property tax breaks for renewable energy, but some cities and counties offer incentives like property tax or sales tax credits for installing solar panels.
- The Weatherization Assistance Program (WAP) helps low-income families make their homes more energy efficient, which can include solar panels.
- The Colorado Solar Property Tax Exemption lets you exclude the added value of solar panels from your property taxes.
These incentives can change, so it’s good to check for the latest information or talk to a tax expert.
Are There Any Community Solar Programs in Colorado?
Yes, Colorado has community solar programs that let you benefit from solar energy without putting panels on your own roof. Here’s how it works:
- The Community Solar Gardens Act in 2010 let utility companies create shared solar farms.
- Xcel Energy has a big community solar program called Solar*Rewards Community where you can subscribe to a part of a nearby solar farm.
- Subscribers can save 5-10% on their electricity costs each year.
- There are also programs to help low-income families access community solar.
When you join a community solar program, you typically subscribe to a share of a solar farm. Then, you get credits on your electricity bill for the energy your share produces.
It’s a great way to support clean energy and save money without installing panels on your own property.
