Home solar panel installation costs can range from $20,000 to $50,000. When you factor in the federal tax credit, that’s $14,000 to $35,000. But even that cost doesn’t tell the whole story because there are other cost saving incentives that help you save thousands over time. Sometimes solar even pays for itself twice over!
Let’s break it down! The bulk of the cost for a project will be split between materials (solar panels, inverter, mounting system, wiring, conduit, etc.) and labor costs. Additional costs include permit fees and local sales tax. Each of these will be itemized clearly on your free quote.
We want you to be able to access the savings that come with a home solar installation. When you get a quote from Namaste Solar, you can be sure that your total solar panel installation cost will be clearly stated before you decide to say yes or no to solar. No last-minute changes or hidden fees.
We offer a variety of financing options through multiple lending partners, including $0-down financing. With a solar loan, homeowners often see fixed monthly payments that are comparable to their previous electric bills, all while building equity in their solar system instead of paying money out to the utility company.
The federal tax credit isn’t unique to Denver, but it is the most significant incentive for homeowners who go solar. The tax credit is currently 30% off the total cost of your system.
The Denver Climate Action Rebate program offers a rebate of $1 per watt up to $4,000 for your solar project if you already have a heat pump or heat pump water heater installed in your home. The program also offers rebates for home battery installations.
If you’re also interested in battery storage, this program from Xcel can make it more affordable. This rebate will pay $350 per kilowatt of storage capacity up to $5,000. In exchange, Xcel can tap into your battery a certain number of times per year.
Say goodbye to rising electricity costs when you own your power production and start saving for years to come.
There are many local incentives, utility rebates, and tax credits available now. Our team knows Colorado solar so you won’t miss a penny.
Just like owning a home is often a better investment than renting, solar pays you back – not the utility.
If you’re ready for a quote, simply fill out this form to get started. One of our non-commissioned solar advisors will be happy to assist you. Your free quote will include: a roof assessment, a customized system design, and a calculation of your savings and return on investment. No sales pitch – just honest advice.
Call us anytime at 303.447.0300
Call us anytime at 303.447.0300
Let’s also look at a real example! This comes from one of our customers in a 3-bedroom, 2.5-bathroom home that was built in 2019. Their total solar panel system cost was $20,000 with a net cost of $14,000 after the federal tax credit.
In the first year of operation, their electricity bill went from $96 a month to $12 a month. (That $12 represents the basic grid access charges from their utility.) The system is estimated to save over $30,000 on electricity in its first 20 years. That’s paying for itself twice over!
As utility prices continue to rise, we estimate that this customer’s 20-year average utility price would have been $0.164 per kilowatt hour. Now that they have solar, the price of their electricity is locked in at $0.086 per kilowatt hour!
Xcel Energy in Denver has a specific rate structure called Time of Use (TOU) which assigns higher rates for energy during different times of the day. “Mid Peak” hours are 1-3PM, while “on peak” hours are 3-7PM. That means most of the things we do during on peak hours – crank up the AC (or heat), cook dinner, and watch TV will cost more. There are many things you can do to keep your energy bill from spiking. These include shifting your energy use, adjusting your thermostats, and (our personal favorite) going solar! Solar systems typically produce the most during on peak hours, protecting homeowners from high TOU rates. There’s never been a better time to go solar! Whether you’re ready to start the process or just curious, our solar advisors are ready to help.
