Colorado solar generation ranks 12th in the U.S., where the average homeowner can break even on their solar panel investment in 13 years on average and save over $18,0001 over a system lifetime. This is in large part due to Colorado’s solar incentives and rebates, not to mention 300 days of annual sunshine.
Fort Collins Utilities is a community owned utility that services over 75,000 customers in Larimer County. They manage four essential services for the City of Fort Collins, including light and power, water, wastewater, stormwater, and also, a robust renewable energy program.
The latter provides various options and support for customers seeking to produce renewable energy through solar photovoltaic (PV) installations. Over 3,000 residential customers in Fort Collins have installed solar photovoltaic (PV) systems, contributing over 15 megawatts of power generation capacity.2
Read on for a comprehensive overview of Fort Collins Utilities solar incentives, how to qualify, and how to choose the right solar installer.
What Home Solar Incentives Does Fort Collins Utilities Offer?
Fort Collins Utilities offers multiple financial incentives to help cover some of the installation expenses and provides expert advice to ensure the success of each project.
These solar and battery storage incentives are accessible for both single-family and multifamily residences, catering to both personal and shared energy systems. Let’s take a look at how you can pay off your solar PV system faster with Fort Collins Utilities.
The Epic Loan Program
The Epic Loan 3 offers Fort Collins Utilities customers an on-bill financing option that covers up to 100% of eligible project costs without requiring any upfront payment. This program supports a wide range of projects, including the installation of solar photovoltaic (PV) and battery storage systems, as well as energy efficiency upgrades like insulation.
Loan terms vary, offering durations from 3 to 15 years, with interest rates starting as low as 5.25% APR, and the maximum loan amount available is $50,000.
To be eligible for the Epic Loan, applicants must have a minimum FICO score of 640 and a history of six months of good payments on their Fort Collins Utilities account.
Customers can seek pre-approval for the Epic Loan before they submit their DE Interconnection Application, ensuring they meet the necessary criteria ahead of time.
Combined Fort Collins Incentives with the Federal Solar Tax Credit
This Fort Collins solar boost is separate from the Federal Solar Tax Credit, and you may utilize both the 30% tax credit and Fort Collins Utilities incentives together to make your solar project more financially manageable.
Net Metering
When you produce solar energy, any surplus that isn’t used immediately is sent back to the electric grid. For the energy you feed back into the grid, Fort Collins Utilities compensates you with net metering credits, which are applied to your monthly utility bill at the current residential rates.
The credits on your utility bill reflect only the surplus energy that wasn’t consumed in your home as it was generated. The total amount of energy your system produces is tracked by your solar production report, which comes from your solar inverter or solar provider, not your Fort Collins Utilities electric meter. This meter measures only the electricity you draw from the grid and the excess you supply back to it.
These energy credits can be used to reduce other charges on your monthly utility bill, and any unused credits can be carried over to the next billing period.
Understanding the Fort Collins 2024 Rebate
2024 BOOST Residential Solar and Battery Storage Incentive
- Time Period: January 1st to May 31st, 2024
- Solar PV panels: $300/kW-DC, up to $1,500 maximum
- Battery storage: $200/kWh capacity, up to $3,000 maximum
- Solar & battery storage included in any DE Interconnection and rebate application: $1,000
In addition to up to $1,500 for solar PV panel installation and $3,000 for battery storage ($5,500 if combined!), you can also benefit if you add on to an existing system.
For additions to existing systems, the rebates are as follows:
- Solar only: Up to a $2,000 rebate
- Battery only: Up to a $3,500 rebate
- Combined Solar and Battery Storage: Up to a $6,000 rebate
Take note: Fort Collins Utilities regulates the cap on the solar rebate program and the payout rate according to the available budget to guarantee that all qualifying customers can benefit from incentive funding.
How to Know if You Qualify
The system’s design determines the incentive amount Fort Collins Utilities provides for solar installations. It may be adjusted based on the expected performance compared to an ideally oriented array.
Here is what you need to know to qualify:
- The solar PV system owner must be a residential Fort Collins Utilities customer.
- Solar PV Systems must be sold and installed by a Participating Solar Contractor
- The Solar PV system must be more than 500 watts.
- Your systems must meet Utilities Interconnection Standards.5
- Solar equipment must be new and UL listed.
- If the system is shaded between 9 a.m. and 3 p.m., the applicant must submit a shading analysis through their solar contractor.
- The solar PV system must operate to at least 90% of optimal production, or the incentive rate may be reduced.
- The system must be installed within six months of the rebate reservation letter.
Choosing a Solar Installer in Fort Collins
When you’re looking for the best solar companies in Colorado and, more specifically, Fort Collins, it’s essential to consider a provider that stands out for its commitment to quality and customer satisfaction.
Freedom Solar PowerⓇ has been leading the solar revolution since 2007. We’ve used our over 15 years of experience to help thousands of customers Be Most PowerfulⓇ . Our solar products are backed by a 25-year product, performance, and service warranty, so you can rest easy knowing that you’ll have long term, trustworthy energy independence.
Contact Freedom Solar Power today for a free consultation.
References:
- https://www.ecowatch.com/solar/worth-it/co
- https://www.fcgov.com/utilities/residential/renewables/solar-rebates
- https://www.fcgov.com/utilities/epicloan/
- https://www.fcgov.com/utilities/img/site_specific/uploads/2024-fort-collins-solar-and-battery-boost-incentive.pdf
- https://www.fcgov.com/utilities/img/site_specific/uploads/interconnection_standards