Colorado residents are facing higher and higher electricity rates over the years, with no end in sight. Read on to learn how much to expect bills to increase, but how solar power can help you take matters into your own hands.
How rates are increasing in Colorado:
- Colorado Springs — Customers in the Colorado Springs Utilities’ (CSU) zone may see an increase of 8% to their base electricity rates soon, if their recent proposal submitted to city council in September 2023 is approved. They noted this increase is due to aging infrastructure.
- Denver — Excel Energy raised monthly bills by $4 in September 2023. This is in addition to the $5.24 a month that Xcel energy increased electricity bills in April 2022.
Wouldn’t you rather put that money towards a solar system that locks in your electricity rates? Generate your own power from the sun and say goodbye to those big electricity bills!
How much does solar cost in Colorado?
The cost of solar panels in Colorado has decreased significantly in recent years. In fact, the average cost of solar in Colorado is now lower than the national average. According to EnergySage, the average cost of solar in Colorado is $3.13 per watt. So, if you install a 5-kilowatt solar system, the average cost would be $15,650.
However, there are a number of factors that can affect the cost of your solar system, including:
- The size of your system
- The type of solar panels you choose
- The complexity of your installation
- The availability of state and local incentives
[Related: How much solar power cost?]
How much can you save with solar?
The amount of money you can save with solar depends on a number of factors, including:
- Your current electricity bill
- The size of your solar system
- The amount of sunlight your home receives
- The cost of electricity in your area
However, most homeowners can expect to save between 20% and 50% on their electricity bills by going solar.
[Related: Going Solar: The Smart Choice for your home and wallet]
How to finance solar in Colorado
There are a number of ways to finance solar in Colorado. One option is to pay for your system upfront. However, this can be a significant investment. Another option is to finance your system through a loan or lease. This can make solar more affordable for homeowners who don’t have the cash upfront.
Freedom Solar Power: Colorado’s trusted solar installer
Freedom Solar Power is Colorado’s trusted solar installer. We have helped over 10,000 homeowners go solar in Colorado and save money on their electricity bills. We offer a variety of financing options to make solar affordable for everyone.
In Colorado, solar power from Freedom Solar Power can cost as low as $88 per month when financed. This means that, for many homeowners, solar is cheaper than paying their electric bill.
[Related: Colorado Goes Solar with Sunpower]
Benefits of going solar in Colorado
There are many benefits to going solar in Colorado, including:
- Save money on your electricity bills
- Lock in your electricity rates
- Reduce your carbon footprint
- Increase the value of your home
- Create jobs in Colorado
Colorado solar incentives
COLORADO SOLAR INCENTIVES Colorado offers a number of solar incentives to homeowners, including:
- The Federal Solar Investment Tax Credit: This credit allows you to deduct 30% of the cost of your solar system from your federal income taxes.
- The Colorado net metering program: This program allows you to sell any excess solar energy you generate back to your utility company at the retail rate.
- The Renewable Battery Connect program: This program allows you to earn a $500-$800 incentive for installing a solar battery and participating in demand response events. To be eligible, you must be an Xcel Energy Colorado electric residential or small business customer, purchase a Tesla Powerwall II or SolarEdge Home Hub Inverter with a SolarEdge Home Battery, and agree to allow Xcel Energy to charge or discharge up to 60% of your battery, up to 60 times per year. You can submit your application online through the Xcel Energy website. The Renewable Battery Connect program is limited to 1,500 participants.
- Xcel Energy just rolled out a new Solar Energy Rewards Program, which offers up to $7,000 in incentives! Learn more here.
There are a number of local and utility-specific solar incentives available in Colorado. You can find more information about these incentives on the websites of your local government and utility company.
[Related: Colorado Solar Incentives and Rebates]
Get started with solar in Colorado
If you’re interested in learning more about solar power and how it can save you money, contact Freedom Solar Power today. We offer free consultations and can help you design a solar system that meets your needs and budget.
We can assess your property and energy needs to develop a customized solar system for you, and work with you to get the necessary permits and approvals before installing your solar system and connecting it to the grid.
Contact us today at (800) 504-2337 or complete our online inquiry form to learn more about how we can help you save money on your energy bills.