Solar Panel Cost Guide in Aspen, CO (2024 Update)
- Aspen Solar Installation Cost: $14,699
- 25-Year Savings: $18,461
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Aspen
Find out what the average cost of a solar system is in Aspen.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Aspen, the typical cost of a solar system is 4 per watt.Using this figure, a typical 5.3-kW system would cost about $14,699 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary depending on several factors, such as how many panels you need, your energy consumption and what installation company you go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $20,000 over 20 years on energy bills.
Click the button below to get connected to a top solar company in your area for a personalized estimate.
Solar savings over time in Aspen
| Year | Return on Investment |
|---|---|
| 1 years | $-13,731 |
| 3 years | $-11,795 |
| 5 years | $-9,858 |
| 7 years | $-7,922 |
| 9 years | $-5,986 |
| 11 years | $-4,050 |
| 13 years | $-2,113 |
| 15 years | $-177 |
| 17 years | $1,759 |
| 19 years | $3,695 |
| 21 years | $5,631 |
| 23 years | $7,568 |
| 25 years | $9,504 |
Top Solar Installers in Aspen
Installing solar panels yourself can be a stressful task, which is why getting a solar installation company is a good option for many homeowners. Another advantage of going with a solar company is that they can help you make the most of your ROI by cutting back on future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you're on the hunt for a solar installer in Aspen, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Aspen
Factors that Affect Solar Panel Costs in Aspen
While the average cost of a solar system in Aspen is $14,699, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,980 per kilowatt in Aspen.There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Aspen to be too costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.14 | $17,385 | $14,908 | 13.5 years |
| 8 kW | $4.06 | $22,734 | $20,323 | 13.2 years |
| 10 kW | $3.98 | $27,860 | $25,961 | 12.9 years |
| 12 kW | $3.90 | $32,763 | $31,821 | 12.7 years |
| 14 kW | $3.82 | $37,444 | $37,905 | 12.4 years |
| 16 kW | $3.74 | $41,901 | $44,212 | 12.2 years |
| 18 kW | $3.66 | $46,136 | $50,741 | 11.9 years |
| 20 kW | $3.58 | $50,148 | $57,493 | 11.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Contract: It’s important to read your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Aspen, CO Solar Cost FAQs
What is the average cost of installing solar panels in Aspen?
The average cost of solar panels in Aspen is about $19,900 for a 5-kW system and $39,800 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Aspen?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.