Solar Panel Cost Guide in Craig, CO (2024 Update)
- Craig Solar Installation Cost: $14,301
- 25-Year Savings: $18,313
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Craig
Let’s take a look at the average cost of solar in Craig.
The national average cost of solar panels is $2.66 per watt, but in Craig it’s 4 per watt.Since a 5.1-kW system is needed to cover the energy needs of a typical home in Craig, the average price of going solar will be about $14,301 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar panels you want to get, your solar contractor and more.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Craig can save about $21,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Craig
| Year | Return on Investment |
|---|---|
| 1 years | $-13,387 |
| 3 years | $-11,558 |
| 5 years | $-9,729 |
| 7 years | $-7,901 |
| 9 years | $-6,072 |
| 11 years | $-4,243 |
| 13 years | $-2,414 |
| 15 years | $-586 |
| 17 years | $1,243 |
| 19 years | $3,072 |
| 21 years | $4,901 |
| 23 years | $6,729 |
| 25 years | $8,558 |
Top Solar Installers in Craig
When switching to solar energy, many homeowners choose to hire a solar installation company since handling can be a challenging project. Some solar installers, especially local ones, can help you make the most of incentives in Craig, optimizing your ROI.
If you're looking for a solar company in Craig, the EcoWatch team has put together a list of our top suggestions here:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Craig
Factors that Affect Solar Panel Costs in Craig
For many Craig homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Craig, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $3,980 per kilowatt in Craig.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Craig, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Craig homeowners decide to finance their solar panel systems to offset upfront costs.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining how much it costs. Craig’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $15,319 | 13.3 years |
| 8 kW | $4.06 | $22,734 | $20,871 | 13.0 years |
| 10 kW | $3.98 | $27,860 | $26,646 | 12.8 years |
| 12 kW | $3.90 | $32,763 | $32,643 | 12.5 years |
| 14 kW | $3.82 | $37,444 | $38,864 | 12.3 years |
| 16 kW | $3.74 | $41,901 | $45,307 | 12.0 years |
| 18 kW | $3.66 | $46,136 | $51,974 | 11.8 years |
| 20 kW | $3.58 | $50,148 | $58,863 | 11.5 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Craig, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Warranty: If you’re worried about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Craig, CO Solar Cost FAQs
What is the average cost of installing solar panels in Craig?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $19,900 for a 5-kW system and $39,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Craig?
A solar panel system isn’t free in Craig, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Craig, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.