Solar Panel Cost Guide in Erie, CO (2024 Update)
- Erie Solar Installation Cost: $14,670
- 25-Year Savings: $16,583
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Erie
We break down average solar pricing in Erie.
The average cost of solar panels in Erie is 4 per watt.Since a 5.3-kW system is needed to cover the energy consumption of a typical home in Erie, the average price of going solar will be about $14,670 after claiming the federal solar tax credit of 0.
These figures are just estimates, and how much solar costs for you will differ based on your energy needs and what company you choose to go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $19,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar installer in Erie for a quote for your home.
Solar savings over time in Erie
| Year | Return on Investment |
|---|---|
| 1 years | $-13,701 |
| 3 years | $-11,765 |
| 5 years | $-9,829 |
| 7 years | $-7,893 |
| 9 years | $-5,957 |
| 11 years | $-4,020 |
| 13 years | $-2,084 |
| 15 years | $-148 |
| 17 years | $1,788 |
| 19 years | $3,724 |
| 21 years | $5,661 |
| 23 years | $7,597 |
| 25 years | $9,533 |
Top Solar Installers in Erie
When making the switch to solar, many homeowners prefer to go with a solar installer since handling can be a difficult project. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Erie
Factors that Affect Solar Panel Costs in Erie
For many Erie homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Erie, with typical prices between $20,000 to $40,000. There are several 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 power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,980 per kilowatt in Erie.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Erie average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Erie, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.Though solar loans make switching to solar energy more accessible for Erie homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you select will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to 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 | $12,810 | 14.4 years |
| 8 kW | $4.06 | $22,734 | $17,526 | 14.1 years |
| 10 kW | $3.98 | $27,860 | $22,464 | 13.8 years |
| 12 kW | $3.90 | $32,763 | $27,626 | 13.6 years |
| 14 kW | $3.82 | $37,444 | $33,010 | 13.3 years |
| 16 kW | $3.74 | $41,901 | $38,618 | 13.0 years |
| 18 kW | $3.66 | $46,136 | $44,448 | 12.7 years |
| 20 kW | $3.58 | $50,148 | $50,501 | 12.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Erie, 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:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Contract: Before signing a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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 Erie, CO Solar Cost FAQs
What is the average cost of installing solar panels in Erie?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,900 for a 5-kW system and $39,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Erie?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Erie is currently $738,711, so you could be looking at a value of about $30,287 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Erie is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.