Solar Panel Cost Guide in Lamar, CO (2024 Update)
- Lamar Solar Installation Cost: $13,778
- 25-Year Savings: $27,791
- Payback Period: 9.3 Years
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Average Cost of Solar Panels in Lamar
Find out how much it might cost to make the switch to solar in Lamar.
In Lamar, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Lamar, most homeowners require a 4.9-kilowatt system. Using the figure above, a solar installation costs around $13,778, or $19,703 before the federal solar tax credit of 0 is applied.
How much you pay can be higher or lower than the average in Lamar based on several factors, such as the kind of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a sound investment. The average homeowner in Lamar can save about $30,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in Lamar
| Year | Return on Investment |
|---|---|
| 1 years | $-12,392 |
| 3 years | $-9,621 |
| 5 years | $-6,850 |
| 7 years | $-4,079 |
| 9 years | $-1,308 |
| 11 years | $1,463 |
| 13 years | $4,234 |
| 15 years | $7,005 |
| 17 years | $9,776 |
| 19 years | $12,547 |
| 21 years | $15,318 |
| 23 years | $18,088 |
| 25 years | $20,859 |
Top Solar Installers in Lamar
Many homeowners opt for a solar installer since trying to put up solar panels on your own can be challenging. The expertise that solar companies provide can be helpful as well, especially if you aren’t sure what type of solar equipment you need.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our recommendations for providers nearby:
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 Lamar
Factors that Affect Solar Panel Costs in Lamar
The cost of installing a solar system in Lamar can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over five to seven years on average.Though solar loans make switching to solar energy more accessible for Lamar homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence your pricing. Lamar’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lamar have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $27,631 | 9.7 years |
| 8 kW | $4.06 | $22,734 | $37,287 | 9.5 years |
| 10 kW | $3.98 | $27,860 | $47,167 | 9.3 years |
| 12 kW | $3.90 | $32,763 | $57,268 | 9.1 years |
| 14 kW | $3.82 | $37,444 | $67,593 | 8.9 years |
| 16 kW | $3.74 | $41,901 | $78,141 | 8.7 years |
| 18 kW | $3.66 | $46,136 | $88,912 | 8.5 years |
| 20 kW | $3.58 | $50,148 | $99,905 | 8.4 years |
How to Save on Solar Panels
The solar company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Warranty: If you’re worried about the endurance of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- 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 good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
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 Lamar, CO Solar Cost FAQs
What is the average cost of installing solar panels in Lamar?
This is a difficult question to answer precisely, because the cost depends on many 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 higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lamar?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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 savings from going solar.
Is it worth going solar in Lamar?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.