Colorado residents are confronting escalating electricity rates with no end in sight. Explore how much you might see your bills increase and how solar power can help you regain control over your energy costs.
Current Rate Increases in Colorado:
- Colorado Springs: Customers in the Colorado Springs Utilities (CSU) region may see an 8% increase in base electricity rates, pending city council approval of a proposal submitted in September 2023. This hike is attributed to aging infrastructure.
- Denver: Xcel Energy raised monthly bills by an additional $4 in September 2023, following a prior increase of $5.24 in April 2022.
Why not invest that extra money into a solar system that allows you to lock in your electricity rates? Generate your own energy from the sun and say goodbye to those hefty bills!
What Does Solar Cost in Colorado?
The cost of solar panels in Colorado has decreased significantly, with prices now below the national average. According to EnergySage, the average cost of solar is $3.13 per watt. Thus, for a 5-kilowatt solar system, the average installation cost would be about $15,650.
However, various factors can influence the cost of your solar setup, including:
- The size of the system
- The type of solar panels selected
- Complexity of the installation
- Availability of state and local incentives
How Much Can You Save with Solar?
Your savings with solar depend on several factors:
- Your current electricity bill
- The size of your solar system
- The amount of sunlight your home receives
- Local electricity costs
Typically, homeowners can expect savings between 20% and 50% on their electricity bills after going solar.
Financing Your Solar System in Colorado
There are multiple financing options available in Colorado. You may choose to pay for your solar system upfront, which represents a considerable investment, or consider financing through a loan or lease, making solar more accessible for homeowners without upfront cash.
Freedom Solar Power: Your Trusted Solar Installer in Colorado
Freedom Solar Power stands as Colorado’s trusted solar installer, with over 10,000 satisfied homeowners who have embraced solar energy to lower their electricity costs. We offer a range of financing options to ensure solar is affordable for all residents.
With Freedom Solar, solar power can start as low as $88 per month when financed, making it a cost-effective alternative to traditional electricity bills for many homeowners.
Benefits of Going Solar in Colorado
Embracing solar energy comes with numerous benefits in Colorado, including:
- Reduced electricity bills
- Locked-in electricity rates
- A smaller carbon footprint
- Increased home value
- Job creation within the state
Available Solar Incentives in Colorado
Colorado provides several financial incentives for homeowners looking to install solar, such as:
- Federal Solar Investment Tax Credit: Deduct 30% of the solar system cost from your federal income taxes.
- Colorado Net Metering Program: Sell excess solar energy back to your utility company at retail rates.
- Renewable Battery Connect Program: Earn a $500-$800 incentive for installing a solar battery and participating in demand response events. Eligibility requires being an Xcel Energy Colorado residential or small business customer.
- Xcel Energy Solar Energy Rewards Program: This new program offers up to $7,000 in incentives!
In addition to state incentives, numerous local and utility-specific programs are available, and further information can be found on local government and utility websites.
Taking the First Step Towards Solar in Colorado
If you’re interested in discovering how solar power can save you money, contact Freedom Solar Power today. We provide free consultations to help you design a solar system tailored to your needs and budget.
We’ll assess your property and energy needs to create a customized solar solution, managing all necessary permits and approvals during the installation process.
Reach out to us today at (800) 504-2337 or complete our online inquiry form to learn more about how we can assist you in reducing your energy bills.