Solar Installation Costs
In 2020, homeowners typically spent between $10,000 and $20,000 to buy a solar panel system, but it may cost more or less depending on incentives, the size of your system, the type of equipment you install, and the company you move forward with.
There are a number of websites that offer a more detailed snapshot and comparison what a solar energy system is likely to cost you based on where you live.
Incentive Programs
There are currently no state-wide incentives for solar. See the Colorado Energy Office for the latest details.
Federal Investment Tax Credit
The Investment Tax Credit (ITC) allows you to deduct 30% of the install costs of your solar energy systems from your federal taxes. The process for claiming the tax credit is straightforward, requiring the completion of the 2-page IRS Form 5965, but not everyone is eligible. LPEA recommends consulting with a tax accountant to verify eligibility.
Form: IRS Form 5965 Instructions: Instructions for IRS Form 5965
On-Bill Financing
To help members invest in energy efficiency and solar PV projects, LPEA, in partnership with First Southwest Bank, offers an On-bill Financing Program. This program allows you to apply for a low-interest loan to finance your projects and then repay that loan monthly overtime on your LPEA electric bill.
Solar Billing
Here is a guide to help you better understand how you will be billed as a net metered member of LPEA.
Financial & Economic Analysis
After you get quotes from qualified installers, you can use this tool from the Colorado State University Extension Office to evaluate the long-term financial impacts of purchasing a solar PV system.