Here's some information from our partners at the High Country Conservation Center, who run the Solarize Summit program:
Cost of a typical rooftop system
In 2019, systems ranged in cost from $7,500 – $50,000 (before rebates and tax credit). Generally speaking, the smaller and more efficient your home, the smaller the system you’ll need. Here’s sample pricing for an average sized house with an average sized system:
Home size: 2,066 square feet
System size: 6.82 kW (22 panels)
Electricity offset: 110%
Total cost: $23,461
Federal tax credit: $6,100
Utility or Solarize rebate: $1,500
Solarize program discount: $500*
Cost after rebates + tax credit: $15,361
Estimated annual electricity bill savings: $1,200
Payback period: 13 years
* The Solarize discount will range between $150 – $500, depending on how many people participate in the program.
The annual utility bill savings assumes that electricity costs won’t increase over time, but that’s unlikely. As the cost of electricity increases, your payback period will decrease.
Worried about paying for solar?
Most participants will choose to finance their system with no money out of pocket. Typically, the monthly on-bill credit you receive from your electric utility will offset the recurring financing costs.
Additional saving and benefits to going solar
- Federal Tax Credits – Congress recently extended the Federal Solar Tax Credit. This allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes on projects initiated before the end of 2022. In 2023, the credit drops to 22%.
- Increase the value of your home without increasing property tax – Thanks to the state’s sales tax exemption, Colorado homeowners who install solar energy don’t have to pay a dime in property taxes on the thousands of dollars solar adds to the value of your home.
- Helps support local climate and renewable energy goals – Most local governments in our region have 100% renewable energy goals, and people who Solarize help our community achieve these goals.
Please also see these pages elsewhere on this website for specific information about utility solar rebates and programs: