Are Solar Panels Worth It in Colorado?

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Are Solar Panels Worth it in Colorado?

Many people are interested in going solar — but not just for clean energy. While helping the environment is a very good thing, most people who want rooftop solar do so because of the potential savings. It’s no secret that there are many potential savings available to those who go solar in Colorado. Let’s cover a few of the incentives available to Colorado homeowners and why they make solar panels worth it in Colorado.

What Are the Colorado Solar Incentives?

Every state has its own slate of solar incentives, along with those available from the federal government and local utility companies. The state-level solar incentives are often the make-or-break moment for going solar, though sometimes bad state-level incentives can be covered by utility-level savings. These incentives combine with local climate and weather, along with the companies in the state, to determine whether solar is worth it in a state.

Colorado’s Utility-Level Solar Incentives

Unlike other states, Colorado does not have a state-level tax credit or similar incentive. For homeowners to get the most benefit possible, we’ll have to look at Colorado utility companies. 

Xcel Energy Incentives for Solar Homeowners

Xcel Energy is one of Colorado’s two biggest electric utilities. It is one of the main sources for net metering in Colorado. Net metering through Xcel energy provides homeowners with a basic framework for profiting off of their excess electricity production. Net metering works best when paired with battery backup like the Tesla Powerwall.

Colorado Springs Utility Incentives for Solar Homeowners

Colorado Springs Utility offers a powerful incentive for new solar homeowners — rebates. Colorado Springs Utility offers a rebate of $0.10 per watt installed. A rebate of that amount can add up to several hundred dollars depending on the size of your installation. 

Holy Cross Energy Incentives for Solar Homeowners

Holy Cross Energy also provides rebates to homeowners who install solar. The average rebate amount for a new solar installation is estimated to be around $4,000. That goes hand in hand with their net metering incentives as well.

Is It Worth It To Go Solar in Colorado?

In a word: yes. Colorado has good weather for solar, guaranteeing homeowners many sun hours throughout the year. Colorado also has laws guaranteeing net metering availability to all homeowners. Finally, Colorado has many strong utility-level solar incentives. Taken together, it becomes clear that going solar in Colorado is a great idea.

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