How Solar Panels Stabilize Energy Costs & Save You Money Long Term
How Solar Panels Stabilize Energy Costs & Save
Is Solar Worth it in Colorado?
- September 22, 2023
Solar panels are becoming increasingly popular in Colorado—the state has enough solar installed to power 589,898 homes! You’ve probably seen solar panels popping up on roofs in your neighborhood and started to wonder whether you should make the switch to solar, too.
Solar panels have a lot of benefits, especially in Colorado. We get more than 300 sunny days per year in the Denver area, which makes it possible to produce a whole lot of solar energy.
Keep reading to learn more about the benefits of solar energy and why we believe solar panels are worth it for Colorado homeowners.
Electricity Costs are Going Up
Electricity costs are on the rise throughout the country—if you’re an Xcel customer, you probably felt the sting of time-of-use rates over the summer. Our increased energy needs are also driving up costs. If you recently started driving an EV for example and like to plug in at home, you’re definitely driving up your electric bill.
The good news is that the more money you spend on electricity, the more you stand to save with solar panels. By installing home solar now, you can reduce your electric bills immediately and protect yourself against rising costs.
Solar Is More Affordable than Ever
Electricity costs are going up, but solar panels are more affordable than ever! The cost of a solar panel installation in Colorado has gone down by 43% over the past 10 years. Meanwhile, solar incentives are at an all-time high. The federal solar tax credit was recently increased by the Inflation Reduction Act and is now worth 30% of your total solar installation costs, including battery storage. Many utilities and municipalities also offer solar rebates, and we can help you find out what’s available in your area to help you save.
Solar Saves You Money for Decades
Solar panels are a smart investment with long-term financial benefits. The solar panels we install are warrantied for 25 years and, in most cases, they continue generating electricity for much longer than that. The typical break-even point for solar panels in Colorado is about 8 years (although this will vary from home to home), leaving you with at least 17 years to profit off your investment after you break even.
Energy Security Is Priceless
The financial benefits of solar energy are important, but there’s more to it than that. Installing a solar plus battery storage system makes you resilient in the face of power outages. As extreme weather and increased energy needs continue to put a strain on the electric grid, power outages are going to become even more common than they already are. A solar plus storage system allows you to keep your power on during an outage and can provide emergency backup power around-the-clock until the grid comes back online.
Thanks to a recent expansion by the Inflation Reduction Act, the federal solar tax credit is the highest it’s ever been. With the solar tax credit, you can reduce what you owe when you file your federal income taxes by 30% of your total solar panel and battery installation costs. This tax credit won’t be available forever, so schedule your solar installation now to take advantage of savings!
The Climate Crisis Is Getting Worse
This summer’s heat waves have made the climate crisis top of mind for all of us, and now is the time to take action. Installing residential solar panels and battery storage is one of the best things you can do to help reduce carbon emissions and get the US on track toward a cleaner energy future. The more solar we install, the less fossil fuel we’ll have to burn to generate electricity, and the better off our planet will be.
