Did you know that solar panel prices have dropped 36% in the last five years in Colorado? The secret is out — solar is how Colorado homeowners are battling unpredictable electricity rates, reducing their carbon footprint, and even increasing the resale value of their homes.
But you may still be wondering, are solar panels worth it here in Colorado? Are solar panels worth the investment? What about if there are incentives to having solar panels installed on your roof, or even on your property? Here is everything you need to know about going solar throughout Denver, Pueblo, Aurora, and Colorado Springs.
Solar Panel Installation Financial Incentives
There are still significant incentives for solar panels that will reduce the cost of installation. These incentives come in the form of government tax credits, energy bill credits (often called net metering), and even some utility rebates.
The Federal Solar Tax Credit in 2020
Coloradans looking to go solar have been wondering what happens to the Federal Solar Tax Credit in 2020. There are still big savings offered by this tax incentive, also known as the Investment Tax Credit, or the ITC for short. This is a solar panel tax credit that allows homeowners to claim a 26% tax credit of their total solar installation costs from their federal tax liability.
So let’s say your solar installation costs totaled around $30,000. When all is said and done, you could deduct $7,800 from what you owe in federal taxes when you file in April of 2021. Plus, if that tax credit covers more than what you owe, you can roll the remaining deduction over into the next year so that you don’t lose out on this tax incentive.
After 2020, the solar tax credit will drop down to 22% and then will be eliminated for homeowners in 2022. So take advantage of the 26% tax credit in 2020 when you go solar in Colorado!
Utility-Offered Solar Incentives & Net Metering in Colorado
Power utility companies in Colorado are offering financial savings for customers looking to use renewable energy to power their homes. If you are a customer of Xcel Energy or Colorado Springs Utility, you can earn a per-watt rebate or energy bill credit based on your solar production.
For customers of Fort Collins Utility, you can cash in on a rebate of $1,500 on the cost of your solar panel installation, plus additional energy bill credits for your excess solar production in a process called net metering. Get more information on our Colorado Solar Rebates page.
Keep the Lights On When You “Go CAM Solar”
There is a lot that goes into designing a customized solar PV system — and it all depends on the energy goals you have for your home. Are you wondering how efficient solar panels are, and which panels will be the best for your Colorado home? CAM Solar offers the best solar panel brands around:
Panasonic HIT Solar Panels
As an Authorized Panasonic Solar Installer, we install the HIT line of solar panels, known for its superior drainage design and solar panel temperature coefficient. Read more about Panasonic HIT solar panels here.
Hanwha Q Cells
For homeowners throughout Colorado, CAM Solar installs Hanwha Q Cell solar panels - made in the USA. These panels are especially aesthetically pleasing, compared to the industry standard. But the real reason CAM Solar installs Hanwha solar panels is for their impressive and efficient technology.
Looking to power your home with renewable solar energy 24/7, and keep the lights on even during a power outage? CAM Solar is now a Certified Tesla Powerwall Installer and can now integrate a Powerwall battery storage with your solar PV system, so you can power your home off the grid with the best in solar energy storage.
See What Going Solar Might Look Like with Our Solar Calculator
Have you ever wondered how much you could save over the expected 25-year lifespan of a solar energy system? Or maybe you’re wondering how much value solar panels add to a house. Our solar calculator can give you all that information, as well as a projection of your carbon footprint reduction.
Plus, if you want to get an estimate of the cost of your solar panel installation, just fill out the form on the right side of the calculator and we’ll get back to you with a customized quote!