The Cost and Benefits of Solar in Boulder
Although the cost of installing a solar panel system has significantly fallen over the past several years, most homeowners still find it to be a significant expenditure. When estimating the cost and the amount you can save, there are a number of things to take into account, such as:
- Energy consumption: For households with modest energy needs, installing solar panels could be an expensive investment.
- How much sunlight your roof gets: Your roof’s design and this have an impact on how much energy your solar panels can generate.
- Incentives: You may subtract 30% of the cost of installing your solar panel system from your taxes thanks to the federal solar investment tax credit, which can help you save some money. Additionally, you can save around $19,000 on your energy costs over the course of 20 years, excluding incentives.
- Choice of solar panels: Your final cost will vary depending on the kind of solar panels you require. Although high-efficiency monocrystalline panels are more expensive up front, they may result in greater savings over the course of your system’s lifespan. If efficiency is not a priority, you might choose a greater number of more cheap panels.
Although a solar panel system is expensive up front, you can save significantly more money over time. However, the answer to that question is dependent on a number of variables, including the type of solar panels you purchase and your existing electricity costs.
Impact of switching to solar in Boulder
|20 -year savings||$10,346.57|
|Payback period||9.6 years|
|CO2 emissions prevented||217,553 lbs|
|Miles driven equivalent||278,914 mi|
Solar Incentives in Boulder
Federal, state, local, and even certain utility corporations all provide incentives to encourage the use of solar energy by making it more economically viable and widely available. For the tax year that your solar panel system is operational, you are eligible for the federal solar investment tax credit (ITC). The ITC may also be combined with other regional incentives. See our post on solar subsidies for detailed information on the incentives that apply to you.
Environmental Impact of Switching to Solar in Boulder
There are several benefits to switching to solar electricity, including lower utility costs and a smaller carbon footprint. You might be wondering how much going solar actually benefits the environment. The more energy your home consumes, the more beneficial converting to solar will be for the environment because you won’t need to use as much nonrenewable energy. In fact, you could anticipate a 100 pound annual reduction in carbon dioxide emissions if you switch to solar power. The initial cost of solar is a small amount to pay for offsetting your carbon emissions for those who care about the environment.