Solar panels in Colorado continue to be a popular option for many homeowners. The Centennial State represents one of the driest states in the country, meaning there are plenty of sunny days to take advantage of to power your home. An opportunity not lost on Colorado solar companies.
But there are a lot of misconceptions that go along with these opportunities. Some myths persist surrounding the cost of solar panels in Colorado, the idea of free panels, how they affect your home’s value and much more.
Whether or not you’re looking to buy today or simply conducting research, it’s important to conduct due diligence beforehand and we’re happy to help with your research. Learn more about solar panels in Colorado and how they can help your home.
Colorado Solar Companies
The team here at Freedom Insurance Group is happy to provide resources for homeowners, which includes some of the top companies offering solar panels in Colorado. But our true expertise is insurance. Nevertheless, here are some of the many options available for solar panels throughout the state:
- Tesla solar panels in Colorado (Tesla Energy)
- ADT Solar
- Photon Brothers
- Blue Raven Solar
- Freedom Solar Power
- Solar Power Pros
We highly suggest, again, conducting due diligence before using any professional services to find the company that works best for your needs. There are several reputable options available to homeowners that can help you learn more about solar and install panels for your home.
Free Solar Panels Colorado
Getting free solar panels in Colorado is a popular idea for homeowners, but it’s important to understand that regardless of what advertisements may lead you to believe, things aren’t quite as clear-cut as they first might seem.
For starters, you won’t find that the government both on a state or federal level is actually offering homeowners compensation for installing solar panels in Colorado. However, while you may not be receiving cold hard cash, there are still Colorado solar panel incentives to be aware of.
In Colorado, solar panel systems enjoy sales tax exemptions and deductions, reducing upfront costs. Additionally, solar energy systems are exempt from property tax, as per Colorado Revised Statutes § 39-3-102, allowing homeowners the potential to increase their property value without incurring higher tax bills.
Although solar panel tax credits from Colorado don’t exist on a state level, homeowners can still benefit from the 30% tax incentive off of the total cost of their solar system received after filing their federal tax return.
Local utility support has played a significant role in the rapid growth of solar energy in Colorado, which is helping homeowners through additional incentives. These incentives provided by electric companies have contributed to the increased affordability of solar panels and their components.
Rewards, incentives, and offers can differ among providers, but they can help you when purchasing solar panels. Additionally, when shopping for solar companies, remember to inquire about available rebates. Reputable installers will inform you about discounts, rebates, and other incentives, and help you with the application process.
Last but not least, there are also incentives and rebates that may be available depending on the area you live in. For example, the City of Fort Collins’ solar rebates that are available for residential solar energy system installations.
Are Solar Panels Worth It in Colorado?
Whether or not Colorado solar panels are worth it or not will always vary from homeowner to homeowner. Here are a few considerations you’ll want to review before committing:
- Your return on investment will not happen overnight. Even with solar panel incentives in Colorado, expect it to take years before the amount of electricity you use equates to the cost of installing your panels.
- Speaking of electricity, keep in mind that you’re going to see a larger return and a quicker return if your home is a higher user of electricity.
One of the biggest reasons that homeowners look into Colorado solar companies is to save on energy costs, but there is also the idea of increasing the home’s value. You may soon realize that when you look a bit closer, solar panels aren’t an automatic increase as some homeowners think.
Do Solar Panels Increase Home Value in Colorado?
No, contrary to what many might say, installing solar panels in Colorado doesn’t always increase your home’s value. Specifically, if you are looking at installing solar panels with the notion that they will automatically increase your home’s value, you would be wrong.
Having solar panels can be a great feature to showcase when it’s time to sell, as their lifetime value can provide savings through cheaper energy bills. But if your prospective buyer isn’t interested in staying in the home for a long enough period of time, or simply not interested in solar at all, you’ll note that it’s a feature that won’t raise your value all that much.
Each person has different features and benefits they look for in homes. For some, a swimming pool is an absolute must. Other homeowners don’t want the hassle. The same can be said for many home features, including solar panels.
How Much Are Solar Panels in Colorado?
The cost of solar panels in Colorado will depend on the number of watts you’ll need. Looking at factors such as the size of your home and its usage will help you determine whether or not you’ll need more or not. But in total, the cost to install solar panels in Colorado can range between $10,000-$50,000+.
Even with solar panel rebates in Colorado or similar incentives, residents will need to fork over a considerable amount of money to make it happen. There are also expenses that can come from other areas, such as protecting them, that will need to be considered by homeowners as well.
How To Protect Your Solar Panels in Colorado With Home Insurance
Installing solar panels in your home is a great choice for many families looking to save money and do their part in reducing their use of the grid. But if you’re adding them to your home, they’re going to need protection just the same as the rest of the property you own.
Fortunately, homeowners insurance in Colorado is the right coverage for protecting your solar panels. You don’t need a separate policy, but if you already have home insurance and are now installing the panels, it’s a great time to revisit your policy.
Most standard home insurance policies (HO-3 policies) will provide you with coverage, but it’s still a good idea to review what is and isn’t covered by your carrier. Furthermore, even if you are covered, you may not have enough coverage now that the solar panels are part of your home.
A common issue homeowners face is having too little coverage for their homes simply from not knowing. Solar panels can cost tens of thousands of dollars and if you haven’t added to your home insurance coverage to account for this, you may find that you’ll face a steep bill to repair following a covered loss.
Damage to solar panels isn’t always available, but being prepared for what may come isn’t difficult. If you’re installing solar panels in Colorado, contact us today to see how we can help you save on coverage and protect your home. You can also get a free, accurate homeowners insurance quote online.