Solar Energy Makes Financial Sense
Lower Your Energy Bill
By installing a solar system, you become your own energy provider, reducing electricity costs for the next 25+ years. Most utility companies will track your electricity generation through net metering and should credit you for the excess solar power you produce.
Over the past five years, the cost of electricity has risen on average 5% nationwide each year. Solar power can help offset these increasing costs. By producing your own electricity, you:
Increase the value of your property
- Gain financial security by increasing energy independence
- Reduce your exposure to rapidly-accelerating utility costs
A solar system is a home improvement that can reduce your energy costs and should increase the value of your home.
It's more affordable than you might think
- Investments in energy efficiency are traditionally valued based on how quickly the investment pays for itself
- This investment in solar for your home adds value to your property - according to the National Appraisal Journal, every $1 saved in annual utility bills adds roughly $20 to your home's resale value
The size and cost of your solar installation depends on your electricity bill and energy savings goals.
Current incentives lower the cost even further
- Solar systems don't necessarily need to offset 100% of your energy needs - partially offsetting your electric bills will still generate savings for your home
- In some cases, a home's solar system has been able to generate twice as much savings as the installed cost was to the homeowner, over the lifetime of the solar system
With new federal, state, local and utility incentives, solar is more affordable than ever before. The federal tax credit for residential installations reduces your upfront cost by 30% through 2016. Here in the Denver Metro area, and the rest of Colorado, Xcel Energy's Solar*Rewards Program provides incentives for customers who install grid-connected photovoltaic (PV) systems sized up to 120% of the average annual load of their homes and facilities. Xcel Energy Solar*Rewards has paid over $245 million dollars in incentives to customers, and more than 110 MW of solar has been installed in Colorado through the program.