If you’ve been thinking about going solar, there truly has never been a better time or place. Colorado is one of the most proactive states when it comes to solar energy, and the popularity of these systems is only rising. From the large savings on your utility bill, to the tax and rebate incentives that make solar panels affordable for every homeowner, the time to go solar is now. Here’s a breakdown of some of the top benefits for solar panels here in CO.
Lower utility bill? Tax deductions? What’s not to love?
The bottom line is that solar saves you money, both in the short term and for years to come. Coloradans pay an unusually high average price for power, and that rate will only continue to grow as energy rates and population go up. However, solar power can help fix this problem. Over a span of 20 years, solar energy can save the average consumer over $14,000. On top of this, a federal bill passed in 2015 ensures that Colorado homeowners are allowed to deduct 30 percent of the cost of installing solar panels from their federal taxes, creating a cost-effective installation. Because of this and other cash incentives it can take as little as four years for solar panels to pay for themselves. Thus, the savings from solar energy combined with the low-cost installation saves money in the long run.
Rebates and Tax Incentives
It has long been said that Colorado has 300 days of sunshine each year, which is the perfect framework for getting the most out solar energy. Additionally, Colorado is one of the top ten states which offer the most incentives for using solar. In fact, CO has declared a state-wide goal to be 30% dependent on renewable energy by the year 2020 which means that solar is going to be one of the most demanded and implemented systems for residential and commercial properties in the upcoming years. Colorado is also one of the few states that offers many rebates and tax exemptions for solar:
A variety of organizations and utilities across Colorado offer rebates of up to $4,000 on solar panels. There are many options across Colorado for rebates and other cash incentives for encouraging sustainability though solar energy, so be sure to check them out. Through these incentives, solar installation pays for itself.
Another incentive is that solar panels increase the value of a Colorado home. Yet despite the value increase, solar panels are exempt from property taxes. Thus, solar energy in Colorado can help the value of a home. Similarly, solar panels and installation are exempt from sales tax in Colorado, which is yet another bonus.
However, the truth is that while the rebates and tax exemptions on solar power are great now, recent years have seen such incentives dwindling. It is important to act fast in order to get in on these benefits.
While solar energy ultimately saves you money, its importance for the environment cannot be understated. The use of traditional electricity encourages dependence on fossil fuels, which are not only a limited resource, but emit dangerous greenhouse gasses. These gasses can be detrimental to both the environment and to human health. Thus, solar energy not only protects your wallet, but our beautiful state of Colorado.
Solar panels can truly make a difference for every household, just by sheer numbers. The financial savings and long-term sustainability makes residential solar panels one of the smartest investments that someone can make.
If you are looking for a solar panel company in Colorado, CRJ Contractors has your back. We service many areas throughout the state, including Colorado Springs, Fountain, Pueblo, Monument, and more. We also provide FREE energy audits on your home, so that you can see the exact numbers for your exact home. Contact us today to get started!