What is Solarize Summit?
Between April – June 2020, HC3 and Summit Climate Action Collaborative are offering local residents and businesses a limited-time discount on solar panel installation. This is a community program, so the more people that go solar, the more everyone saves.
Make 2020 the year you solarize.
What does it cost?
In 2019, systems ranged in cost from $7,500 – $50,000 (before rebates and tax credit). Generally speaking, the smaller and more efficient your home, the smaller the system you’ll need. Here’s sample pricing for an average sized house with an average sized system:
Home size: 2,066 square feet
System size: 6.82 kW (22 panels)
Electricity offset: 110%
Total cost: $23,461
Federal tax credit: $6,100
Local government rebate: $1,500
Solarize rebate: $500*
Cost after rebates + tax credit: $15,361
Estimated annual electricity bill savings: $1,200
Payback period: 13 years
The annual utility bill savings assumes that electricity costs won’t increase over time, but that’s unlikely. As the cost of electricity increases, your payback period will decrease.
* The Solarize rebate will range between $150 – $500, depending on how many people participate in the program this year.
Worried about paying for solar?
In 2019, most participants chose to finance their systems with no money out of pocket. Typically, the monthly on-bill credit you receive from Xcel Energy will offset the recurring financing costs.
Additional saving and benefits to going solar
- Federal Tax Credits – The federal solar tax credit allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. After 2019, the tax credits for solar began to decline. Unless Congress intervenes, the tax credit is set to expire in 2022. Learn more with this great explanation from Energy Sage.
- Increase the value of your home without increasing property tax – Thanks to the state’s sales tax exemption Colorado homeowners who install solar energy don’t have to pay a dime in property taxes on the thousands of dollars solar adds to the value of your home.
- Helps support local climate and renewable energy goals – Breckenridge, Frisco, and Summit County Government all have 100% renewable energy goals, and people who Solarize help our community achieve these goals.