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Adobe Solar Blog
Adobe Solar Blog
Colorado Solar Economics Work… Go Solar Now Before Xcel Lowers Rebates!
August 26 2011 - 7:00:33:am by Greg
Solar equipment prices have dropped again, making it a great time to go solar before Xcel Energy lowers Colorado solar rebates.
We are offering turn-key 5 kW solar electric systems installed, with 25-year warranty on our solar panels and micro-inverters + online solar panel monitoring for $24,000.00.
Here are the basic numbers:
Installed Solar system Cost: $24,000.00
Xcel Upfront Rebate: $8,750.00
Gross System Cost: $15,250.00
Federal Tax Credit: $4,575.00
Net Solar System Cost: $10,675.00
If this system is mounted facing south on an average roof you can expect it to generate at least 7,175 kWh a year ( or about 600 kWh/month.) So, assuming your Xcel rate is $.12/kWh this 5 kW solar system installed in the Denver Metro area can be expected to save you over $70/month in electrical bills and on top of this you can also expect to receive Xcel REC rebate payments of nearly $24/month for the next 10-years.
If you pay for your 5kW solar electric system in cash your net costs would be $10,675. Not considering any increase in future electric rates you will be saving $94/month ($70 electric savings + $24 10-Yr Xcel REC payment.) So your payback for this system would be 9.4 years (113 months.) After 10 years you would continue to all of the electricity generated by your paid off solar system. It is important to note that your solar electric system at that time would still under manufacturer warranty for the next 15-years.
If you don’t have $11,000 ready to cut loose for solar you can also choose to finance your solar system and pay a bank rather than Xcel for your electricity you are generating with your roof. Rather than leasing your solar from a third-party, you can gain complete electrical independence by owning your own solar electric system. With the historically low interest rates you can get a 15-year 2nd mortgage or home equity line of credit for about 5.5% APR. If you finance $10,675 for a term of 15-years at 5.5% APR interest you can expect a monthly payment of roughtly $63. So even if you finance your solar system you will save nearly 12% of what you currently pay Xcel for electricity.
Either way, the economics are back for solar for a short time until Xcel’s planned solar rebate reduction changes things, which may be before 2012. Now is a great time to go solar in Colorado, help the local enviornment, and hedge your electric costs. Please contact Adobe Solar at 303-339-0308 or complete our contact us form if we can help to design and install a solar electric system for your home!
Owner – Adobe Solar