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Colorado Solar Rebates
Colorado has made clean solar a reality for business and home owners. The state offers heaps of generous solar panel rebates and solar incentive programs for homeowners who install solar panels and other forms of renewable energy systems in their homes.
In 2004, Colorado passed a ballot initiative creating a state-wide Renewable Energy Portfolio Standard (RPS). Because of this, Xcel Energy and other investor owned utilities must obtain at least 4% of their renewable energy mix from solar power. By 2020, the RPS aims to require large utilities to generate 30% of their electricity from renewable energy sources.
Colorado’s commitment to the environment helps make it one of the best markets for solar power in the United States. They actively promote solar power and clean energy use. As a result, Colorado passed legislation to authorize counties and municipalities to extend solar rebates and solar credits
to residential homeowners who install solar panel systems.
On top of a 30% federal investment tax credit for solar panel installation, Colorado offers multiple solar incentives to make solar installation affordable for all. The Colorado Residential Renewable Energy Rebate Program, offered through the Governor’s Energy office, grants an incentive of up to
$1.50 per watt.
Colorado’s largest utility, XCEL, offers a straight Colorado solar panel rebate of $1.75 per watt. The second largest utility, Black Hills Energy, extends a solar incentive of up to $2.00 per watt. Both of these are payable upfront. A qualified solar installer will know the precise details of how these solar power incentives apply to you. Aquila and Aspen energy companies also offer solar rebates of up to $2.00 per watt.
Renewable Energy Credits, or RECs, are also available for Colorado residents. These are environmental credits earned for utilizing green energy and helping the environment. RECs are calculated based on the assumed value your home solar panels will produce based on a 20 year time span. Your utility will purchase all the RECs scheduled to be produced.
On top of the many solar panel rebates, other options are available to avoid paying upfront costs for home solar installation. Property Assessed Clean Energy (PACE) financing may be available. With PACE, the upfront costs of your Colorado solar panel system are eliminated through a tax
assessment applied to the property and paid off over 20 years. If you move, the payments are transferred to the new owner.
Solar financing and solar lease options are available if the upfront solar installation costs seem too high. Solar lease options allow homeowners to install a solar panel system with no initial out-of-pocket expenses. Colorado homeowners can simply lease solar panels for a fee over a set amount of time. Low interest rates exist for financing a home solar panel system. Home equity loans are another financing option. A certified solar installer will be able to provide up-to-date information on all available possibilities to make a home solar panel system affordable. A qualified solar installer will ensure you receive optimal returns on your investment in clean solar power.
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SOLAR PANELS
