Colorado is one of the sunniest states in the country and ranks 13th for installed solar capacity nationwide. Abundant sunshine makes solar panels more productive, which can increase your electricity bill savings. Colorado also offers solar incentives such as tax exemptions and rebates for home solar systems, helping to lower the cost of going solar.

Unlock monthly utility savings and lower carbon emissions in the new year

Embrace the benefits of solar energy in 2024 as we usher in a new era of affordability, sustainability, and financial gains. This year presents a prime opportunity to harness the power of the sun, unlocking substantial monthly utility savings while curbing carbon emissions.

Home solar energy not only slashes electricity bills significantly but also pays for itself over time, offering a solar payback period that ensures years of essentially “free” electricity. Explore the environmental advantages, government incentives, and the potential to increase your home value by investing in a solar energy system.

Discover why 2024 stands out as a pivotal year to join the solar revolution and propel your home into a greener, more economical future.

What are the benefits of home solar energy in 2024?

Save money on utility bills

Home solar energy systems can significantly save money on monthly utility bills. By harnessing energy from the sun, solar panels generate electricity and reduce dependence on grid power. Over time, the savings on electricity bills accumulate as homeowners generate their power, reducing or eliminating the need to purchase electricity from the grid.

Additionally, some regions offer time-of-use billing, allowing solar-powered homes to capitalize on peak sunlight hours when electricity rates are typically higher. In some areas, excess energy produced during sunny periods can be fed back into the grid, earning homeowners credits or monetary compensation through net metering programs.

While the extent of savings depends on factors like system size, local energy rates, and sunlight availability, home solar energy systems are widely recognized as a cost-effective and environmentally friendly investment that contributes to long-term financial benefits for homeowners.

Solar pays itself off

Home solar energy systems save you money off your utility bills every month. As these savings add up, the money you save will exceed the original cost of your solar system. This is known as the solar payback period.

Customers see payback periods between 4-10 years, depending on the situation. The average lifespan of a solar energy system is 20-25 years. This means you can enjoy essentially “free” electricity for years.

Live environmentally friendly

Solar energy is a clean energy source, producing electricity without emitting carbon dioxide into the atmosphere. Most states in the U.S. rely on non-renewable energy sources for the majority of their power. Meaning if you draw electricity from the utility grid, your home is being powered by burning fossil fuels.

Solar panels rely on abundant sunshine to generate clean electricity without polluting our air or water supply. Custom solar panel systems can power your home with clean, renewable energy for decades. This can reduce your carbon footprint and help you lead a sustainable lifestyle that benefits your environment.

Government incentives ease the costs

The federal solar tax credit, also known as the Investment Tax Credit (ITC), is a dollar-for-dollar reduction in income tax owed. The ITC can be claimed on federal income taxes for 30% of the cost of a qualified residential solar system. The credit is set at 30% of the installation costs. After 2032, this percentage slowly decreases. There is no maximum to the amount that can be claimed.

Homeowners are eligible if they own the solar energy system and the system is new or being used for the first time. The credit covers various expenses, including solar panels, contractor labor costs, balance-of-system equipment, storage batteries and sales taxes on eligible expenses.

Colorado introduced a state sales tax exemption for renewable energy systems in July 2006, which includes heat pumps and lithium-ion batteries. As a result, you will not get charged the state’s 2.9% sales tax when purchasing solar panels or other eligible technologies.

The sales tax exemption is offered as an immediate discount for Colorado homeowners who switch to solar. Assume you pay $16,000 for a rooftop solar system. With the exemption, a 2.9% sales tax of $464 is exempt from your purchase.

The solar tax credit will be around for a while — but the sooner you go solar, the more you can enjoy financial savings. Don’t wait to start your solar journey and take advantage of these incentives in 2024.

Increase your home value

Solar energy systems can significantly benefit homeowners by increasing the value of their homes. The installation of solar panels is considered a valuable home improvement that enhances property appeal and attracts environmentally conscious buyers. Homes equipped with solar energy systems are often viewed as more energy-efficient and cost-effective, appealing to a growing market of eco-conscious individuals.

Several studies have consistently demonstrated a positive correlation between solar installations and increased home values. Potential homebuyers recognize the long-term cost savings associated with solar power, as it reduces or eliminates electricity bills.

The environmental sustainability aspect of solar energy aligns with the preferences of modern homebuyers who prioritize eco-friendly features. As solar technology advances and becomes more mainstream, homes with solar panels are likely to enjoy a competitive edge in the real estate market. Investing in a solar energy system not only provides immediate financial benefits but also enhances the overall value and marketability of a homeowner’s property.

Why is 2024 a good year to go solar?

Going solar in 2024 is cheaper

Sunshine is free, however the technology to convert sunlight into electricity is not. Fortunately, the costs of solar panel technology are decreasing. Home solar energy systems have become more affordable thanks to increased demand, more supply, technological innovation and government incentives. Renewable energy is on track to become even cheaper.

The Inflation Reduction Act’s clean energy incentives, particularly the federal solar tax credit, led to a drop in solar panel prices, making them more accessible for American homeowners. The federal tax credit provides a decade of certainty, fostering industry growth and long-term investments. Despite temporary disruptions in solar prices due to supply chain issues, the overall trend of falling costs is anticipated to persist, driven by advancements in the solar industry.

Economies of scale and potential domestic manufacturing developments are expected to further reduce solar panel prices and address international supply chain challenges. Technological innovation and broader supply have contributed to lowering the price of solar.

Increasing cost of electricity

Consumers should expect the cost of electricity to continue climbing in 2024. Utility electricity prices are expected to rise in the new year, though at a lower rate than the previous two years.

When it comes to electricity bills, especially from the state’s largest provider Xcel Energy, the trend has gone in only one direction — up.

Since 2019 the average monthly residential bill, for 600 kilowatt-hours of electricity, has risen 38% to $92.12, based on company figures. Utility bills are one of the biggest regular dings to any household’s budget, and with every Xcel announcement, the High Cost of Colorado marches upward. 

“We know it is going to go even higher as we go to renewables and they phase out coal-fired plants,” said Levis, whose office was the predecessor to the Office of the Utility Consumer Advocate..

The rise of electricity prices every year is normal — however, the rate has rapidly increased — shocking consumers without time to react. The reasons for these increases include the increased cost of natural gas and oil, extreme weather and aging infrastructure. Fortunately, solar energy reduces your dependence on utility companies and fluctuating prices.

How can I go solar in 2024?

Schedule to talk to an expert

Schedule a free consultation to receive a personalized, custom quote for your home. The process involves providing essential information, such as your name, address and a copy of your last utility bill.

Using accurate satellite imagery, our advisors can remotely measure your roof, analyze sources of shade and make informative recommendations.

Submission of last month’s electrical bill helps your advisor understand your home’s energy usage and needs. During your consultation, make sure to mention if you plan to add an electric vehicle, electric appliances or other improvements that will affect your energy usage.

The consultation also covers various payment methods, including financing options with the flexibility of a down payment or the choice of a zero down payment. The conversation aims to educate homeowners about solar technology and payment preferences, fostering an informed decision-making process.

Get a free solar quote

During your consultation, Enact’s energy advisors will have drafted a custom solar estimate for your home. This quote will include an initial design, utility and financial estimates and outline the next steps. During your consultation, you can discuss the proposal and address and questions or concerns.

Dauntless customers have access to a variety of financial options – including upfront cash payments or financing options. Customers can find financing options from their provider or through Dauntless

Technical Site Visit

Our team will work with you to schedule a time to have a qualified site technician come to your home. The technician will confirm the size and solar access of your rooftop. This step is important to ensure you get the right system for your home and determine your roof’s integrity.

If we find you need roof repairs or a new roof that incurs unwanted costs, you are free to walk away.

Engineering & Design

After your technical site visit, the we will compile the final designs and purchase agreement for you. Our team will work with you to finalize all of the details for your solar installation and answer any questions.

Permitting & Approvals

Our Project Operations Team will work to obtain all the necessary local permits and approvals to install and interconnect your new solar system. This involves working with your utility company and local government to ensure your system is safe and compliant.

Installation

Dauntless Solutions is trusted local solar installer and will complete all civil and electrical work necessary to install your new solar system promptly. We offer a 5 year workmanship guarantee.

Testing & Approvals

We will coordinate all system inspections requested by the utility company and local electrical inspector. After. your system is installed, local officials need to determine whether the system is safe — not only for your home but can safely integrate with the electrical grid.

Once your system is approved by local authorities, the fun part begins — your system will be turned on and power your home. Your Enact energy advisor will walk you through the process of turning on your system. After that, you can enjoy decades of utility savings and sustainable living.