When you think of Colorado’s climate, you might think of snowy mountain peaks and unforgiving storms. Yet, contrary to what many may believe about Colorado’s climate, the Centennial State is one of the ‘sunniest’ states in the US, garnering nearly 300 days of sunshine every year. This fact, combined with many other incentives and perks, makes Colorado a fantastic location to install solar panels for your home!
What is Solar Panel Roofing?
Solar panel roofing is a roofing style that replaces portions of your roof which would otherwise be covered in shingles with large, energy-generating solar panels. Solar panels take energy from the sun’s rays and convert it into a free, renewable, and environmentally friendly way to power your home. Additionally, these panels still serve the same function as traditional roofing, and they help divert water from your home and protect you from the elements.
This type of roofing is becoming an increasingly popular choice for Colorado residents despite the steep upfront costs of solar roofing. The low costs after the initial investment, however, coupled with the significant savings, environmental impact, and government incentives more than make up for these costs and help explain solar’s popularity in Colorado as a renewable energy system.
Benefits of Solar Panels for Your Home in Colorado
Switching to solar energy offers homeowners a myriad of benefits. Not only do they help save the planet and lower emissions, but they can also save you a significant amount of money and effort in the long run.
Lower Energy Costs
Installing solar power systems on your roof can help to significantly cut down on energy and utility costs by providing you with a free and completely renewable source of energy.
Though solar panel installation involves some out-of-pocket installation costs, most solar panel systems are able to more than pay for themselves over a period of 20 years, with your average savings ranging from $10,000 to $30,000 over that period of time. While you might not be able to cut out utility costs entirely, you can be sure to save on your monthly bills – sometimes, your panels make more energy than your home can use. Excess energy produced by your solar panels will be distributed to other homes on the electric grid, reversing your meter and lowering electric costs!
Establishing Energy Independence
Utility companies offer a necessary service, but that doesn’t mean that you necessarily want to be dependent on them. After all, electric companies hold a natural monopoly, meaning they can determine their prices as they see fit with little-to-no competition to challenge them! Additionally, inflation on electricity can increase your overall costs, year after year.
Fortunately, solar roofing can allow you to break away from these companies and generate your own electricity at a low cost. Depending on the amount of sunlight you get during the year, you may be able to save excess energy through battery storage for nighttime energy expenses. While the amount that you can truly cut off all reliance on traditional energy will depend on the amount of sunlight you receive, your energy needs, and the efficacy of your solar panel system, you can certainly feel the freedom that even small steps towards energy independence can give you.
Mitigate Power Outages
Another major benefit to breaking away from utility companies is that your solar panel system might mean that you’re the only house on the block that can keep the lights on during a power outage. Because you’re not reliant on the power grid, you’ll be unaffected by issues with the grid as long as you have access to the sun. Using energy saved in a home battery, your home can even stay powered up during nighttime outages. This can be extremely helpful if you experience frequent storms or outages in your area.
Reducing Your Carbon Footprint
The fact that solar power is completely renewable and emission-free might be one of the most compelling reasons to make the switch.
Over 60% of all electricity generated in the US is generated by the burning of fossil fuels, so opting to generate your own electricity from an earth-friendly source can help limit your dependence on power that contributes to climate change.
Increase Your Home’s Resale Value with Solar Panels
Knowing all of these benefits, it’s no surprise that homes with solar panels installed will be more valuable to prospective home buyers than properties that still rely on traditional electricity systems. Installing solar panels can increase your home’s resale value by upwards of 4.1%, which can vary depending on the area. Most homebuyers will be happy to know that they’ll be saving on electric costs without having to undergo the hassle of installation, and some discrete and modern styles of solar roofing (like solar shingles) can actually improve the look of your home’s roofing.
Tax Incentives for Colorado Solar Panels
The US government and the State government of Colorado have both recognized the immense value of solar panels for the environment and have created a few tax incentives to encourage home and business owners to take the plunge and switch to solar. That’s right – in addition to all of the savings your solar panels will net you, you can also claim these tax credits and exemptions for your household.
Federal ITC (Solar Tax Credit)
The Solar Investment Tax Credit, or ITC, was enacted in 2006 to encourage property owners to install solar panels and continues to benefit those who have installed solar panels on their homes in 2022. Property owners who have installed a solar energy system on their property in 2021 or 2022 are eligible to claim the tax credit, which offers a refund or reduction in income taxes that is equal to 26% of the cost invested into the solar system.
Currently, the credit is set to decrease to 22% percent for homeowners that begin construction of a solar panel system in 2023, and it will drop to zero for residential property owners after that. However, the Biden administration is looking to renew the federal tax credit, so there may be hope for future solar projects!
State Property Tax Exemptions
In a further attempt to incentivize the building of solar panel systems, Colorado offers a property tax exemption on residential solar panel systems. While homeowners will still have to pay taxes on the property that the panels are attached to, the value of the solar system itself will be excluded from estimations of property tax. Additionally, the state of Colorado allows for local areas to offer county or municipal exemptions or solar incentives for renewable energies as they see fit.
Solar Panels are Exempt from Sales Tax in Colorado
To reduce the initial costs of installing a solar system, Colorado also exempts any purchase taxes involved in the installation, storage, and upkeep of solar panel systems. This can help homeowners, and business owners keep their costs down when embarking on the expensive endeavor that is switching to renewable energy.
PRQ Provides Professional Solar Panel Roofing Installation
Are you sold on solar and looking for a team of trustworthy professionals to help you figure out your next step? Look no further than PRQ Exteriors! Our contractors have extensive experience in the installation of solar systems that fit your needs. Contact us today, and we’ll be more than happy to offer you a free consultation and estimate for your solar roofing project.
PRQ Exteriors sets the standard for roofing companies in the Denver area by providing quality roofing services and excellent customer service built on great communication. If you’re just simply looking to learn more about solar panels and figure out if they are right for you, contact us! We can help answer your questions and offer recommendations for your next steps.