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Going Solar in Colorado

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Incentives to Help You Go Solar in Colorado

With about 300 sunny days a year, Colorado is a great place to go solar.1 As a resident of the state of Colorado, you can save money on installing solar panels and do your part to support renewable energy. We’ll show you how.

The Solar Energy Industries Association ranked Colorado 12th in the U.S. for solar energy. This ranking is based on a variety of factors, including the number of homes that can be powered (301,129) by the installed solar capacity, the percentage of electricity the state gets from solar (3.33%), and the number of solar jobs (7,174).2 The good news is that prices in the state have fallen 40% over the last five years.2

We’ve compiled some solar incentive information for residents of Colorado who want to take advantage of current prices. Installing solar power can provide utility bill savings over time and is a positive step toward protecting the environment.

Utility Incentives

Homeowners who are with specific utility companies in Colorado may be able to take advantage of various incentives.

  • Holy Cross Energy program offers $750 in rebates per kilowatt for the first 6 kW of a system, $500/kW for 6-12 kW, and $200/kW for 12-25 kW.3 Homeowners who install an average 6kW system can save up to $4,500.3
  • Xcel Energy’s 2020 Solar*Rewards® program offers an incentive of $0.005/kWh for residential systems from 0.05-25 kW and an incentive of $0.0375/kWh for systems from 25.01-500 kW. For 2020, capacities of 12 MW and 24MW have respectively been made available for the rewards. Any extra energy that your system produces will be added to the grid and credited to your bill.4
  • Black Hills Energy's PBI (Production Based Incentive)  program offers a performance-based incentive 4 times a year where systems between 0.5-30 kW will receive a PBI of $0.035/kWh ($0.030/kWh for 2021) and systems between 30.001-500kW will receive a PBI of $0.065/kWh ($0.060/kWh for 2021), paid over a 10-year period.5

Net Metering

Net metering enables some solar system owners to feed excess renewable energy from their systems into the local grid, reducing the demand for fossil fuels. In areas where net metering is available, utilities will offer payments, usually in the form of energy credits, to utility customers who sell their excess energy to the grid.

In December 2005 the Colorado Public Utilities Commission adopted standards for net metering.6

Currently, the state policy for investor-owned utilities is to compensate solar customers at the same retail rate that the utility charges residential customers for their electricity usage. This payment only applies to solar customers that, on average, generate more electricity via their solar panels than they use in a given month.7

Any customer’s net excess generation in a given month is applied as a kilowatt-hour credit to the customer’s next bill.7

State Tax Incentive

In addition to the utility-based rebate program, homeowners in Colorado who install solar are exempt from property tax increases that result from installing solar panels.8

PACE Financing

PACE (Property Assessed Clean Energy) Financing is a program that involves loaning the cost of an eligible energy upgrade to a homeowner to be repaid over time through property tax bills. PACE is currently available in Colorado through C-PACE.9

For a complete list of the 122 energy efficiency programs and incentives available in Colorado, including solar energy programs, visit the Colorado Page of DSIRE, a service of the NC Clean Energy Technology Center.

Federal Incentives: Act Now to Get the Most Benefit

As a way to promote clean and renewable energy, the federal government has put in place two nationwide solar incentives that are available to Colorado residents. Homeowners should apply for them shortly after installation is complete. Your LG PRO installer can help you understand these incentives and how to apply.

  • The Federal Solar Tax Credit allows Americans in any state to deduct 26% of the cost of their residential solar installation from their federal taxes, dollar for dollar, through the end of 2020. The ITC then steps down to 22% for projects that begin construction in 2021. After 2021, the residential credit is scheduled to drop to zero, although a commercial and utility credit will remain.10 So lock in your ITC advantage by going solar now!
  • Customers of a public utility can save money at tax time because the money, credits or subsidies they earn are not taxable.11

Discover LG's Solar Concierge to Go Solar in Colorado

Your geographical location, roof orientation, and electricity rates are major factors that influence the amount of savings solar energy can bring you. LG's Solar Concierge offers you a reliable online tool to find out personalized size and saving information, as well as access to our expert energy advisers so you get the right offers for your home. Choose a trusted global brand that offers high power output, high efficiency, long-term durability, and panels that produce power during late afternoons when the angle of light is lower (when utilities may charge more for electricity from the grid). Get peace of mind from knowing that we will be here for you now and for the 25 years guaranteed in our product, performance, and labor (up to $450) limited warranty.

When you go solar, ask for the brand you can trust: LG

Access LG Solar Concierge

References

1. “Colorado Weather", n.d. Web: https://www.colorado.com/articles/colorado-weather.

2. “Colorado Solar.” SEIA. April 29, 2019. Web: https://www.seia.org/state-solar-policy/colorado-solar.

3. HOLY CROSS ENERGY. “Renewable Energy Incentives.” HOLY CROSS ENERGY. HOLY CROSS ENERGY. 4 Mar. 2019 https://www.holycross.com/renewable-energy-incentives/.

4. Xcel Energy. “Solar*Rewards®.” Xcel Energy. Xcel Energy. https://www.xcelenergy.com/programs_and_rebates/residential_programs_and_rebates/renewable_energy_options_residential/solar/available_solar_options/on_your_home_or_in_your_yard/solar_rewards_for_residences.

5. “Black Hills Energy - Private On-Site Solar Program” Black Hills Energy. Web https://www.blackhillsenergy.com/services/colorado-solar-program/private-site-solar-program#:~:text=When%20you%20install%20a%20private,Black%20Hills%20Energy%20power%20grid.

6. “Net Metering.” DSIRE. 30 Nov 2018. Web: https://programs.dsireusa.org/system/program/detail/271.

7. “Midmarket Solar Policies in Colorado.” NREL. 31 August 2020. Web: https://www.nrel.gov/solar/rps/co.html.

8. “Renewable Energy.” Colorado Department of Local Affairs. n.d. Web: https://www.colorado.gov/pacific/dola/renewable-energy.

9. “Colorado C-Pace For Mortgage Holders.” Colorado Commercial Property Assessed Clean Energy. n.d. Web: https://copace.com/mortgage-holders/mortgage-holders-how-it-works/.

10. "Solar ITC", SEIA, Web: https://www.seia.org/initiatives/solar-investment-tax-credit-itc.

11. Federal Government of the United States. "Title 26 - Internal Revenue Code". Federal Government of the United States. Federal Government of the United States. p.520. n.d. Web: https://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapB-partIII-sec136.pdf. 10 Dec. 2018.

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