If you are a new homeowner or haven’t seriously considered solar since buying your property, 2024 presents a great opportunity to save on long-term energy expenses in Colorado, Wyoming, and all over the country. From our B-corp-certified solar company in Denver, here are three undeniable reasons why 2024 is a great year to go solar.
3 Reasons 2024 is a Great Year to Go Solar
1. Inflation and equipment prices are leveling.
Living costs in the US have risen in recent years, which can sometimes make it difficult to fathom a large investment like solar. Knowing that solar panels can generate emission-free electricity for over 20 years, the required upfront costs can be high, and in times like these, many fear large cash outlays and high financing rates alike.
Thankfully, the recent spike in national inflation of 6.5% in January 2023 lowered to just 4% at the end of this past year. Looking at this image from the New York Times below, you can see this drop in context with inflation rates over the last few decades.
As inflation rates stabilize, going solar also makes sense financially in 2024 considering:
Solar panel and storage system prices have lowered significantly since the start of the decade and are expected to plunge even further
Interest rates associated with solar financing may not be as severe as those in real estate, auto loans, or other industries
Volatile energy prices, utility dependence, and increased bills due to Time-of-Use rates
2. The solar industry continues to localize.
We have always held a firm belief that local companies (in Colorado, Wyoming, and all over) can provide the best possible service for homeowners, businesses, and organizations saving money with solar power.
Over the years, solar companies in Colorado like Apollo Energy have remained available to help local property owners with new and existing solar systems, while many national installers have come and gone or closed altogether. By choosing an established local company like Apollo, you can ensure a better post-sales experience with local experts who will be available throughout the entire lifetime of your renewable energy system.
3. There are many local financial incentives available.
If you are a dedicated Apollo Energy reader, then you may have seen our last post in 2023, which explored many of the new solar incentives now available in Colorado and Wyoming, such as Xcel initiatives and bonus federal tax credits (on top of the 30% Residential Clean Energy Credit).
As such, the year ahead may find unprecedented savings for those installing solar in the Front Range alongside incentives, programs, and rebates offered through several local governments like Fort Collins, Denver, Boulder, and surrounding cities.
Go solar in 2024 or wait?
With tax credits, local resources, and levelized prices for solar and battery equipment, 2024 is a great year to go solar in Colorado, Wyoming, and many other parts of the world.
If you are a home or commercial property owner who has not yet considered solar as an option to save money on utility energy costs, you can schedule an assessment with a local expert to best determine the value of purchasing or leasing a solar energy system.