Renewable energy solutions are quickly gaining traction in most social circles and the state of Colorado has picked up on the trend. The planet is taking a toll after decades of human impact and our need for seemingly unlimited resources. Due to the global threat of our actions reaching new heights, more people are looking to invest in renewable energy.
Solar Power in Colorado
Making the move to solar power while living in Colorado has never been easier. The state is already listed as the sixth sunniest state in the US. Naturally, the urgency of renewable energy solutions has also affected the affordability of solar equipment. The state of Colorado has seen a 36% solar price drop in the past 5 years already.
Colorado needs to take the environmental approach seriously being a state vulnerable to wildfires, drought, floods, and the loss of alpine ecosystems. As a result, Governor Polis released a Roadmap to 100% Renewable Energy by 2040 and Bold Climate Action plan in May 2019. The plan sees a future where 100% of state electricity generation comes from renewable energy sources by the year 2040.
Additionally, governments will do their part to encourage residents and businesses to take on renewable energy solutions through the use of solar incentive programs.
Solar Incentives Available in Colorado
Property Tax Exemption for Residential Renewable Energy Equipment
The Colorado Property Tax Exemption excludes the added value of a solar panel system in Colorado from the home’s value for tax purposes. To qualify for the exemption, the solar setup needs to be located on a residential property, used to produce electricity from solar energy primarily for use in the residential improvements and have a production capacity of no more than one hundred 100 kilowatts of AC electricity.
State Sales and Use Tax Exemption for Renewable Energy Equipment
Colorado state exempts from its sales and uses tax the sale, storage, and use of components used in the production of renewable energy. This offers residents 2.9% off of their home solar installations.
Local Utility Company Incentives and Solar Rebates
This system allows homeowners to get a cash incentive when purchasing and installing a new solar system in their homes. The amount is dependent on the utility company, solar photovoltaic (PV) system size, location, and personal income of the resident. Examples of the rebates offered in the Centennial state include:
- Holy Cross Energy holds a per-kilowatt (kW) rebate for its customers to reduce the expenses of solar installations. The incentive includes US$ 500 for the first 6 kW which is stepped down for larger systems. Homeowners can save US$ 3000 when installing an average 6kW system.
- EnergySmart Colorado where the offer of rebates varying from US$ 400 to US$ 2500 - depending on where you live - are available for solar installations on homes in Pitkin and Eagle counties, Eagle Valley, the Town of Vail, and Summit County.
Xcel Energy Colorado Solar Rewards Program
Xcel Energy is noted as the top utility net metering program in the state of Colorado. The system allows customers to get credit back from the excess generation on a bill when the amount of energy a solar panel system generates is greater than the amount of energy consumed from Xcel Energy. Customers then receive payment for the excess energy generated.
Solar Tax Credit
There is only one Federal Tax Credit available to homeowners and businesses that install solar PV energy systems that are worth 30% of the cost of installing solar and battery storage systems. The state of Colorado takes it upon itself to provide more incentives for its residents.
The department has a comprehensive guide to making good use of the solar federal tax credit. The ITC will remain at 30% until 2032 and - starting on the 1st of January 2023 - can also be applied to battery storage that isn’t hooked up to solar. This tax credit is worth US$ 6,000 on a US$ 20,000 solar system – effectively reducing the net cost to US$ 14,000.
To apply for the solar tax credit, please follow the steps laid out by the Office of Energy Efficiency & Renewable Energy:
- Consult with your tax advisor to determine if you are eligible for the tax credit and that you have, or will have, a sufficient amount of tax liability to utilize the credit.
- Complete IRS Form 5695. Further instructions on how to fill out this form are given here.
- Attach the 5695 Form to your federal tax return and claim the solar tax credit by filling out the appropriate sections of your Form 1040 federal tax return.
Always be sure to consult with a tax professional or accountant to ensure that you are eligible for the ITC and that you are correctly claiming the credit on your tax return.
5 Great Benefits of Home Solar Power in Colorado
The move to renewable energy solutions can be daunting at times which is why we’ve listed some of the top benefits of making the transition to solar power for your Colorado home:
Solar Savings are Driven by Federal and State Incentives
Solar incentives are financial benefits that are designed to encourage individuals and businesses to invest in solar energy systems. The state of Colorado offers so many wonderful incentive programs and rebates that will ensure that your move to sustainable energy is worth its while by lowering the amount spent on your installation or rewarding you with a tax exemption.
Increases Your Home’s Value
Naturally, the installation of solar panels on a residence will make your home’s marketability skyrocket. Solar panels make homes look more environmentally friendly and sustainable - which is ultimately a great selling point.
Additionally, the panels increase the value of your property by lowering the monthly expenses for homeowners and making the property a better investment. Neighborhoods with solar panels are more likely to have a higher real estate value.
Reduces Your Monthly Energy Expenses
The cost of fuel and utilities is a heavy burden on every citizen. With renewable energy from the sun, you never have to worry about fluctuating fuel prices and electricity bill hikes again. Solar power will easily pay for its installation and help you to reduce your monthly energy costs.
Increased Energy Flexibility with Solar Battery Storage
Take time to enjoy an array of outdoor activities with solar power solutions that are portable enough to keep your devices charged and ready. Live your life off the grid with flexible solar battery solutions that go wherever you go. Keep your home warm and safe even in emergencies such as natural disasters or stormy weather.
Preparation For The Future While Lowering Energy Costs
Installing a solar energy system means a guaranteed return on your investment in the future. The solar panels and equipment you buy will eventually pay for themselves through the reduction of your energy expenses.
Mango Power Solar Generators: A Perfect Fit for Colorado
Mango Power uses advanced technology and intelligent design to provide safe and reliable energy products. The mission is to create a zero-carbon emission future for us all in the future. The Mango Power range of solar generators and equipment is the best choice for your move toward sustainable living.
Mango Power offers sustainable solutions for all your solar power backup needs and the Mango Power E is easily our most impressive portable solar generator.
Key Features of the Mango Power E
- The Mango Power E has an impressive 3.5 kWh battery capacity. This can also easily be expanded up to a 14kWh capacity with additional units.
- The output power ranges between 3000 and 6000W.
- The device features multiple charging methods. Easily charging up to 100% in only 1,5 hours through any of the numerous EV charging stations found around the country, through grid charging, through efficient solar panel charging, and charging through a generator.
- Can be connected to cater to a 240v split phase for heavy-duty appliances.
- Makes use of ultra-durable LFP battery cells that charge faster, last longer, and are more reliable than other traditional NCA/NCM battery cells.
- Features 16 different output ports and 6 different types of outlets.
- A 5-year service life.
Benefits of Using the Mango Power E Solar Generator
Mango Power features an amazing range of renewable energy solutions that will ensure that you stay eligible for a tax credit, solar incentive, or rebate in almost every state. The Mango Power E does all this while still providing many other advantages for users:
Cost Efficient and Environmentally Friendly
The Mango Power E helps you save on utility bills and growing fuel prices. The Mango Power E is also great for the environment. The device provides a 0.79 kg reduction in carbon emissions with every recharge - equivalent to the amount of carbon captured by 48 trees in a day.
Provides Effective Emergency Backup Power
Say goodbye to power cuts with the Mango Power E and ensure seamless power even in a blackout. Keep the lights on, devices charging, and your home warm and safe - no grid cuts will affect you with the Mango Power E in your home.
Portable And Easy To Use
Enjoy an array of outdoor activities and easily keep your devices and appliances charged and functional wherever you are. The Mango Power E is also simple to use and even features a convenient Mango Power app that lets you customize your device’s settings from anywhere.
Appreciate the full range of benefits of solar energy solutions with Mango Power while saving money and the planet.
Choose Mango Power Today!
Make the change to renewable energy using our unlimited resource of the sun with Mango Power. Colorado offers multiple incentives and rebate programs that make sustainable living accessible and affordable for all its residents.
Mango Power is your one-stop solution for superior solar-powered generators and equipment. Maintain your home’s backup power supply with Mango Power for products that are catered to save you money, keep your home powered up, and protect the environment. Make the right choice for your home and choose Mango Power.
Contact Mango Power to find out more about our commitment to a better world by visiting mangopower.com.