Solar Panel Cost Guide in Princeton, IL (2023 Update)
- Princeton Solar Installation Cost: $12,307
- 25-Year Savings: $11,875
- Payback Period: 12.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Princeton
Find out what the average cost of solar panel installation is in Princeton.
Although the national average of solar panels is $2.66 per watt, solar panels in Princeton generally cost around 2.73. The average Princeton homeowner needs a 6.4-kilowatt system, which would cost about $12,307 with the federal tax credit, or $17,599 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what company you go with. With average savings of about $14,000 on electricity bills over 20 years, many homeowners in Princeton find installing solar panels can pay off big.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,340 |
| 3 years | $-9,405 |
| 5 years | $-7,470 |
| 7 years | $-5,536 |
| 9 years | $-3,601 |
| 11 years | $-1,667 |
| 13 years | $268 |
| 15 years | $2,202 |
| 17 years | $4,137 |
| 19 years | $6,071 |
| 21 years | $8,006 |
| 23 years | $9,941 |
| 25 years | $11,875 |
Top Solar Installers in Princeton
When switching to solar energy, many homeowners choose to use a solar installer since DIY solar panel installation can be a challenging project. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be best for your home.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Princeton
Factors that Affect Solar Panel Costs in Princeton
There are many factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Princeton average.
Solar Financing Terms
Most solar companies in Princeton have solar loans, which reduce the initial cost of installing solar. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Princeton is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services at different price points. Additionally, some companies in Princeton know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $10,592 | 13.2 years |
| 8 kW | $2.78 | $15,594 | $14,428 | 13.0 years |
| 10 kW | $2.73 | $19,110 | $18,418 | 12.7 years |
| 12 kW | $2.68 | $22,473 | $22,560 | 12.5 years |
| 14 kW | $2.62 | $25,684 | $26,855 | 12.2 years |
| 16 kW | $2.57 | $28,741 | $31,303 | 12.0 years |
| 18 kW | $2.51 | $31,646 | $35,904 | 11.7 years |
| 20 kW | $2.46 | $34,398 | $40,657 | 11.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Princeton, IL Solar Cost FAQs
How much does it cost to install solar panels in Princeton?
The average cost of solar panels in Princeton is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Princeton?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Princeton?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.