Solar Panel Cost Guide in Princeton, IL (2024 Update)
- Princeton Solar Installation Cost: $16,960
- 25-Year Savings: $11,868
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Princeton
Find out what the average cost of solar panels are in Princeton.
The average cost of a solar panel system in Princeton is 4 per watt.Since a 6.4-kW system is needed to cover the energy costs of a typical home in Princeton, the average price of going solar will be about $16,960 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more.With average savings of about $14,000 on power bills over 20 years, many homeowners in Princeton find installing solar panels can pay off big.
Click the button below to get connected to a reputable solar installer in Princeton for a personalized quote.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-16,109 |
| 3 years | $-14,408 |
| 5 years | $-12,707 |
| 7 years | $-11,005 |
| 9 years | $-9,304 |
| 11 years | $-7,603 |
| 13 years | $-5,901 |
| 15 years | $-4,200 |
| 17 years | $-2,499 |
| 19 years | $-798 |
| 21 years | $904 |
| 23 years | $2,605 |
| 25 years | $4,306 |
Top Solar Installers in Princeton
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar company can make your swap to solar power much easier. Another perk of utilizing a solar company is that they can help you maximize your return of investment by bringing down your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
If you’d like to switch to solar energy but still aren’t sure which solar panel company to go with, here are our suggestions for providers near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Princeton
Factors that Affect Solar Panel Costs in Princeton
The cost of installing a solar system in Princeton can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,760. 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. However, more efficient panels could save you more in the long run on your electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Princeton average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Princeton homeowners choose to finance their solar panel systems to make going solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Princeton, and each can charge different amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you want and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $6,093 | 18.2 years |
| 8 kW | $3.84 | $21,477 | $8,545 | 17.9 years |
| 10 kW | $3.76 | $26,320 | $11,208 | 17.5 years |
| 12 kW | $3.68 | $30,952 | $14,081 | 17.2 years |
| 14 kW | $3.61 | $35,374 | $17,165 | 16.8 years |
| 16 kW | $3.53 | $39,585 | $20,459 | 16.5 years |
| 18 kW | $3.46 | $43,586 | $23,964 | 16.1 years |
| 20 kW | $3.38 | $47,376 | $27,679 | 15.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a role in which installer you should choose, since different companies provide different panels.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Princeton?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Princeton is currently $140,933, so you can expect a value of about $5,778 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Princeton is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.