Solar Panel Cost Guide in Princeton, IN (2024 Update)
- Princeton Solar Installation Cost: $24,508
- 25-Year Savings: $26,565
- Payback Period: 14.4 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Princeton
Find out how much it might cost to go solar in Princeton.
In Princeton, solar panels cost about 4 per watt on average.The average Princeton homeowner needs a 8.5-kilowatt system, which would cost about $24,508 with the federal tax credit, or $35,046 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with.But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $19,000 over 20 years on energy bills.
To receive a free estimate from a top solar installer in Princeton, you can click the button below.
Solar savings over time in Princeton
Year | Return on Investment |
---|---|
1 years | $-23,182 |
3 years | $-20,531 |
5 years | $-17,880 |
7 years | $-15,228 |
9 years | $-12,577 |
11 years | $-9,926 |
13 years | $-7,275 |
15 years | $-4,623 |
17 years | $-1,972 |
19 years | $679 |
21 years | $3,330 |
23 years | $5,981 |
25 years | $8,633 |
Top Solar Installers in Princeton
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make switching to solar power much easier. Solar warranties and repairs are often included in the cost of installation when you hire a solar company too, which can save you more money over time.
If you’d like to go solar but still aren’t sure which solar panel installer to go with, here are our recommendations 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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Princeton
Factors that Affect Solar Panel Costs in Princeton
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Princeton: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $4,100 per kilowatt in Princeton.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Princeton offer solar loans, which reduce the initial cost of installing a solar system.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Princeton, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Companies that 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 choose a company that offers the products, warranties and services you’re looking for 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 | $4.26 | $17,909 | $12,012 | 15.0 years |
8 kW | $4.18 | $23,419 | $16,476 | 14.7 years |
10 kW | $4.10 | $28,700 | $21,169 | 14.4 years |
12 kW | $4.02 | $33,751 | $26,091 | 14.1 years |
14 kW | $3.94 | $38,573 | $31,243 | 13.8 years |
16 kW | $3.85 | $43,165 | $36,625 | 13.5 years |
18 kW | $3.77 | $47,527 | $42,236 | 13.2 years |
20 kW | $3.69 | $51,660 | $48,077 | 12.9 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Princeton, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: If you’re worried about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two 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 positive reviews from previous customers.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Princeton, IN Solar Cost FAQs
How much does it cost to install solar panels in Princeton?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Princeton?
You can’t get solar panels for free in Princeton. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.