Solar Panel Cost Guide in Princeton, IN (2023 Update)
- Princeton Solar Installation Cost: $16,020
- 25-Year Savings: $26,565
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Princeton
Find out what the average cost of solar panels are in Princeton.
The national average cost of solar panels is $2.66 per watt, but in Princeton it's 2.68 per watt. To cover the typical energy needs of the average home in Princeton, most homeowners require a 8.5-kilowatt system. Using the figure above, a solar installation costs about $16,021, or $22,910 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you may differ based on the amount of energy your home requires and what company you go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $19,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Princeton for a quote for your home.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-15,878 |
| 3 years | $-15,594 |
| 5 years | $-15,310 |
| 7 years | $-15,026 |
| 9 years | $-14,742 |
| 11 years | $-14,458 |
| 13 years | $-14,174 |
| 15 years | $-13,890 |
| 17 years | $-13,606 |
| 19 years | $-13,323 |
| 21 years | $-13,039 |
| 23 years | $-12,755 |
| 25 years | $-12,471 |
Top Solar Installers in Princeton
Installing solar panels on your own can be a time-consuming task, which is why getting a solar installer is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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
For many Princeton homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Princeton, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Princeton. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 power bills. In addition, extra products, such as solar batteries, can bring your total well above the Princeton average.
Solar Financing Terms
Solar panels can save you money on power bills over time, 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. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you pick will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $18,215 | 9.8 years |
| 8 kW | $2.73 | $15,308 | $24,587 | 9.6 years |
| 10 kW | $2.68 | $18,760 | $31,109 | 9.4 years |
| 12 kW | $2.63 | $22,062 | $37,780 | 9.2 years |
| 14 kW | $2.57 | $25,213 | $44,603 | 9.0 years |
| 16 kW | $2.52 | $28,215 | $51,575 | 8.8 years |
| 18 kW | $2.47 | $31,067 | $58,697 | 8.7 years |
| 20 kW | $2.41 | $33,768 | $65,969 | 8.5 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Reputation: Your solar installer should have a good 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: If you're worried about the endurance of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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
What is the average cost of installing 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 $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Princeton?
A solar panel system isn't free in Princeton, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase your property value?
Installing solar panels on 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 $103,700, which means you can expect a value of about $4,252 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?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.