Solar Panel Cost Guide in Princeton, KY (2024 Update)
- Princeton Solar Installation Cost: $23,842
- 25-Year Savings: $16,401
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Princeton
Let’s have a look at the average cost of solar in Princeton.
The national average cost of solar panels is $2.66 per watt, but in Princeton it’s 4 per watt.Because a 9.3-kW system is needed to cover the energy usage of a typical home in Princeton, the average price of going solar will be about $23,842 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy consumption, the type of solar system you want to get, your solar contractor and more.Many homeowners find installing a solar system is a sound investment. The average homeowner in Princeton can save around $14,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-22,463 |
| 3 years | $-19,705 |
| 5 years | $-16,947 |
| 7 years | $-14,189 |
| 9 years | $-11,432 |
| 11 years | $-8,674 |
| 13 years | $-5,916 |
| 15 years | $-3,158 |
| 17 years | $-401 |
| 19 years | $2,357 |
| 21 years | $5,115 |
| 23 years | $7,873 |
| 25 years | $10,631 |
Top Solar Installers in Princeton
Many homeowners decide to use a solar panel company since trying to install solar panels on your own can be a lot of work. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're searching for a solar installer in Princeton, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Princeton
Factors that Affect Solar Panel Costs in Princeton
While the average cost of a solar system in Princeton is $23,842, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,650. There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Princeton to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.While solar loans make going solar more accessible for Princeton homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Princeton, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Princeton are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $3.80 | $15,943 | $4,430 | 19.6 years |
| 8 kW | $3.72 | $20,849 | $6,316 | 19.2 years |
| 10 kW | $3.65 | $25,550 | $8,406 | 18.8 years |
| 12 kW | $3.58 | $30,047 | $10,700 | 18.4 years |
| 14 kW | $3.50 | $34,339 | $13,199 | 18.1 years |
| 16 kW | $3.43 | $38,427 | $15,902 | 17.7 years |
| 18 kW | $3.36 | $42,311 | $18,810 | 17.3 years |
| 20 kW | $3.29 | $45,990 | $21,921 | 16.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose greatly affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to read your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Princeton, KY Solar Cost FAQs
What is the average cost of installing solar panels in Princeton?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
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 keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average household 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.