Solar Panel Cost Guide in Princeton, MN (2024 Update)
- Princeton Solar Installation Cost: $20,259
- 25-Year Savings: $25,030
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Princeton
Here’s how much it might cost to install solar panels in Princeton.
The average cost of a solar panel system in Princeton is 4 per watt.Since a 7.2-kW system is needed to cover the energy needs of a typical home in Princeton, the average price of going solar will be about $20,259 after claiming the federal solar tax credit of 0.
These figures are only estimates, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you want to go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $21,000 over 20 years on power bills.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-18,997 |
| 3 years | $-16,472 |
| 5 years | $-13,947 |
| 7 years | $-11,422 |
| 9 years | $-8,896 |
| 11 years | $-6,371 |
| 13 years | $-3,846 |
| 15 years | $-1,321 |
| 17 years | $1,204 |
| 19 years | $3,729 |
| 21 years | $6,254 |
| 23 years | $8,779 |
| 25 years | $11,304 |
Top Solar Installers in Princeton
Although it's possible to install solar panels by yourself, it takes extra labor and expertise. That's why most homeowners choose to go with a solar panel installer. Another advantage of using a solar installer is that they can help you optimize your ROI by reducing your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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 $20,259, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy 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 offset upfront costs.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Princeton, you’ll have many options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $15,237 | 13.4 years |
| 8 kW | $4.11 | $23,019 | $20,767 | 13.1 years |
| 10 kW | $4.03 | $28,210 | $26,523 | 12.9 years |
| 12 kW | $3.95 | $33,175 | $32,504 | 12.6 years |
| 14 kW | $3.87 | $37,914 | $38,712 | 12.4 years |
| 16 kW | $3.79 | $42,428 | $45,145 | 12.1 years |
| 18 kW | $3.71 | $46,716 | $51,803 | 11.9 years |
| 20 kW | $3.63 | $50,778 | $58,687 | 11.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: If you care about the endurance of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
EcoWatch's Princeton, MN Solar Cost FAQs
How much does it cost to install solar panels in Princeton?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Princeton?
Leasing solar panels can be an option if you can’t afford to 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 home 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.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,094.65 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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.