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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Princeton

Here’s how much it might cost to install solar panels in Princeton.

In Princeton, solar panels cost about 4 per watt on average.Because a 7.2-kW system is needed to cover the energy costs 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.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of solar system you choose, your solar contractor and more.But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $21,000 over 20 years on power bills.

To see your potential ROI and connect with a local solar expert, 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

Putting up solar panels yourself can be a dangerous undertaking, which is why getting a solar installer is a good option for many homeowners. Some solar companies, especially local ones, can help you take advantage of incentives in Princeton, therefore optimizing your ROI.

Working with a licensed solar installer can make going solar easier. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

The cost of installing a solar system in Princeton can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

One of the most significant 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 consumes, the larger your system will likely need to be. You can expect to spend around $4,030 per kilowatt in Princeton.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Princeton, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Princeton homeowners decide to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of loans, including the amount of 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in Princeton is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services at different costs.The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

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 pick the right company for you, here are some tips to keep in mind:

  • Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
  • Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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, MN Solar Cost FAQs

What is the average cost of installing solar panels in Princeton?

This is a hard question to answer exactly, because the cost depends on a few different 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Is it better to lease or buy solar panels in Princeton?

Leasing solar panels can be an option if you are unable to pay upfront or secure 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.

Can solar panels eliminate my power bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 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 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.

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