Solar Panel Cost Guide in Princeton, MN (Feb 2023)
- Princeton Solar Installation Cost: $14,274
- 25-Year Savings: $25,033
- Payback Period: 9.1 Years
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Top Solar Installers in Princeton
Although you can install solar panels yourself, it requires extra effort and knowledge. For that reason, most homeowners choose to hire a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for you.
If you're looking for a solar company in Princeton, we've organized a list of our top suggestions here:
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 dependent on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,840. The brand and type of equipment you get 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Princeton, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. Though solar loans make switching to solar energy more accessible for Princeton homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Princeton, and each can charge different amounts for labor and equipment. Additionally, some companies in Princeton know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. 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||$2.95||$12,405||$20,435||9.4 years|
|8 kW||$2.90||$16,222||$27,564||9.3 years|
|10 kW||$2.84||$19,880||$34,853||9.1 years|
|12 kW||$2.78||$23,379||$42,300||8.9 years|
|14 kW||$2.73||$26,719||$49,907||8.7 years|
|16 kW||$2.67||$29,900||$57,673||8.5 years|
|18 kW||$2.61||$32,921||$65,598||8.4 years|
|20 kW||$2.56||$35,784||$73,681||8.2 years|
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: The model of solar panel you'd like plays a part in which company you should go with, since different companies provide different panels.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
EcoWatch's Princeton, MN Solar Cost FAQs
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.