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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

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

Find out what the average cost of a solar system is in Princeton.

Although the national average of solar panels is $2.66 per watt, solar panels in Princeton typically cost around $3. Using this figure, a typical 7.2 would cost about $14,274 before the 30% federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $21,000 over 20 years on energy bills.

Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.

Solar savings over time in Princeton

Year Return on Investment
1 years $-12,702
3 years $-9,557
5 years $-6,412
7 years $-3,268
9 years $-123
11 years $3,021
13 years $6,166
15 years $9,310
17 years $12,455
19 years $15,599
21 years $18,744
23 years $21,889
25 years $25,033

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:

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 Technology

Tesla Energy

★★★★★
4.5

  • 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

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

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.

Solar Equipment

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.

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 Technology

Tesla Energy

★★★★★
4.5

  • 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

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

EcoWatch's Princeton, MN Solar Cost FAQs

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

This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

What other factors should I consider apart from cost when buying solar panels?

The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

Is it worth going solar in Princeton?

Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the average daily 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 get between 20 and 35 panels to account for 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.

Follow us