Solar Panel Cost Guide in Princeton, NJ (Mar 2023)
- Princeton Solar Installation Cost: $9,152
- 25-Year Savings: $8,698
- Payback Period: 12.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Princeton
See how much it might cost to make the switch to solar in Princeton.
The national average cost of solar panels is $2.66 per watt, but in Princeton it's 2.77 per watt. The average solar panel system size in Princeton is around 4.7 kilowatts, meaning a cost of about $9,152 for a solar installation, or $13,087 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $14,000 in savings on energy bills over 20 years.
Click the button below to get connected to a reputable solar company in your area for a custom estimate.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-8,438 |
| 3 years | $-7,010 |
| 5 years | $-5,582 |
| 7 years | $-4,154 |
| 9 years | $-2,726 |
| 11 years | $-1,298 |
| 13 years | $130 |
| 15 years | $1,558 |
| 17 years | $2,986 |
| 19 years | $4,414 |
| 21 years | $5,842 |
| 23 years | $7,270 |
| 25 years | $8,698 |
Top Solar Installers in Princeton
When going solar, many homeowners decide to hire a solar installation company since putting up solar panels yourself can be a difficult project. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your family.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
For many Princeton homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Princeton, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Princeton have solar loans, which reduce the initial cost of installing solar panels. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Princeton, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, 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 | $2.88 | $12,099 | $10,611 | 13.3 years |
| 8 kW | $2.83 | $15,822 | $14,459 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,461 | 12.8 years |
| 12 kW | $2.71 | $22,803 | $22,618 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,931 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,399 | 12.0 years |
| 18 kW | $2.55 | $32,110 | $36,022 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,800 | 11.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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, NJ 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 a variety of factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Princeton?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Princeton?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.