Solar Panel Cost Guide in Princeton, IL (2024 Update)
- Princeton Solar Installation Cost: $16,960
- 25-Year Savings: $11,868
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Princeton
Find out what the average cost of solar panels are in Princeton.
Although the national average of solar panels is $2.66 per watt, solar panels in Princeton typically cost about 4.To cover the typical energy needs of the average home in Princeton, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,960, or $24,253 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more.With average savings of about $14,000 on electricity bills over 20 years, many homeowners in Princeton find going solar can be quite rewarding.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Princeton
| Year | Return on Investment |
|---|---|
| 1 years | $-16,109 |
| 3 years | $-14,408 |
| 5 years | $-12,707 |
| 7 years | $-11,005 |
| 9 years | $-9,304 |
| 11 years | $-7,603 |
| 13 years | $-5,901 |
| 15 years | $-4,200 |
| 17 years | $-2,499 |
| 19 years | $-798 |
| 21 years | $904 |
| 23 years | $2,605 |
| 25 years | $4,306 |
Top Solar Installers in Princeton
Although you can install solar panels by yourself, it requires extra energy and knowledge. For that reason, most people choose to go with a solar panel installer. Local solar installers can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
If you're looking for a solar installer in Princeton, the EcoWatch team has compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
Although the average cost of a solar system in Princeton is $16,960, your actual cost may differ. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.The type of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
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 bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Princeton, and each can charge varying amounts for labor and equipment.Additionally, some companies in Princeton have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $3.91 | $16,424 | $6,093 | 18.2 years |
| 8 kW | $3.84 | $21,477 | $8,545 | 17.9 years |
| 10 kW | $3.76 | $26,320 | $11,208 | 17.5 years |
| 12 kW | $3.68 | $30,952 | $14,081 | 17.2 years |
| 14 kW | $3.61 | $35,374 | $17,165 | 16.8 years |
| 16 kW | $3.53 | $39,585 | $20,459 | 16.5 years |
| 18 kW | $3.46 | $43,586 | $23,964 | 16.1 years |
| 20 kW | $3.38 | $47,376 | $27,679 | 15.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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, IL Solar Cost FAQs
How much does it cost to install solar panels in Princeton?
The average cost of solar panels in Princeton is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
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 don’t have access to 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 savings from going solar.
How will solar panels impact how much my home is worth?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 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 install 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.