Solar Panels Cost 11k-22k in Princeton, IN | October, 2024

Solar Panels Cost $11k-$22k in Princeton, IN | October, 2024

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How much do solar panels cost in Princeton, IN in 2024?

You will pay $4.05 per watt in Princeton, IN in the month of October, 2024 to go solar.

For every 1000 watts (1 kW) your solar system can generate, you will need to invest, on average, $4,050 for its installation. You can come to this conclusion by applying the rate price cost per watt above. In Princeton, a 5 kW solar installation will cost you, on average, $14,175 after the 30% federal income tax credit. Please note that a more powerful system may be necessary to satisfy your energy demands.

Use the left-hand menu to choose your area and see the typical roof size and the maximum capacity for solar panels on homes in your county. Outlined below are the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Princeton: $14,175US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Princeton: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Princeton: $9,200US Average: $15,784

Solar Potential in Princeton

Estimated system size and solar electricity production per median viable roof in
Princeton.

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

Electricity Costs in Princeton, IN & What that Means for Your Solar Panel Pricing

For energy consumers in Princeton, the average electric bill amounts to $122.71 per month, with a typical usage of 937 kWh. Remember that apartments and smaller homes, which generally have lower energy needs, are encompassed in this statistic.

In October 2024, the average electricity rate in Princeton, IN amounts to 13.1¢ per kWh.

If you’re a typical energy user in Princeton, you may need a solar system sized at 8 kW or larger to take care of all your electricity needs. Upfront, an 8 kW solar installation is around $32,400, with the federal tax credit returning 30% of your investment amount, lowering the cost to $22,680.

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Average solar panel costs by system size in Princeton

Displayed below and to the left, is a comprehensive pricing structure for different solar panel system sizes installed in Princeton. Although a bigger solar installation has a larger expense, it also offers greater electricity savings and larger income tax credits.

The solar panel cost and benefit breakdown, displayed in the calculator below and to the right, is based on an average electric bill of $122.71 in Princeton. Swap the $122.71 with your average electricity bill for more accurate results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,340
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $64
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 4.76 tons a year
  • Equivalent to planting 219 trees a year
  • Equivalent to driving 11,792 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$14,175
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $80
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 5.95 tons a year
  • Equivalent to planting 274 trees a year
  • Equivalent to driving 14,740 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$17,010
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $96
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 7.15 tons a year
  • Equivalent to planting 328 trees a year
  • Equivalent to driving 17,688 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$19,845
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 8.34 tons a year
  • Equivalent to planting 383 trees a year
  • Equivalent to driving 20,636 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$22,680
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $123
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 9.14 tons a year
  • Equivalent to planting 420 trees a year
  • Equivalent to driving 22,631 mi less a year

Princeton Solar Panel Installation Incentives & Rebates | 2024

If you run a small business or farm in a rural area, you could receive REAP Grant support that covers 80% to 100% of your solar or wind turbine installation costs. To see if you qualify, use our REAP Grant eligibility tool.

When it comes to residential solar, almost all people can take advantage of the 30% federal income tax credit, which makes solar a viable option in most regions of the nation. In addition, various regional and state incentives are in place to boost solar energy adoption.

Indiana features 4 solar rebate and incentive initiatives offered by multiple utilities and government organizations.

Renewable Energy Property Tax Exemption

Value:Varies

Property tax exemptions apply in Indiana for solar, wind, geothermal, and hydroelectric power and thermal devices. (Solar devices installed before January 1, 2012 do not qualify for an exemption.) For most generation systems, exemptions will amount to the currently assessed value of the system (adjusted for depreciation.) Solar thermal, HVAC, or pool heating systems will be exempted at a fixed amount equal to parts and labor costs. Unique to Indiana, should the owner sell their property, exemptions will not apply to the new owner. Qualifying taxpayers may claim the exemption by filing Form 18865 with their county. Additional information is available from the Indiana Department of Local Government Finance website.

Community Conservation Challenge

Value:Varies

NOTE: This program is closed to new applicants. Indiana's Community Conservation Challenge is a grant program managed by the Office of Energy Development. Commercial, industrial, or agricultural property owners may be eligible for $20,000 - $80,000 to install new renewable energy systems or make energy efficiency improvements. Projects that may qualify for funding include green vehicles, HVAC, lighting, solar PV/thermal systems, and wind turbines. At least one community must partner with the property owner, and the completed project should be visible to the public eye. Additional information is available from the OED website.

NIPSCO - Feed-In Tariff

Value:Varies

NIPSCO pays feed-in tariffs to distributed renewable energy customers with systems rated for 3 kilowatts to one megawatt of capacity. Monthly compensation will take the form of a bill credit based on the amount of excess energy sent back to the grid. Unlike net metering, NIPSCO has greater control over how much of a customer's generated energy can be considered "excess." This control is to keep the grid stable. Customers must "opt in" to receive tariffs by filling out an application on the NIPSCO website and paying an administration fee based on system capacity; the current fee is $1 per kilowatt plus $25.

Clean Energy Portfolio Standard

Value:Varies

Indiana has adopted a non-binding renewable portfolio standard called the CHOICE. There have been three clean energy targets set with the final goal of sourcing 10% of the state's energy from renewable sources by 2025. Unique to the CHOICE standard, up to 30% of investments can be in cleaner conventional energy (natural gas, CHP, and clean coal). Participation in the CHOICE is completely voluntary. Interested utilities can register with the state's Utility Regulatory Commission to submit business and project plans. As a utility makes CHOICE investments, they will earn Clean Energy Credits pegging energy capacity to a fixed dollar value. Additional information is available from the CHOICE website.

Are solar panels worth it in Indiana?

For those looking to stay in their home past the solar system's payback period, solar panels are a good investment in Princeton. Installing a 5 kW solar system in Princeton, IN will, on average, save you $15,275.4 over 20 years, and you can expect to break even in about 10 years.

The cost of not having solar panels in Princeton, IN

In addition to forgoing the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. Complete reliance on your utility provider isn't always the best idea, as recent examples in the news have shown.

Princeton utilities have reported 1.26 outages per customer per year recently. Outages generally last for an average of 153.35 minutes. During major occurrences like lightning strikes, aging infrastructure, or planned maintenance, these times can extend significantly.

A solar energy system, whether it includes a backup battery or not, could help relieve the burden of future power outages you may experience.

Power Outages

Currently, 0 customers are being tracked in Gibson County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Princeton, IN?

Your Energy Needs - While larger solar panel systems involve a greater upfront expense, the average price per watt drops as the system size grows. It is often useful for consumers to set up a solar system that can generate enough electricity to offset their electric bill, which ensures significant savings.

Make & Model - Solar panels come in a wide variety of makes and models. The contractor’s preference for system makes it important to select a highly rated company. Better quality makes and models often lead to a more favorable long-term experience for buyers.

Solar Panel Type - Monocrystalline panels are broadly acknowledged as the standard in the industry, and for good cause. Even with a higher cost, this technology yield more energy. The majority of installers choose panels constructed using this material.

Your Property - No two homes or properties are the same. Elements like trees, irregular terrain, or other challenges might complicate the installation process. Solar installers nowadays commonly use satellite imagery to evaluate your home and factor in these elements into the preliminary cost estimate.

Labor Rates - The costs related to the varying wages given by companies to their employees are transferred to the consumers. Higher wages typically lead to businesses getting better reviews for their services and customer service.

Permitting & Interconnection - Depending on the location, permitting and utility interconnection fees will influence your installation price. Quality local installers will include these figures in your initial estimates to guarantee transparency.

See what solar panels cost in other IN cities

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Who are the best solar installers in Princeton?

YellowLite

Cleveland, OH(877) 743-8757

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Princeton, IN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Princeton, IN has reached $4.05/W. The installation of a 5 kW solar panel system in Princeton, IN will cost about $14,175 after federal tax credits.

  • At present, there are 4 rebates and incentives available to Indiana residents from various utility and government programs. In addition, nearly all people are eligible for the 30%federal tax credit.

  • Even though paying cash offers the most savings, there are now multiple financing options for solar panels that also make financial sense. Installers often have financing partners and will include this information in your initial quotes.

  • Yes, the average 5 kW solar panel payback period in Princeton, IN stands at 10 years, yielding average electricity savings of $15,275.4 over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01