Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Lowered energy bills: You can dodge the premium cost of grid-tied power by producing some electricity at home. Plus, many states provide net metering which can allow you to sell your unused energy back for credits on your bill.
- Reduced carbon footprint: Embracing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Better energy independence: Solar panel systems with battery storage systems operate through blackouts and emergencies, and you won't have to rely on the grid for your safety and well-being.
What Solar Incentives Are Available to Princeton Homeowners?
Governments and utilities often incentivize homeowners for going solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Sales Tax Incentive
Incentive Amount:
All
Incentive Type: Property Tax Incentive
Incentive Amount:
Residential: 100% of the added value
Non-Residential: 80% of the added value
Incentive Type: PACE Financing
Website: floridapace.govIncentive Amount:
Determined locally
Incentive Type: Loan Program
Website: lakelandelectric.comIncentive Amount:
$5,000
Incentive Type: Rebate Program
Website: fkec.comIncentive Amount:
Central A/C: 30%
Ductless Mini Split A/C: 30%
Room A/C: 30 %
Solar Water Heating: 30%
Insulation: 30%
Window Film/Solar Screen: 100%
Caulk/Weather-Stripping: 100%
Cool/Reflective Roof Coating: $25 per 5 gallon bucket
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Princeton
The cost and efficiency of solar panels often depend on the provider that installed them. Consider all of these aspects in your company search.
Licensing and Training
Once an electrical professional in Florida has four years of field experience, including one year as an apprentice, they can pass two exams to earn a CV license with the Florida Construction Industry Licensing Board. Florida also allows electrical contractors to install solar panels, but they may need to subcontract some tasks to a licensed roofer. You should also visit a company's website to learn about its private accreditations. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, backed by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Princeton
Your solar panels' style will influence how much power you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not all solar providers offer these extras, so look for a contractor that installs them if it's essential for you.
Most Princeton homeowners choose solar systems sized for five kilowatts (kW) of electrical capacity. These systems cost about $16,050 to install, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,128 |
| Solar Polycrystalline | $879 |
| Thin-Film | $514 |
| Solar Battery | $722 |
| Solar Home EV Charger | $2,706 |
Financing Solar Energy in Princeton
Solar companies offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are cash payments, solar loans, solar leases and power purchase agreements (PPAs). Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a home or car loan, you'll pay a set monthly rate with as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) permits you to pay a monthly rate determined by the energy you use, akin to an electric bill. We typically don’t recommend these two options because you won't own the panels and cannot use solar incentives. Look for installers that offer several payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Princeton.
A 26% federal solar tax credit applies to new residential solar equipment purchased through 2032. Further incentives may be available through local governments, usually in the form of rebates and special financing programs.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 1.7 years |
| 2 kW | 3.5 years |
| 5 kW | 8.6 years |
| 10 kW | 17.3 years |
Ready to Get a Quote on Your Solar Project?
Please enter a valid 5-digit zip code!
Frequently Asked Questions About Solar in Princeton
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Princeton?
Should I expect a property value increase after going solar?
What if I live in a gloomy or dark
How can I check my property's solar suitability?
How many years does a common solar system last?
What are the signs I shouldn't use a particular solar company for my job?
- High-pressure sales tactics
- Being evasive about references, warranties, credentials and training and cost
- "One-size-fits-all" approach
- Rushing through the site assessment
- No references or testimonials
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from local banks, installer, the government and specialty lenders. You'll need to pass a credit check to qualify for most of them. While the upfront costs are more expensive, and you'll be responsible for taking care of the system, you'll also have complete ownership and can apply for many more incentives.
To share feedback or ask a question about this article, send a note to our Reviews Team at reviewsteam@thisoldhousereviews.com.
