Solar Panel Cost Guide in Franklin, IN (2024 Update)
- Franklin Solar Installation Cost: $25,125
- 25-Year Savings: $25,779
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Franklin
Let’s have a look at the average cost of solar in Franklin.
The average cost of solar panels in Franklin is 4 per watt.The average Franklin homeowner needs a 8.8-kilowatt system, which would cost about $25,125 with the federal tax credit, or $35,929 before the 0 tax credit is applied.
How much you pay can go higher or lower than the average in Franklin based on a few factors, such as the type of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a sound investment. The average homeowner in Franklin can save about $18,000 on their electricity bills over 20 years.
To get a free estimate from a vetted solar installation company in Franklin, you can click the button below.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-23,800 |
| 3 years | $-21,149 |
| 5 years | $-18,497 |
| 7 years | $-15,846 |
| 9 years | $-13,195 |
| 11 years | $-10,544 |
| 13 years | $-7,893 |
| 15 years | $-5,241 |
| 17 years | $-2,590 |
| 19 years | $61 |
| 21 years | $2,712 |
| 23 years | $5,363 |
| 25 years | $8,015 |
Top Solar Installers in Franklin
Although it's possible to install solar panels yourself, it involves extra effort and handiness. For that reason, the majority of homeowners choose to go with a solar panel installer. Some solar companies, particularly local ones, can help you take advantage of incentives in Franklin, thereby optimizing your ROI.
If you're on the hunt for a solar company in Franklin, the EcoWatch team has compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Franklin
Factors that Affect Solar Panel Costs in Franklin
There are several criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of a solar panel system in Franklin, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $4,100 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they lower your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can play a role in determining your pricing. Franklin’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $11,015 | 15.5 years |
| 8 kW | $4.18 | $23,419 | $15,145 | 15.2 years |
| 10 kW | $4.10 | $28,700 | $19,506 | 14.9 years |
| 12 kW | $4.02 | $33,751 | $24,096 | 14.6 years |
| 14 kW | $3.94 | $38,573 | $28,915 | 14.3 years |
| 16 kW | $3.85 | $43,165 | $33,964 | 14.0 years |
| 18 kW | $3.77 | $47,527 | $39,243 | 13.7 years |
| 20 kW | $3.69 | $51,660 | $44,751 | 13.4 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Franklin, IN Solar Cost FAQs
What is the average cost of installing solar panels in Franklin?
The average cost of solar panels in Franklin is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Franklin?
You can’t get solar panels for free in Franklin. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Franklin, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.