Solar Panel Cost Guide in Franklin, IN (2023 Update)
- Franklin Solar Installation Cost: $16,415
- 25-Year Savings: $25,787
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Franklin
Find out what the average cost of a solar system is in Franklin.
In Franklin, solar panels cost about 2.68 per watt on average. Using this figure, a typical 8.8-kW system would cost about $16,415 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 energy system. The exact cost of making the switch to solar can vary depending on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. Despite the significant initial cost, the average Franklin homeowner can save about $18,000 on their energy bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a vetted solar panel company in your area for a custom quote.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-14,727 |
| 3 years | $-11,351 |
| 5 years | $-7,975 |
| 7 years | $-4,598 |
| 9 years | $-1,222 |
| 11 years | $2,154 |
| 13 years | $5,530 |
| 15 years | $8,906 |
| 17 years | $12,282 |
| 19 years | $15,659 |
| 21 years | $19,035 |
| 23 years | $22,411 |
| 25 years | $25,787 |
Top Solar Installers in Franklin
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be time-consuming. The expertise that solar installers offer can be useful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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
For many Franklin homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Franklin, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels 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 largely based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Franklin offer solar loans, which reduce your upfront costs of installing solar. Although solar loans make adopting solar energy more accessible for Franklin homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you choose will affect your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $17,217 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,256 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,446 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,785 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,274 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $48,914 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $55,704 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,643 | 8.8 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, including:
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which company you should choose, since different companies provide different panels.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
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?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Franklin?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
Is it worth going solar in Franklin?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Franklin?
On average, solar panels can last 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 level 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.