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.To account for the typical energy usage of the average home in Franklin, most homeowners require a 8.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $25,125, or $35,929 before the federal solar tax credit of 0 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 installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what solar installer you go with.With average savings of about $18,000 on energy bills over 20 years, many homeowners in Franklin find installing solar panels can be quite rewarding.
To calculate your potential savings and connect with a local solar expert, 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
Many homeowners opt for a solar panel installer since trying to put up solar panels on your own can be a labor-intensive endeavor. Some solar companies, especially local ones, can help you take advantage of incentives in Franklin, therefore optimizing your ROI.
Working with a professional 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
See all of the solar companies in Franklin
Factors that Affect Solar Panel Costs in Franklin
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Franklin: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Franklin, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Franklin homeowners opt to finance their solar panel systems to make going solar more affordable.Even though solar loans make going solar more accessible for Franklin homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Franklin is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services at different costs.You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
There are many companies to choose from in Franklin, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 actual 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.
Can you get solar panels for free in Franklin?
A solar panel system isn’t free in Franklin, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $964.11 per year.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.