Solar Panel Cost Guide in Franklin, LA (2023 Update)
- Franklin Solar Installation Cost: $18,107
- 25-Year Savings: $27,558
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Franklin
Here's how much it might cost to go solar in Franklin.
The average cost of a solar panel system in Franklin is 2.57 per watt. The average solar panel system size in Franklin is around 10.1 kilowatts, meaning a cost of about $18,098 for a solar installation, or $25,880 before the 30% federal solar tax credit is applied.
The true cost of your system can go above or below the average in Franklin depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a solid investment. The average homeowner in Franklin can save around $17,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-17,955 |
| 3 years | $-17,650 |
| 5 years | $-17,346 |
| 7 years | $-17,041 |
| 9 years | $-16,737 |
| 11 years | $-16,432 |
| 13 years | $-16,128 |
| 15 years | $-15,823 |
| 17 years | $-15,519 |
| 19 years | $-15,215 |
| 21 years | $-14,910 |
| 23 years | $-14,606 |
| 25 years | $-14,301 |
Top Solar Installers in Franklin
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be challenging. Plus, if you're not certain what brand of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Franklin:
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 many factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,570. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Franklin average.
Solar Financing Terms
Many homeowners find the average cost of solar in Franklin to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.67 | $11,226 | $15,996 | 10.3 years |
| 8 kW | $2.62 | $14,680 | $21,616 | 10.1 years |
| 10 kW | $2.57 | $17,990 | $27,380 | 9.9 years |
| 12 kW | $2.52 | $21,156 | $33,288 | 9.7 years |
| 14 kW | $2.47 | $24,179 | $39,339 | 9.5 years |
| 16 kW | $2.42 | $27,057 | $45,535 | 9.3 years |
| 18 kW | $2.36 | $29,791 | $51,875 | 9.1 years |
| 20 kW | $2.31 | $32,382 | $58,358 | 8.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
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, LA Solar Cost FAQs
How much does it cost to install solar panels in Franklin?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Franklin?
Leasing solar panels can be an option if you are unable to 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 making the switch to solar worth it?
Solar panels can be a great investment for many 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 pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.