Solar Panel Cost Guide in Franklin, NC (2023 Update)
- Franklin Solar Installation Cost: $12,437
- 25-Year Savings: $24,096
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Franklin
See how much it might cost to switch to solar power in Franklin.
The national average cost of solar panels is $2.66 per watt, but in Franklin it's 2.54 per watt. The average solar panel system size in Franklin is around 7.0 kilowatts, meaning a cost of about $12,428 for a solar installation, or $17,772 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Despite the large initial cost, the average Franklin homeowner can save about $20,000 on their power bills over 20 years, which is one of the advantages of solar.
To get a free estimate from a top solar installation company in Franklin, you can click the button below.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-12,315 |
| 3 years | $-12,072 |
| 5 years | $-11,828 |
| 7 years | $-11,585 |
| 9 years | $-11,341 |
| 11 years | $-11,097 |
| 13 years | $-10,854 |
| 15 years | $-10,610 |
| 17 years | $-10,367 |
| 19 years | $-10,123 |
| 21 years | $-9,880 |
| 23 years | $-9,636 |
| 25 years | $-9,392 |
Top Solar Installers in Franklin
When going solar, many homeowners choose to use a solar company since handling can be a time-consuming project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Franklin
Factors that Affect Solar Panel Costs in Franklin
The cost of installing a solar system in Franklin can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,540. The type of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make switching to solar energy more accessible for Franklin homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can play a part in determining how much you pay. Franklin's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment 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 | $2.64 | $11,095 | $20,242 | 8.9 years |
| 8 kW | $2.59 | $14,508 | $27,273 | 8.7 years |
| 10 kW | $2.54 | $17,780 | $34,447 | 8.5 years |
| 12 kW | $2.49 | $20,909 | $41,763 | 8.3 years |
| 14 kW | $2.44 | $23,896 | $49,222 | 8.2 years |
| 16 kW | $2.39 | $26,741 | $56,822 | 8.0 years |
| 18 kW | $2.34 | $29,444 | $64,565 | 7.8 years |
| 20 kW | $2.29 | $32,004 | $72,450 | 7.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Franklin, NC Solar Cost FAQs
How much does it cost to install solar panels in Franklin?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Franklin?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Franklin?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
How long do solar panels last in Franklin?
Although 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 their energy production will have decreased significantly after that point. You can opt to 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.