Solar Panel Cost Guide in Franklin, NC (2023 Update)
- Franklin Solar Installation Cost: $12,428
- 25-Year Savings: $24,105
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Franklin
Let's take a look at the average cost of solar in Franklin.
Although the national average of solar panels is $2.66 per watt, solar panels in Franklin generally cost about 2.54. Using this figure, a typical 7.0-kW system would cost about $12,428 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Franklin homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a sound investment. The average homeowner in Franklin can save about $20,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar installer in Franklin for a personalized quote.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-10,967 |
| 3 years | $-8,044 |
| 5 years | $-5,122 |
| 7 years | $-2,199 |
| 9 years | $724 |
| 11 years | $3,646 |
| 13 years | $6,569 |
| 15 years | $9,491 |
| 17 years | $12,414 |
| 19 years | $15,337 |
| 21 years | $18,259 |
| 23 years | $21,182 |
| 25 years | $24,105 |
Top Solar Installers in Franklin
Although you can install solar panels yourself, it takes extra energy and know-how. That's why the majority of homeowners choose a solar panel installer. Plus, if you're unsure what brand of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
For many Franklin homeowners, the decision to install solar panels 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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Franklin. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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, like solar batteries, can bump up your total well above the Franklin average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Franklin homeowners decide to finance their solar panel systems to make going solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Franklin is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Franklin know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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?
The average cost of solar panels in Franklin is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Franklin?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback 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 maximize your savings.
Can you sell solar power back to the grid in Franklin?
Each state has some kind 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 utility bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 house 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.