Solar Panel Cost Guide in Franklin, NJ (2024 Update)
- Franklin Solar Installation Cost: $11,701
- 25-Year Savings: $8,668
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Franklin
See how much it might cost to go solar in Franklin.
In Franklin, solar panels cost about 4 per watt on average.The average solar panel system size in Franklin is around 4.7 kilowatts, meaning a cost of about $11,701 for a solar installation, or $16,732 before the 0 federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Franklin depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Franklin can save about $14,000 on their electricity bills over 20 years.
To get a free quote 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 | $-10,279 |
| 3 years | $-7,434 |
| 5 years | $-4,589 |
| 7 years | $-1,745 |
| 9 years | $1,100 |
| 11 years | $3,945 |
| 13 years | $6,790 |
| 15 years | $9,634 |
| 17 years | $12,479 |
| 19 years | $15,324 |
| 21 years | $18,168 |
| 23 years | $21,013 |
| 25 years | $23,858 |
Top Solar Installers in Franklin
Putting up solar panels yourself can be a difficult task, which is why using a solar installer is a good option for many homeowners. The payback period on an investment in solar panels will vary depending on factors like your location and energy usage, but going with a solar installer can shorten it. Your provider will be able to help you get the most out of incentives available in your area.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Franklin
Factors that Affect Solar Panel Costs in Franklin
There are a number of factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular route because they lower your upfront costs and let you pay for your system over five to seven years on average.It’s wise to add 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 off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Franklin, and each can charge different amounts for labor and equipment.Additionally, some companies in Franklin are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.67 | $15,419 | $7,198 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $9,993 | 16.7 years |
| 10 kW | $3.53 | $24,710 | $12,985 | 16.4 years |
| 12 kW | $3.46 | $29,059 | $16,175 | 16.1 years |
| 14 kW | $3.39 | $33,210 | $19,563 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,149 | 15.4 years |
| 18 kW | $3.25 | $40,920 | $26,932 | 15.1 years |
| 20 kW | $3.18 | $44,478 | $30,913 | 14.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Contract: Read the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Franklin, NJ Solar Cost FAQs
How much does it cost to install solar panels in Franklin?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $753.91 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 stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having 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.