Solar Panel Cost Guide in Franklin Park, NJ (2024 Update)

  • Franklin Park Solar Installation Cost: $11,701
  • 25-Year Savings: $8,668
  • Payback Period: 16.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 20, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Franklin Park

Here’s how much it might cost to make the switch to solar in Franklin Park.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Franklin Park, the typical cost of solar panels is 4 per watt.Using this figure, a typical 4.7-kW system would cost about $11,701 before the 0 federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar system you choose, your solar contractor and more.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Franklin Park can save around $14,000 on their energy bills over 20 years.

To receive a free quote from a top solar installation company in Franklin Park, you can click the button below.

Solar savings over time in Franklin Park

YearReturn 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 Park

Trying to put up solar panels on your own can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.

There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best Regional Coverage

Momentum Solar

★★★★★
4.5
  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Franklin Park

Factors that Affect Solar Panel Costs in Franklin Park

Even though the average cost of a solar system in Franklin Park is $11,701, your final cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,530.The type of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to think 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 looking into a solar system that falls within your budget.

Solar Financing Terms

Many homeowners find the average cost of solar in Franklin Park to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in Franklin Park is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services at different price points.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.67$15,419$7,19817.0 years
8 kW$3.60$20,163$9,99316.7 years
10 kW$3.53$24,710$12,98516.4 years
12 kW$3.46$29,059$16,17516.1 years
14 kW$3.39$33,210$19,56315.7 years
16 kW$3.32$37,164$23,14915.4 years
18 kW$3.25$40,920$26,93215.1 years
20 kW$3.18$44,478$30,91314.7 years

How to Save on Solar Panels

There are a lot of companies to choose from in Franklin Park, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. 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 ask for their list of options before making your decision.
  • Installation Process: When making the switch to solar, it’s essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
  • Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best Regional Coverage

Momentum Solar

★★★★★
4.5
  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Franklin Park, NJ Solar Cost FAQs

How much does it cost to install solar panels in Franklin Park?

The average cost of solar panels in Franklin Park is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Franklin Park?

Leasing solar panels can be an attractive choice, because it often 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.

Is making the switch to solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.

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.