Solar Panel Cost Guide in Franklin Park, NJ (Mar 2023)
- Franklin Park Solar Installation Cost: $9,191
- 25-Year Savings: $8,660
- Payback Period: 12.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Franklin Park
We break down average solar pricing in Franklin Park.
The national average cost of solar panels is $2.66 per watt, but in Franklin Park it's 2.77 per watt. The average Franklin Park homeowner needs a 4.7-kilowatt system, which would cost about $9,191 with the federal tax credit, or $13,143 before the 30% tax credit is applied.
How much you pay can be above or below the average in Franklin Park depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Franklin Park for a quote for your home.
Solar savings over time in Franklin Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,477 |
| 3 years | $-7,049 |
| 5 years | $-5,621 |
| 7 years | $-4,193 |
| 9 years | $-2,765 |
| 11 years | $-1,337 |
| 13 years | $91 |
| 15 years | $1,519 |
| 17 years | $2,947 |
| 19 years | $4,376 |
| 21 years | $5,804 |
| 23 years | $7,232 |
| 25 years | $8,660 |
Top Solar Installers in Franklin Park
When making the switch to solar, many homeowners opt to use a solar company since installing solar panels yourself can be a challenging project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't certain which solar system company to go with, here are our suggestions for providers in Franklin Park:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Park
Factors that Affect Solar Panel Costs in Franklin Park
There are a number of criteria that can determine 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 panels.
Solar Equipment
The size of the solar panel 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 $2,770. 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 get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Franklin Park average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Franklin Park, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate 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 build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services at different costs. Additionally, some companies in Franklin Park are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $2.88 | $12,099 | $10,518 | 13.4 years |
| 8 kW | $2.83 | $15,822 | $14,334 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,305 | 12.9 years |
| 12 kW | $2.71 | $22,803 | $22,432 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,713 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,150 | 12.1 years |
| 18 kW | $2.55 | $32,110 | $35,742 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,489 | 11.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 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 $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Franklin Park?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 bang for your buck from going solar.
Do solar panels increase your home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 get between 20 and 35 panels to cover 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.