Solar Panel Cost Guide in Franklin Square, NY (Sep 2022)

  • Franklin Square Solar Installation Cost: $7,950
  • 25-Year Savings: $19,121
  • Payback Period: 7.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Franklin Square

Here's how much it might cost to go solar in Franklin Square.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Franklin Square, the average cost of solar panels is $3 per watt. To cover the typical energy usage of the average home in Franklin Square, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs about $7,950, or $5,883 after the federal solar tax credit of 30% is applied.

Keep in mind that the figures above are only estimates based on the average energy use of Franklin Square homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Franklin Square see about $27,000 in savings on electricity bills over 20 years.

You can click the button below to get connected with a vetted solar installer in Franklin Square that can help you get a more accurate cost estimate for your home.

Solar savings over time in Franklin Square

Year Return on Investment
1 years $-6,867
3 years $-4,702
5 years $-2,536
7 years $-370
9 years $1,796
11 years $3,961
13 years $6,127
15 years $8,293
17 years $10,459
19 years $12,624
21 years $14,790
23 years $16,956
25 years $19,121

Top Solar Installers in Franklin Square

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make your swap to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for your family.

Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

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 Technology

The Green Panel

★★★★★
4.5

  • 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 Square

Factors that Affect Solar Panel Costs in Franklin Square

The cost of installing a solar system in Franklin Square can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.

Solar Equipment Size

When it comes to estimating the cost of a solar panel system in Franklin Square, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Franklin Square homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Franklin Square is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.07 $12,886 $29,322 7.6 years
8 kW $3.01 $16,850 $39,426 7.5 years
10 kW $2.95 $20,650 $49,696 7.3 years
12 kW $2.89 $24,284 $60,130 7.2 years
14 kW $2.83 $27,754 $70,730 7.0 years
16 kW $2.77 $31,058 $81,496 6.9 years
18 kW $2.71 $34,196 $92,426 6.8 years
20 kW $2.66 $37,170 $103,521 6.6 years

Solar Incentives in Franklin Square

Name Residential Solar Tax Credit
Incentive Amount 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year
Incentive Max $5,000 for solar-energy systems
Website Visit here
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Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Local Option - Real Property Tax Exemption for Green Buildings
Incentive Amount Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level
Website Visit here
More Info Click here

Name NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)
Incentive Amount Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are:

Residential:
Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.30/W
Upstate Region: $0.35/W
Low-to-Moderate income customers: $0.80/W (up to 10 kW)

Small Commercial (Non-Residential):Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.60/W
Up State Region: $0.45/W

Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW)
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR
Website Visit here
More Info Click here

Name NY Green Bank
Website Visit here
More Info Click here

Name Local Option - Solar Sales Tax Exemption
Incentive Amount Upon local authorization, 100% exemption from local sales tax
More Info Click here

Name Solar Sales Tax Exemption
Incentive Amount 100% exemption from state sales tax
Website Visit here
More Info Click here

Name Energy Conservation Improvements Property Tax Exemption
Incentive Amount 100% of the value added to the residence by the improvements
Website Visit here
More Info Click here

Name NY-Sun Loan Program
Website Visit here
More Info Click here

Name Local Option - Solar, Wind & Biomass Energy Systems Exemption
Incentive Amount 100% exemption for 15 years (unless local jurisdiction has opted out)
Website Visit here
More Info Click here

How to Save on Solar Panels

There are a lot of 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 over your solar company'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 part breaking or if the company goes 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 considerable role in the company you go with.
  • Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
  • Installation Process: When making the switch to solar power, it's necessary to keep an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the completion timeline.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

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 Technology

The Green Panel

★★★★★
4.5

  • 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 Square, NY Solar Cost FAQs

What is the average cost of installing solar panels in Franklin Square?

The average cost of solar panels in Franklin Square is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Franklin Square?

Leasing solar panels can be an option if you are unable to 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 savings from going solar.

Does Franklin Square have a net metering program?

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 power bills.

How often do you have to replace solar panels?

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 the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.

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