Solar Panel Cost Guide in Franklin, OH (2023 Update)
- Franklin Solar Installation Cost: $13,326
- 25-Year Savings: $11,534
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Franklin
Here's how much it might cost to go solar in Franklin.
The average cost of solar panels in Franklin is 2.56 per watt. The average solar panel system size in Franklin is around 7.4 kilowatts, meaning a cost of about $13,332 for a solar installation, or $19,065 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of going solar can vary based on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. With average savings of about $13,000 on power bills over 20 years, many homeowners in Franklin find installing solar panels has a decent ROI.
To receive a free estimate from a highly rated solar company in Franklin, you can click the button below.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-12,161 |
| 3 years | $-9,831 |
| 5 years | $-7,501 |
| 7 years | $-5,171 |
| 9 years | $-2,841 |
| 11 years | $-511 |
| 13 years | $1,819 |
| 15 years | $4,149 |
| 17 years | $6,479 |
| 19 years | $8,809 |
| 21 years | $11,139 |
| 23 years | $13,469 |
| 25 years | $15,799 |
Top Solar Installers in Franklin
Many homeowners decide to use a solar installer since trying to put up solar panels on your own can be a labor-intensive endeavor. Another benefit of going with a solar installer is that they can help you optimize your ROI by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Franklin
Factors that Affect Solar Panel Costs in Franklin
There are several factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. There are a lot of different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Franklin have solar loans, which reduce the initial cost of installing a solar system. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Franklin have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $2.66 | $11,182 | $8,876 | 13.9 years |
| 8 kW | $2.61 | $14,623 | $12,121 | 13.7 years |
| 10 kW | $2.56 | $17,920 | $15,510 | 13.4 years |
| 12 kW | $2.51 | $21,074 | $19,041 | 13.1 years |
| 14 kW | $2.46 | $24,084 | $22,717 | 12.9 years |
| 16 kW | $2.41 | $26,952 | $26,536 | 12.6 years |
| 18 kW | $2.36 | $29,676 | $30,498 | 12.3 years |
| 20 kW | $2.30 | $32,256 | $34,603 | 12.1 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Franklin, OH Solar Cost FAQs
What is the average cost of installing solar panels in Franklin?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Franklin?
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 give you credit toward your future energy bills.
How long do solar panels last in Franklin?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.