Solar Panel Cost Guide in Franklin, OH (2024 Update)
- Franklin Solar Installation Cost: $17,751
- 25-Year Savings: $11,534
- Payback Period: 17.9 Years
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Average Cost of Solar Panels in Franklin
Here’s how much it might cost to make the switch to solar in Franklin.
The average cost of a solar system in Franklin is 3 per watt.The average Franklin homeowner needs a 7.4-kilowatt system, which would cost about $17,751 with the federal tax credit, or $25,384 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with.With average savings of about $13,000 on electricity bills over 20 years, many homeowners in Franklin find installing solar panels can pay off big.
Click the button below to get connected to a vetted solar installer in Franklin for a personalized estimate.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-16,586 |
| 3 years | $-14,256 |
| 5 years | $-11,926 |
| 7 years | $-9,596 |
| 9 years | $-7,266 |
| 11 years | $-4,936 |
| 13 years | $-2,606 |
| 15 years | $-276 |
| 17 years | $2,054 |
| 19 years | $4,384 |
| 21 years | $6,714 |
| 23 years | $9,044 |
| 25 years | $11,374 |
Top Solar Installers in Franklin
When switching to solar energy, many homeowners choose to go with a solar installer since putting up a solar system yourself can be a time-consuming project. Companies can also offer access to quality options of the best solar panels and help you choose which one will be best for you.
If you're looking for a solar company in Franklin, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
Factors that Affect Solar Panel Costs in Franklin
For many Franklin homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Franklin, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $3,410.The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment is 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’s in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Franklin homeowners choose to finance their solar panel systems to offset upfront costs.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Franklin, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.55 | $14,895 | $5,163 | 18.6 years |
| 8 kW | $3.48 | $19,478 | $7,266 | 18.2 years |
| 10 kW | $3.41 | $23,870 | $9,560 | 17.9 years |
| 12 kW | $3.34 | $28,071 | $12,044 | 17.5 years |
| 14 kW | $3.27 | $32,081 | $14,720 | 17.1 years |
| 16 kW | $3.21 | $35,900 | $17,587 | 16.8 years |
| 18 kW | $3.14 | $39,529 | $20,644 | 16.4 years |
| 20 kW | $3.07 | $42,966 | $23,893 | 16.1 years |
How to Save on Solar Panels
There are a lot of companies available in Franklin, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which type 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 take a look at their list of options before deciding.
- Contract: When looking over 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 if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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, OH Solar Cost FAQs
How much does it cost to install solar panels in Franklin?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost 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 eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $668.59 per year.
How long do solar panels last in Franklin?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having 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.