Solar Panel Cost Guide in New Franklin, OH (2023 Update)
- New Franklin Solar Installation Cost: $14,001
- 25-Year Savings: $12,436
- Payback Period: 13.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Franklin
We go over average solar pricing in New Franklin.
In New Franklin, solar panels cost about 2.56 per watt on average. Because a 7.8-kW system is needed to cover the energy needs of a typical home in New Franklin, the average price of going solar will be about $13,996 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and how much solar costs for you will differ based on the amount of energy your home requires and what company you go with. Even with the high initial cost, the average New Franklin homeowner can save around $13,000 on their power bills over 20 years, which is one of the positives of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in New Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-13,913 |
| 3 years | $-13,737 |
| 5 years | $-13,560 |
| 7 years | $-13,384 |
| 9 years | $-13,208 |
| 11 years | $-13,032 |
| 13 years | $-12,855 |
| 15 years | $-12,679 |
| 17 years | $-12,503 |
| 19 years | $-12,327 |
| 21 years | $-12,150 |
| 23 years | $-11,974 |
| 25 years | $-11,798 |
Top Solar Installers in New Franklin
Although you can install solar panels yourself, it requires extra labor and expertise. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in New Franklin:
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 New Franklin
Factors that Affect Solar Panel Costs in New Franklin
Even though the average cost of a solar system in New Franklin is $13,996, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
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 that have better efficiency or power production 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 $2,560. There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in New Franklin is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different costs. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $9,120 | 13.8 years |
| 8 kW | $2.61 | $14,623 | $12,447 | 13.5 years |
| 10 kW | $2.56 | $17,920 | $15,917 | 13.2 years |
| 12 kW | $2.51 | $21,074 | $19,531 | 13.0 years |
| 14 kW | $2.46 | $24,084 | $23,288 | 12.7 years |
| 16 kW | $2.41 | $26,952 | $27,188 | 12.4 years |
| 18 kW | $2.36 | $29,676 | $31,231 | 12.2 years |
| 20 kW | $2.30 | $32,256 | $35,418 | 11.9 years |
How to Save on Solar Panels
There are a lot of companies available in New Franklin, 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:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Solar Panel Brands: Not all solar companies offer 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.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's New Franklin, OH Solar Cost FAQs
What is the average cost of installing solar panels in New Franklin?
The average cost of solar panels in New Franklin is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors 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 New Franklin?
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 can't take advantage of many solar incentives. Also your home 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.
How will installing solar panels impact the value of my home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose 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."
How long do solar panels last in New Franklin?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to 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.