Solar Panel Cost Guide in New Franklin, OH (2023 Update)
- New Franklin Solar Installation Cost: $13,996
- 25-Year Savings: $12,442
- Payback Period: 13.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Franklin
We go over average solar pricing in New Franklin.
The average cost of solar panels in New Franklin is 2.56 per watt. Using this figure, a typical 7.8-kW system would cost about $13,996 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what installation company you go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $13,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar company in New Franklin that can help you get a more accurate cost estimate for your home.
Solar savings over time in New Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-12,938 |
| 3 years | $-10,823 |
| 5 years | $-8,708 |
| 7 years | $-6,593 |
| 9 years | $-4,478 |
| 11 years | $-2,363 |
| 13 years | $-248 |
| 15 years | $1,867 |
| 17 years | $3,982 |
| 19 years | $6,097 |
| 21 years | $8,212 |
| 23 years | $10,327 |
| 25 years | $12,442 |
Top Solar Installers in New Franklin
Although it's possible to install solar panels by yourself, it requires extra effort and expertise. For that reason, almost all homeowners choose a solar panel installer. Local solar installers can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
If you're searching for a solar company in New Franklin, we've put together 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 (coming 2022)
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 New Franklin
Factors that Affect Solar Panel Costs in New Franklin
Though the average cost of a solar system in New Franklin is $13,996, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need 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. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the New Franklin average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many New Franklin homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, 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 securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating throughout New Franklin, and each can charge different amounts for labor and equipment. The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline incentives and warranties.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of 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 positive reviews from previous customers.
- Solar Panel Brands: Different companies have different brands and models of panels. If you know you want a specific brand, make sure the solar panel 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 (coming 2022)
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 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 like the kind 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 New Franklin?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Does New Franklin have a net metering program?
Each state has some kind 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 electricity bills.
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.