Solar Panel Cost Guide in Franklin Park, PA (Mar 2023)
- Franklin Park Solar Installation Cost: $12,441
- 25-Year Savings: $13,990
- Payback Period: 11.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Franklin Park
Let's take a look at the average cost of solar panels in Franklin Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Franklin Park, the typical cost of solar panels is 2.55 per watt. Because a 7.0-kW system is needed to cover the energy consumption of a typical home in Franklin Park, the average price of going solar will be about $12,441 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more. With average savings of about $14,000 on energy bills over 20 years, many homeowners in Franklin Park find going solar has a decent ROI.
To receive a free quote from a top solar company in Franklin Park, you can click the button below.
Solar savings over time in Franklin Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,384 |
| 3 years | $-9,270 |
| 5 years | $-7,155 |
| 7 years | $-5,041 |
| 9 years | $-2,926 |
| 11 years | $-812 |
| 13 years | $1,303 |
| 15 years | $3,417 |
| 17 years | $5,532 |
| 19 years | $7,646 |
| 21 years | $9,761 |
| 23 years | $11,876 |
| 25 years | $13,990 |
Top Solar Installers in Franklin Park
Trying to install solar panels by yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Park
Factors that Affect Solar Panel Costs in Franklin Park
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Franklin Park: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Franklin Park, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Franklin Park, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the growing popularity of green energy solutions in Franklin Park, you'll have many options to choose from, but each comes at various price points for labor and equipment. 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 | $2.65 | $11,138 | $11,615 | 12.2 years |
| 8 kW | $2.60 | $14,566 | $15,772 | 12.0 years |
| 10 kW | $2.55 | $17,850 | $20,072 | 11.8 years |
| 12 kW | $2.50 | $20,992 | $24,515 | 11.5 years |
| 14 kW | $2.45 | $23,990 | $29,100 | 11.3 years |
| 16 kW | $2.40 | $26,846 | $33,828 | 11.1 years |
| 18 kW | $2.35 | $29,560 | $38,700 | 10.8 years |
| 20 kW | $2.29 | $32,130 | $43,714 | 10.6 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: Before signing a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.
- Warranty: If you care about the durability of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Park, PA Solar Cost FAQs
What is the average cost of installing solar panels in Franklin Park?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Franklin Park?
Leasing solar panels can be an option if you can't pay upfront or secure 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 financial benefits from going solar.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Franklin Park, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.