Solar Panel Cost Guide in Franklin, WI (2023 Update)
- Franklin Solar Installation Cost: $12,497
- 25-Year Savings: $28,276
- Payback Period: 7.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Franklin
Find out what the average cost of solar panel installation is in Franklin.
In Franklin, solar panels cost about 2.6 per watt on average. Because a 6.9-kW system is needed to cover the energy costs of a typical home in Franklin, the average price of going solar will be about $12,503 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Franklin can save around $23,000 on their power bills over 20 years.
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 | $-12,361 |
| 3 years | $-12,089 |
| 5 years | $-11,818 |
| 7 years | $-11,546 |
| 9 years | $-11,274 |
| 11 years | $-11,002 |
| 13 years | $-10,730 |
| 15 years | $-10,459 |
| 17 years | $-10,187 |
| 19 years | $-9,915 |
| 21 years | $-9,643 |
| 23 years | $-9,371 |
| 25 years | $-9,099 |
Top Solar Installers in Franklin
Many homeowners opt for a solar panel installer since installing solar panels yourself can be hard. Plus, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you'd like to start using solar energy but still aren't sure which solar company to go with, here are our recommendations for providers in Franklin:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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 a few factors that significantly 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 that have greater 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 $2,600. There are a lot of different solar panel brands and the one you pick also affects the cost. In general, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Franklin homeowners opt to finance their solar panel systems to make going solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can influence the cost. Franklin's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.70 | $11,357 | $24,270 | 8.0 years |
| 8 kW | $2.65 | $14,851 | $32,652 | 7.8 years |
| 10 kW | $2.60 | $18,200 | $41,179 | 7.7 years |
| 12 kW | $2.55 | $21,403 | $49,851 | 7.5 years |
| 14 kW | $2.50 | $24,461 | $58,669 | 7.4 years |
| 16 kW | $2.44 | $27,373 | $67,633 | 7.2 years |
| 18 kW | $2.39 | $30,139 | $76,743 | 7.0 years |
| 20 kW | $2.34 | $32,760 | $85,998 | 6.9 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar panel installer has a good reputation by confirming 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 comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Franklin, WI Solar Cost FAQs
What is the average cost of installing solar panels in Franklin?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Franklin?
Leasing solar panels can be an option if you are unable to 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 property 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 my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Franklin is currently $199,592, so you can expect a value of about $8,183 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Franklin is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 get between 20 and 35 panels to account for 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.