Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Reduced energy costs: Sourcing some or all of your own power will spend less on electricity long-term.
- Better energy independence: Adding a battery backup lets you have dependable energy during grid outages and storms.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
What Solar Incentives Are Available to Franklin Homeowners?
Tennessee's public agencies and power companies offer a range of solar incentives to help offset your solar system costs. Here's a breakdown of available solar programs where you live.
Incentive Type: Property Tax Incentive
Depends upon sector
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Franklin
The cost and efficiency of solar panels often rely on which company installed them. Here are some essential aspects to remember while searching for a solar company.
Licensing and Training
Tennessee requires any solar energy project valued at $25,000 or higher to be overseen by a licensed "prime contractor." The prime contractor is responsible for hiring licensed subcontractors as required. Even if a project doesn't cross the $25,000 value threshold, you will still need an electrical journeyman or master electrician to pull permits. You should also visit a company's website to learn about its private certifications. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, granted by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Franklin
The type of solar panels you purchase dictates how much electricity you can produce. Monocrystalline panels give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total project price, but they can maximize your solar system's performance. Not all solar companies offer these optional components, so look for a provider that installs them if it's important for you.
Most Franklin homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $17,900 to install, considering both materials and labor. You can see more specific cost information in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Franklin
Solar companies use multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar loans, cash payments, solar leases and power purchase agreements (PPAs). We suggest making a cash payment or securing a solar loan for the highest return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar incentives to minimize your total costs. Solar loans are another solid option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still benefiting from energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases let you use your panels for a fixed monthly rate, while PPAs let you pay just for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. We recommend working with an installer that offers multiple financing options. Speak with each consultant about what's available, and get more than one estimate for the best odds of keeping within your budget.
The table below lists the average payback periods for different capacities of solar systems in Franklin.
The IRS allows you to claim a 26% federal tax credit on your new solar panels, so long as you purchase it before 2032. Local governments and utilities might also offer their own incentives, rebates, and financing programs that could save you more money.
|Solar System Capacity
|Estimated Payback period
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Frequently Asked Questions About Solar in Franklin
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Franklin?
Should I anticipate a property value increase after going solar?
How many years does a typical solar system last?
What size should my new Franklin solar system be?
How long does it take to pay back a solar loan in Franklin?
How can I enhance my solar system's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
What is "net metering," and how does it work?
Some states or energy providers oblige you to participate in net metering when purchasing your solar system, while others give you a choice. Either way, once you join, you'll get a bill credit or check for your excess generation at a retail or wholesale rate.
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