Benefits of Solar Energy
Solar energy comes with multiple benefits. Let's look at a few of them.
- Lowered energy bills: Solar panels allow you to generate your own energy to power your home, decreasing your regular electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
- Better energy independence: Photovoltaic solar panel systems with battery backups and storage systems function through blackouts and emergencies, and you won't have to rely on the grid for your safety and comfort.
- 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 homeowners who decide on solar could qualify for tax credits, reimbursements, rebates and special financing. Here are just a few of the region's incentive programs.
Incentive Type: Property Tax Incentive
Incentive Amount:
Depends upon sector
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
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 more thorough your provider search is, the better your solar system will ultimately operate. Make your choice based on the following crucial aspects.
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 the project demands. 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 accreditations. Two of the most respected are the Solar Heating Installer and PV Installation Professional certificates, backed 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
Your solar modules' model will impact how much electricity you can generate. Monocrystalline panels are among the highest quality and cost the most but perform the best. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
If you need to charge an electric vehicle (EV) or use your solar power in dark weather, you can pay extra for accessories. By choosing the right components, you can make your system more efficient and convenient to use. Not every solar contractor includes these optional components, so look for a contractor that sells them if it's crucial for you.
Generally speaking, it will cost about $17,900 for a five-kilowatt solar array in Franklin. This table lists more specific pricing information for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,143 |
| Solar Polycrystalline | $891 |
| Thin-Film | $521 |
| Solar Battery | $731 |
| Solar Home EV Charger | $2,742 |
Financing Solar Energy in Franklin
Solar providers offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), solar leases, solar loans and cash payments. Though it involves a large up-front payment, cash is the most economical choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate determined by the energy you use, as with an electric bill. We generally don’t recommend these two options because you won't own the panels and are disqualified from using solar incentives. Ask each provider you're vetting about the payment plans it offers. A consultant can help you determine the best option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Franklin.
You are eligible for a 26% federal solar tax credit for new solar energy equipment until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and specialized financing options that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.4 years |
| 2 kW | 4.8 years |
| 5 kW | 12.1 years |
| 10 kW | 24.1 years |
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Frequently Asked Questions About Solar in Franklin
How much money could I save by going solar in Franklin?
How prevalent is solar energy in Franklin?
Should I anticipate a boost in my property value after going solar?
How long is a Franklin solar panel's average lifespan?
What size should my new Franklin solar system be?
What is the average payback period for Franklin solar panels?
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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