Solar Panels Cost 7.0k-16k in Franklin Furnace CDP, OH | November, 2024

Solar Panels Cost $7.0k-$16k in Franklin Furnace CDP, OH | November, 2024

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How much do solar panels cost in Franklin Furnace CDP, OH in 2024?

You will pay $3.38 per watt in Franklin Furnace CDP, OH in the month of November, 2024 to go solar.

For every 1000 watts (1 kW) your solar system can generate, you will need to invest, on average, $3,380 for its installation. You can come to this conclusion by applying the rate price cost per watt above. In Franklin Furnace CDP, a 5 kW solar installation will cost you, on average, $11,830 after the 30% federal income tax credit. Please note that a more powerful system may be necessary to satisfy your energy demands.

Use the left-hand menu to choose your area and see the typical roof size and the maximum capacity for solar panels on homes in your county. Outlined below are the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Franklin Furnace CDP: $11,830US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Franklin Furnace CDP: 6 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Franklin Furnace CDP: $25,047US Average: $16,169

Solar Potential in Franklin Furnace CDP

Estimated system size and solar electricity production per median viable roof in
Franklin Furnace CDP.

Roof size 554sq. ft.
Capacity 7.75kW DC
Electricity 8.8kkWh AC per yr.

Electricity Costs in Franklin Furnace CDP, OH & What that Means for Your Solar Panel Pricing

For energy consumers in Franklin Furnace CDP, the average electric bill amounts to $174.78 per month, with a typical usage of 779 kWh. Remember that apartments and smaller homes, which generally have lower energy needs, are encompassed in this statistic.

In November 2024, the average electricity rate in Franklin Furnace CDP, OH amounts to 22.45¢ per kWh.

If you’re a typical energy user in Franklin Furnace CDP, you may need a solar system sized at 7 kW or larger to take care of all your electricity needs. Upfront, a 7 kW solar installation is around $23,660, with the federal tax credit returning 30% of your investment amount, lowering the cost to $16,562.

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Average solar panel costs by system size in Franklin Furnace CDP

Displayed below and to the left, is a comprehensive pricing structure for different solar panel system sizes installed in Franklin Furnace CDP. Although a bigger solar installation has a larger expense, it also offers greater electricity savings and larger income tax credits.

The solar panel cost and benefit breakdown, displayed in the calculator below and to the right, is based on an average electric bill of $174.78 in Franklin Furnace CDP. Swap the $174.78 with your average electricity bill for more accurate results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $900 a year
Est. Price
$7,098
Savings from a 3kWthis system
  • Est. yearly production 4,090 kWh
  • Est. monthly savings $75
  • Full payback in 3 years
Environmental Impacts
  • Reduces CO2 emissions by 2.52 tons a year
  • Equivalent to planting 116 trees a year
  • Equivalent to driving 6,234 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,200 a year
Est. Price
$9,464
Savings from a 4kWthis system
  • Est. yearly production 5,454 kWh
  • Est. monthly savings $100
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 3.36 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,313 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,500 a year
Est. Price
$11,830
Savings from a 5kWthis system
  • Est. yearly production 6,817 kWh
  • Est. monthly savings $125
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 4.2 tons a year
  • Equivalent to planting 193 trees a year
  • Equivalent to driving 10,391 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,800 a year
Est. Price
$14,196
Savings from a 6kWthis system
  • Est. yearly production 8,181 kWh
  • Est. monthly savings $150
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 5.04 tons a year
  • Equivalent to planting 231 trees a year
  • Equivalent to driving 12,469 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $2,100 a year
Est. Price
$16,562
Savings from a 7kWthis system
  • Est. yearly production 9,544 kWh
  • Est. monthly savings $175
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5.88 tons a year
  • Equivalent to planting 270 trees a year
  • Equivalent to driving 14,547 mi less a year

Franklin Furnace CDP Solar Panel Installation Incentives & Rebates | 2024

If you run a small business or farm in a rural area, you could receive REAP Grant support that covers 80% to 100% of your solar or wind turbine installation costs. To see if you qualify, use our REAP Grant eligibility tool.

When it comes to residential solar, almost all people can take advantage of the 30% federal income tax credit, which makes solar a viable option in most regions of the nation. In addition, various regional and state incentives are in place to boost solar energy adoption.

Ohio features 15 solar rebate and incentive initiatives offered by multiple utilities and government organizations.

Solar incentives in OH

Advanced Energy Fund

Value:Varies

The Ohio Advanced Energy Fund is the backbone of Ohio's statewide energy efficiency incentive and financing system, though it does not directly service or disburse loans itself. Funding is acquired through utility compliance fees or customer surcharges. From time to time, AEF administrators will announce a request for proposals on new energy projects within different sectors of the Ohioan economy. Grants from the fund may be awarded to winning proposals. Fund-supported programs do not apply to customers of local public utilities or cooperatives.

Qualified Energy Property Tax Exemption for Projects 250 kW or Less

Value:Varies

Ohio offers state real and personal property tax exemptions on renewable energy devices. Any system built in/after 2010, rated for under 250 kW, and using solar, wind, biomass, or another renewable technology is considered fully exempt for its entire useful life. System parts, structural components, and equipment used to interconnect the system to a utility grid also qualify. Additional information and application forms are available from the Ohio Development Services Agency.

Energy Loan Fund (ELF)

Value:Varies

The Ohio Energy Loan Fund is administered by the Department of Development's Office of Energy Efficiency. The ELF is supported by the state Advanced Energy Fund and payments from the state's four private utilities. ELF funds support energy efficiency loans for small commercial, industrial, nonprofit, and public-sector property. Funding is allocated proportionally across each of these economic sectors. The nature of the fund means that customers of local public utilities or cooperatives may not be eligible for financing. Additional information is available through the OEE website.

Energy Loan Fund

Value:Varies

The Ohio Energy Loan Fund is managed by the Department of Development and is supported by the state's Advanced Energy Fund. Loans from the ELF support small businesses (under 500 employees), businesses producing manufactured goods, and public-sector agencies/nonprofits. The available principal for an ELF loan ranges from $250 thousand to $2 million. Qualifying projects should be approved by an energy auditor and cut energy consumption by at least 15%. Additional information, including a directory of loan servicers, is available from the Ohio Development Services Agency website.

Qualified Energy Property Tax Exemption for Projects over 250 kW (Payment in Lieu)

Value:Varies

Ohio offers state real and personal property tax exemptions on large renewable energy devices. Any system built in/after 2010, rated for over 250 kW, and using solar, wind, biomass, or another renewable technology is considered fully exempt for its entire useful life. System parts, structural components, and equipment used to interconnect the system to a utility grid also qualify. As conditions for the exemption, the system owner is required to create a minimum amount of jobs and enter REC purchase agreements with utilities. Systems over 2 MW may be subject to additional requirements.

Advanced Energy Job Stimulus Program

Value:Varies

The Advanced Energy Job Stimulus Fund supports job creation, manufacturing, and renewable energy research and development in the state. Initial funding for the first three years totaled $150 million from the state's general reserves. Funding is awarded to businesses through special bonds completely exempt from state taxes. A bond's amount is based on the applicant's credit history and the projects which will be funded. Small grants may be awarded to startups investing or researching potential disruptive technologies in the energy sector. Additional information is available from the Department of Development website.

Energy Conversion and Thermal Efficiency Sales Tax Exemption

Value:Varies

In Ohio, sales/use tax exemptions are available for equipment that improves thermal efficiency or converts oil/gas to an alternate sustainable fuel. Equipment used to convert solid waste into fuel may also qualify. To claim the exemption, the facility owner should obtain a certification number through the Ohio Department of Taxation. Additional information is available from the departmental website.

Solar Renewable Energy Certificates Program (SRECs)

Value:Varies

Compliance with solar carve-out provisions of the Ohio Alternative Energy Resource Standard is tracked using a solar renewable energy certificate (SREC) system. An SREC is equivalent to one megawatt hour of electrical capacity. The monetary value of an SREC fluctuates with market forces. Any solar PV, thermal, or HVAC system in Ohio is capable of generating SRECs upon registration with the state Public Utilities Commission. Once registered, utilities may purchase certificates from customers at fair market value to meet their AERS quota. Should a utility fail to meet its SREC quota in a given year, it will pay a "penalty" compliance fee per megawatt hour/certificate it is deficient. Fine revenue supports the Advanced Energy Fund, and it may not be projected onto customers.

Energy Conservation for Ohioans (ECO-Link) Program

Value:Varies

Through the Ohio state treasury's ECO-Link initiative, homeowners in Ohio may be eligible for special energy improvement loans through a variety of banking partners. Qualifying projects include the full breadth of energy efficiency solutions, including windows, insulation/weatherization, central and room HVAC, water heating, large appliances, solar PV arrays, and wind turbines under 100 kW. Only projects approved by a program auditing representative will be approved for funding. Standard credit checks and prior approval from the customer's bank apply. Additional information is available from the Ohio Treasurer's website.

Energy Efficiency and Sustainable Design in New School Construction

Value:Varies

New public and private school buildings in Ohio are required to meet certain green building standards. Should a school meet these standards, it will receive financial assistance from the Ohio School Facilities Commission. At a minimum, buildings should seek to meet the specialty LEED Gold certification for schools, though existing projects may strive for Silver certification. Later amendments to the standards required schools to be "solar-ready." If a new school does not already have rooftop solar PV panels installed, it should be equipped to accommodate a future PV system. Additional information is available from the Ohio Facilities Construction Commission website.

First Energy Ohio - Renewable Energy Credit Procurements

Value:Varies

On occasion, FirstEnergy will seek renewable energy project proposals to fortify its renewable energy credit (REC) purchasing portfolio. The utility is interested in both long and short-term purchase agreements to acquire between 5,000 and 20,000 RECs per year. Facilities should seek certification from the Ohio Public Utilities Commission. Additional details on the application process are available from the website.

Green Energy Ohio - GEO Solar Thermal Rebate Program

Value:Varies

Ohio homeowners may be eligible for rebates on new solar water heaters from a Green Energy Ohio/Sierra Club initiative. A customer's expected rebate will be based on their system's expected performance. Current base rates are $30/daily kBtu, with a maximum allowable rebate equal to 20% of project costs. To qualify for the rebate, a customer must seek project preapproval from Green Energy Ohio, obtain engineering surveys, and use a participating contractor. Installation can begin six months from preapproval at the latest. The rebate will be awarded after a successful final inspection from both GEO and the customer's local building department. Additional information is available from the GEO website.

Net Metering

Value:Varies

All private/municipal utilities and electrical cooperatives in Ohio are required to offer net metering to their renewable energy customers. Any solar, wind, biomass, fuel cell, or landfill gas system qualifies so long as it meets state interconnection standards and its capacity does not exceed customer demands. Net metering participants will have a bidirectional meter installed to measure net excess generation (NEG) sent back to the grid. The utility will issue monthly bill credits for NEG at a fixed avoided-cost rate. Special net metering programs are available for hospitals, who may use conventional or renewable energy technologies.

Interconnection Standards

Value:Varies

In 2014, Ohio's utility regulator made amendments to distributed generation and grid interconnection standards. All new renewable energy devices being connected to the power grid will be sorted into one of three capacity levels governing permit processes, fees, review turnaround time, and required IEEE/UL performance and safety specifications. Utilities may require system owners to install external disconnect switches or carry liability insurance, but they are limited to asking for proof of insurance rather than setting a minimum policy amount. Additional information is available from the Ohio Public Utilities Commission website.

Alternative Energy Portfolio Standard

Value:Varies

Ohio first adopted its mandatory Alternative Energy Portfolio Standard in 2008. All private utilities are required to participate; local public utilities and cooperatives may contribute voluntarily to the standard. Current AEPS goals require at least 25% of the state's retail electricity to be generated using renewable technology by 2025. Carve-out policies require a portion of annual RPS quotas to be met using solar energy. Compliance is measured using a renewable energy credit (REC) system pegging one megawatt hour to a fluctuating dollar amount. All operational renewable energy systems generate RECs, but utilities may purchase credits from customers using net metering or other power purchase agreements. Credits will expire after five years. Should a utility fail to meet its REC quota, it will be assessed a penalty fine for each megawatt hour it is deficient. Fine revenue goes to the Ohio Advanced Energy Fund.

Are solar panels worth it in Ohio?

For those looking to stay in their home past the solar system's payback period, solar panels are a good investment in Franklin Furnace CDP. Installing a 5 kW solar system in Franklin Furnace CDP, OH will, on average, save you $30,117.2 over 20 years, and you can expect to break even in about 6 years.

The cost of not having solar panels in Franklin Furnace CDP, OH

In addition to forgoing the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. Complete reliance on your utility provider isn't always the best idea, as recent examples in the news have shown.

Franklin Furnace CDP utilities have reported 1.01 outages per customer per year recently. Outages generally last for an average of 151.17 minutes. During major occurrences like lightning strikes, aging infrastructure, or planned maintenance, these times can extend significantly.

A solar energy system, whether it includes a backup battery or not, could help relieve the burden of future power outages you may experience.

Power Outages

Currently, 0 customers are being tracked in Scioto County.

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Customers Out:

0

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What impacts the cost of solar panels in Franklin Furnace CDP, OH?

Your Energy Needs - While larger solar panel systems involve a greater upfront expense, the average price per watt drops as the system size grows. It is often useful for consumers to set up a solar system that can generate enough electricity to offset their electric bill, which ensures significant savings.

Make & Model - Solar panels come in a wide variety of makes and models. The contractor’s preference for system makes it important to select a highly rated company. Better quality makes and models often lead to a more favorable long-term experience for buyers.

Solar Panel Type - Monocrystalline panels are broadly acknowledged as the standard in the industry, and for good cause. Even with a higher cost, this technology yield more energy. The majority of installers choose panels constructed using this material.

Your Property - No two homes or properties are the same. Elements like trees, irregular terrain, or other challenges might complicate the installation process. Solar installers nowadays commonly use satellite imagery to evaluate your home and factor in these elements into the preliminary cost estimate.

Labor Rates - The costs related to the varying wages given by companies to their employees are transferred to the consumers. Higher wages typically lead to businesses getting better reviews for their services and customer service.

Permitting & Interconnection - Depending on the location, permitting and utility interconnection fees will influence your installation price. Quality local installers will include these figures in your initial estimates to guarantee transparency.

See what solar panels cost in other OH cities

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Who are the best solar installers in Franklin Furnace CDP?

YellowLite

Cleveland, OH(216) 333-1364

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.

Paradise Energy Solutions

Paradise CDP, PA(877) 851-9269

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.
  • Installation of solar arrays.

Micrometer Engineering

Scottsdale, AZ(602) 790-5749

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Terrasmart

Cincinnati, OH(513) 242-2051

Services

  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.

Core Development Group

(201) 825-2195

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Solgen Power

Pasco, WA(855) 709-1181

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Appalachian Renewable Power Systems

Stewart CDP, OH(740) 498-0498

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.

Dividend Finance

Cincinnati, OH(415) 805-7000

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Entero Energy

Austin, TX(512) 551-0742

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Silver Sun Solar

Deltona, FL(407) 832-42452

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.

EIS Solar

Pittsburgh, PA(888) 633-6451

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Fluent Solar

Lehi, UT(844) 220-7415

Services

  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Reparation of batteries.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Empire Solar Group

Salt Lake City, UT(800) 467-4562

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Precision Renewables

Snyderville CDP, UT(435) 602-4120

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

Franklin Furnace CDP, OH Solar Panel Cost FAQs

  • As of November, 2024, the average solar panel installation cost in Franklin Furnace CDP, OH has reached $3.38/W. The installation of a 5 kW solar panel system in Franklin Furnace CDP, OH will cost about $11,830 after federal tax credits.
  • At present, there are 15 rebates and incentives available to Ohio residents from various utility and government programs. In addition, nearly all people are eligible for the 30%federal tax credit.
  • Even though paying cash offers the most savings, there are now multiple financing options for solar panels that also make financial sense. Installers often have financing partners and will include this information in your initial quotes.
  • Yes, the average 5 kW solar panel payback period in Franklin Furnace CDP, OH stands at 6 years, yielding average electricity savings of $30,117.2 over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-11-01