Solar Panel Cost Guide in Lynwood, IL (Feb 2023)

  • Lynwood Solar Installation Cost: $12,211
  • 25-Year Savings: $10,400
  • Payback Period: 13.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lynwood

Here's how much it might cost to go solar in Lynwood.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lynwood, the average cost of solar panels is $3 per watt. To account for the typical energy needs of the average home in Lynwood, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,211, or $9,036 after the federal solar tax credit of 30% is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of solar panels you want, your solar contractor and more. But, once you've paid the initial cost of installation, the payback for most homeowners is usually good, with a net average savings of about $13,000 over 20 years on electricity bills.

To get a free quote from a pre-vetted solar installer in Lynwood, you can click the button below.

Solar savings over time in Lynwood

Year Return on Investment
1 years $-11,307
3 years $-9,498
5 years $-7,689
7 years $-5,880
9 years $-4,071
11 years $-2,262
13 years $-453
15 years $1,356
17 years $3,165
19 years $4,974
21 years $6,783
23 years $8,592
25 years $10,400

Top Solar Installers in Lynwood

Although you can install solar panels on your own, it takes extra time and handiness. That's why most homeowners choose to go with a solar panel installer. Another upside of going with a solar installer is that they can help you maximize your return of investment by lowering your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.

You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Lynwood:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Lynwood

Factors that Affect Solar Panel Costs in Lynwood

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Lynwood: 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 going solar. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get 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

Many homeowners find the average cost of solar in Lynwood to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest. Although solar loans make switching to solar energy more accessible for Lynwood homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar company you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Lynwood, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.84 $11,925 $9,307 14.0 years
8 kW $2.78 $15,594 $12,715 13.8 years
10 kW $2.73 $19,110 $16,276 13.5 years
12 kW $2.68 $22,473 $19,990 13.2 years
14 kW $2.62 $25,684 $23,856 13.0 years
16 kW $2.57 $28,741 $27,876 12.7 years
18 kW $2.51 $31,646 $32,048 12.4 years
20 kW $2.46 $34,398 $36,374 12.2 years

How to Save on Solar Panels

The solar company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:

  • Contract: Though reading through a contract can be tedious, 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: Solar installers that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
  • Warranty: If you're concerned about the longevity of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Solar Panel Brands: Different companies have different brands and types of panels. If you want a specific brand, make sure the solar company you're considering has it.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Lynwood, IL Solar Cost FAQs

What is the average cost of installing solar panels in Lynwood?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Lynwood?

Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Can solar panels significantly reduce my power bills?

Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $707.72 per year.

How long do solar panels last in Lynwood?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.

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.

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