Solar Panel Cost Guide in Maywood, IL (2024 Update)
- Maywood Solar Installation Cost: $16,818
- 25-Year Savings: $10,400
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Maywood
See how much it might cost to install solar panels in Maywood.
The average cost of solar panels in Maywood is 4 per watt.The average Maywood homeowner needs a 6.4-kilowatt system, which would cost about $16,818 with the federal tax credit, or $24,050 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy consumption and what company you go with.Despite the high initial cost, the average Maywood homeowner can save around $13,000 on their power bills over 20 years, which is one of the perks of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Maywood
| Year | Return on Investment |
|---|---|
| 1 years | $-15,662 |
| 3 years | $-13,350 |
| 5 years | $-11,038 |
| 7 years | $-8,725 |
| 9 years | $-6,413 |
| 11 years | $-4,100 |
| 13 years | $-1,788 |
| 15 years | $524 |
| 17 years | $2,837 |
| 19 years | $5,149 |
| 21 years | $7,461 |
| 23 years | $9,774 |
| 25 years | $12,086 |
Top Solar Installers in Maywood
Many homeowners choose to use a solar panel installer since trying to put up solar panels by yourself can be hard. Plus, if you’re not certain what brand of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar company in Maywood, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Maywood
Factors that Affect Solar Panel Costs in Maywood
Though the average cost of a solar system in Maywood is $16,818, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,760. The brand of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over five to seven years on average.While solar loans make going solar more accessible for Maywood homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can influence how much it costs. Maywood’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Maywood know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $4,808 | 19.3 years |
| 8 kW | $3.84 | $21,477 | $6,832 | 19.0 years |
| 10 kW | $3.76 | $26,320 | $9,066 | 18.6 years |
| 12 kW | $3.68 | $30,952 | $11,511 | 18.2 years |
| 14 kW | $3.61 | $35,374 | $14,166 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $17,032 | 17.5 years |
| 18 kW | $3.46 | $43,586 | $20,109 | 17.1 years |
| 20 kW | $3.38 | $47,376 | $23,396 | 16.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose considerably influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which installer you should opt for, since different companies provide different panels.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Maywood, IL Solar Cost FAQs
What is the average cost of installing solar panels in Maywood?
The average cost of solar panels in Maywood is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having 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.