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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

Why you can trust EcoWatch

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 Maywood

See how much it might cost to install solar panels in Maywood.

The national average cost of solar panels is $2.66 per watt, but in Maywood it’s 4 per watt.Since a 6.4-kW system is needed to cover the energy usage of a typical home in Maywood, the average price of going solar will be about $16,818 after claiming the federal solar tax credit of 0.

Bear in mind that the figures above are only estimates based on the average Maywood homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Maywood can save around $13,000 on their power bills over 20 years.

You can click the button below to get connected with a pre-vetted solar company in Maywood for a quote for your home.

Solar savings over time in Maywood

YearReturn 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 installer since figuring out how to install solar panels on your own can be hard. Companies can also offer access to various kinds of the best solar panels and help you choose which one will be best for you.

Working with a vetted solar company can make going solar easier. Here are our recommendations:

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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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

For many Maywood homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Maywood, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.

Solar Equipment

One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $3,760 per kilowatt in Maywood.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Maywood average.

Solar Financing Terms

Most solar companies in Maywood offer solar loans, which reduce the initial cost of installing solar panels.However, the interest on solar loans also adds to your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Maywood is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Additionally, some companies in Maywood are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.91$16,424$4,80819.3 years
8 kW$3.84$21,477$6,83219.0 years
10 kW$3.76$26,320$9,06618.6 years
12 kW$3.68$30,952$11,51118.2 years
14 kW$3.61$35,374$14,16617.9 years
16 kW$3.53$39,585$17,03217.5 years
18 kW$3.46$43,586$20,10917.1 years
20 kW$3.38$47,376$23,39616.7 years

How to Save on Solar Panels

The solar panel company you go with will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:

  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
  • Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
  • Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
  • Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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 actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider aside from cost when buying solar panels?

Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Do solar panels increase the value of your home?

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% with a solar installation."

How long do solar panels last in Maywood?

Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.