Solar Panel Cost Guide in Wayne, IL (2024 Update)
- Wayne Solar Installation Cost: $17,196
- 25-Year Savings: $13,526
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Wayne
We go over average solar pricing in Wayne.
The average cost of a solar system in Wayne is 4 per watt.The average Wayne homeowner needs a 6.5-kilowatt system, which would cost about $17,196 with the federal tax credit, or $24,590 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with.For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Wayne see about $15,000 in savings on energy bills over 20 years.
To get a free quote from a pre-vetted solar installer in Wayne, you can click the button below.
Solar savings over time in Wayne
| Year | Return on Investment |
|---|---|
| 1 years | $-16,040 |
| 3 years | $-13,728 |
| 5 years | $-11,415 |
| 7 years | $-9,103 |
| 9 years | $-6,791 |
| 11 years | $-4,478 |
| 13 years | $-2,166 |
| 15 years | $146 |
| 17 years | $2,459 |
| 19 years | $4,771 |
| 21 years | $7,083 |
| 23 years | $9,396 |
| 25 years | $11,708 |
Top Solar Installers in Wayne
Trying to put up solar panels on your own can be a time-consuming undertaking, which is why hiring a solar installation company is a good option for many homeowners. In addition, if you’d like to maximize your investment in solar power, going with a solar installer can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
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 Wayne:
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 Wayne
Factors that Affect Solar Panel Costs in Wayne
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 about $3,760 per kilowatt in Wayne.The kind of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than 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 researching a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Wayne homeowners choose to finance their solar panel systems to make going solar more affordable.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Wayne, and each can charge different amounts for labor and equipment.Additionally, some companies in Wayne are more knowledgeable about local solar incentives and can help you make good use of 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 | $7,464 | 17.2 years |
| 8 kW | $3.84 | $21,477 | $10,373 | 16.9 years |
| 10 kW | $3.76 | $26,320 | $13,492 | 16.5 years |
| 12 kW | $3.68 | $30,952 | $16,822 | 16.2 years |
| 14 kW | $3.61 | $35,374 | $20,363 | 15.9 years |
| 16 kW | $3.53 | $39,585 | $24,114 | 15.5 years |
| 18 kW | $3.46 | $43,586 | $28,076 | 15.2 years |
| 20 kW | $3.38 | $47,376 | $32,249 | 14.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: When making the switch to solar energy, it’s necessary to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Contract: Before signing a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Wayne, IL Solar Cost FAQs
What is the average cost of installing solar panels in Wayne?
The average cost of solar panels in Wayne 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Wayne?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels eliminate my energy 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 $796.25 per year.
How long do solar panels last in Wayne?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.