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 solar panel system size in Wayne is around 6.5 kilowatts, meaning a cost of about $17,196 for a solar installation, or $24,590 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar panel company in your area for a custom quote.
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
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your switch to solar power much easier. Another upside of working with a solar company is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar company in Wayne, we've 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 Wayne
Factors that Affect Solar Panel Costs in Wayne
For many Wayne homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Wayne, with typical prices between $20,000 to $40,000. There are several factors that greatly 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 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 around $3,760 per kilowatt in Wayne.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Wayne is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for example, you’ll have no shortage of solar installers that provide a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
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 Wayne, IL Solar Cost FAQs
How much does it cost to install 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 actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Wayne?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 savings from going solar.
Can solar panels significantly reduce my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Wayne, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.