The present invention is a polymeric panel system and method for production and use thereof, enabling the rapid construction of a building foundation wall or other structure and in particular a below-grade foundation. The polymeric foundation system includes polymeric wall panels and other components suitable for withstanding lateral and end compression loads. The walls include two parallel faces separated by a series of webs or ribs, where the webs and faces of the wall panels may be formed of a similar polymer material such as polyvinylchloride (PVC). The wall panels and/or other components may be extruded so as to enable the rapid production of sections of wall panels, where the panels may be cut to length and then affixed to adjacent panels to form a foundation wall. The method of affixing adjacent panels may include welding, gluing or other techniques and may be performed on the job site or in a pre-fabrication facility. Furthermore, the wall panels may be co-extruded with an insulating material inserted in the voids between the parallel faces so as to provide improved thermal performance of the foundation as well.