Saving with Solar
The average price can range from between $15,000 to 25,000 for a 4-6kW solar system. This price includes required testing, equipment, installation and operational costs. An average solar system will function for 25-30 years and generate free power. They require little repair, all of which is usually covered by the solar installer.
While the costs may seem shocking, the benefits are immense. A 2015 Globe and Mail article explained,
“Within five years Ontario homeowners could save enough money by putting solar panels on their roofs that they won’t need any subsidy to make installation worthwhile.”
Installing solar panels will save you thousands of dollars in the long run and increase the value of your home. Federal and Provincial incentives can help you pay for as much as 30% of the initial cost. If you plan on living in your property for between five to eight years, our research shows that your investment will pay itself off.
Statistics out of the US National Renewable Energy Labatory (NREL) have demonstrated the consistently cheaper cost of solar panels.
With recent trends in silicon-based technology and more markets opening up to the idea of renewable energy this trend will only increase.
Here are a couple of facts about the price of solar:
- CanSIA analysis indicated that within five years customers will be able to pay back the cost of their solar units.
- Solar prices have dropped by 50% and will continue to do so.
- According to CanSIA president John Gormon by 2025 home owners in Canada will be able to pay for a more powerful battery system to utilize solar energy 24/7
- Electrical costs are a huge operating expense of businesses, with more than 5% claiming that high electricity prices are responsible for failure.
- Residents get 10% or greater return on their investment under the Ontario’s Solar incentive program.
- Taxes on installation are partially reimbursed by Federal Programs.
- Ontario MicroFit Program ensures that all energy your solar system produces will be guaranteed at a fixed rate and not subject to fluctuation.
- Ontario MicroFit Program also you to reinvest profits back into your system to finance your purchase.
For more information please check out these organizations.
The Green Energy Act
The Green Energy Act (GEA) was enacted to expand renewable energy production, promote the creation of clean energy jobs and encourage conservation. Under the GSA a number of incentivized programs have been established to encourage residential solar usage.
The Home Energy Savings Program
The Ontario Government has created the Ontario Home Energy Saving Program which offers more than $2500 in Federal and Provincial incentives for the installation of domestic hot water systems. For more information contact them.
The Ontario Solar Thermal Heating Initiative
For commercial, institutional and industrial projects the O.S.T.H.I. initiative provides reimbursement and incentived programs. For more information check out the NRCan website.
Electricity Retrofit Incentive Program
Residential and commercial units equipped with retrofitted solar hot water heaters and other electricity saving equipment can receive a rebate under the Ontario Power Authority (OPA). This allows residential customers to essentially become “mini power generators” selling excess energy back. For more information contact the OPA.
These are just a few of the many reasons why now is the best time to start going solar.
Solar Ontario can provide you with more information on how solar works and how much you can save. Click below to to get a free estimate.