Are Solar Panels A Good Investment In Ontario

Ontario is currently ranked the 6 province in the country for installing a solar power system scoring as one of the best provinces for upfront system costs and financing options.

Are solar panels a good investment in ontario. How old is your roof. According to the international energy agency global renewable energy capacity is on track to expand by 1 200 gigawatts gw from 2019 to 2024 with solar powering 60 of that. This page contains all relevant information about installing solar in ontario including utility policies system financing solar incentives and natural factors updated as of may 1st 2020. According to the ontario energy board the average ontario household consumes about 9 000 kwhs of electricity per year.

If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands. Generally solar panels create enough energy to power your whole house. Though a solar panel system is a substantial investment up front over time it can more than pay for itself. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.

How are you financing your solar panel system. While wind and water have their merits solar is by far the most accessible and is becoming increasingly popular with homeowners. Most companies you get solar panels through give you the cost on a loan basis to pay it back over a set amount of time. In times of stock market volatility low and sometimes negative interest rates solar power with its high yield and low volatility can be very tempting.

Rebates low interest loans and grants may also be available. The negatives about them. While every province offers some form of solar subsidy the one i m most familiar with is the ontario microfit program. They are cheaper than they used to be but definitely an expense.

This means that to offset 100 of their electrical use an average ontario homeowner would need to install an approximately 7 500 watt solar array. While solar leases and power purchase. Solar power is at the top of the list. Patten and sons highly recommend considering solar for any new builds in ontario.

Solar panels have an expected life span of about 25 years. How much will solar panels cost for an average ontario customer. Solar is a good thing but it s complex and people really need to understand what they re getting into explore whether your state offers its own tax incentives.