Are Solar Panels A Good Investment In Ontario

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.

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. While solar leases and power purchase. More and more people are adding solar panels to existing rooflines and we at l. Solar panels are expensive no matter how you look at it.

They are cheaper than they used to be but definitely an expense. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. How old is your roof. Though a solar panel system is a substantial investment up front over time it can more than pay for itself.

While wind and water have their merits solar is by far the most accessible and is becoming increasingly popular with homeowners. 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. Solar power is at the top of the list. How are you financing your solar panel system.

They have a good environmental impact. 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. Rebates low interest loans and grants may also be available. Solar panels have an expected life span of about 25 years.

The negatives about them. Generally solar panels create enough energy to power your whole house. 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. 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. 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. 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.