Canadians are increasingly turning to renewable energy sources to fuel their homes.
By the end of 2022, Canada had newly-installed over 1.8 GW of renewable energy and increased its use of solar energy by 25.9% (810 MW).
While solar energy has gained widespread popularity as a renewable energy option, one of the most common questions homeowners and business owners ask is: how much does a solar panel cost?
In this article, we’ll delve into the various factors that affect solar panel costs. We’ll also explain why they’re worth the investment and unpack how they can save you money in the long run.
Why Is Solar Energy Becoming So Popular?
Of the many renewable energy sources available for households and businesses, solar energy is one of the most popular — and for good reason.
There are many benefits to going solar, such as:
- It’s affordable — Solar energy is one of the most cost-effective options for new electricity generation worldwide, compared to other options like geothermal power, hydropower, or biomass energy.
- It’s accessible — As solar technology evolves, it’s become more accessible. Solar energy costs have declined by 90% since 2009.
- It’s great for the environment — Solar energy emits little-to-no greenhouse gas emissions or pollutants that its traditional counterparts — such as fossil fuels — do.
- It offers financial benefits — Using a renewable energy source for your home allows you to save hundreds to thousands of dollars in energy bills each year.
- It grants you energy independence — Energy independence means you are unlikely to suffer from outages in case of bad weather, as you will rely entirely on your own battery storage. You also won’t need to rely on secondary sources, such as imported petroleum.
Factors That Affect Solar Panel Costs
On average, solar panels cost anywhere between $10,000 and $18,000 in Alberta (after government rebates).
However, solar panel system costs will vary from property to property as no two properties have the same energy needs.
The Type of Panel
The type of solar panel you choose is the biggest contributor to the overall cost of your solar panel system.
In fact, solar panels account for a large part of the total cost of a solar panel installation.
While top-of-the-range solar panels may seem costly upfront, these panels also offer a longer lifespan, superior warranty and better efficiency, which will ultimately save you more money down the line.
The Size of the Property
Aside from the panels, you also have to think about installation.
The size of your property will also contribute to your overall solar panel installation costs; the bigger the property, the larger and more complex the system will be.
Complex installations will require more manpower, wiring considerations, equipment and organisation (in sourcing permits and arranging inspections).
Where your property is located can affect the cost of your solar panel system.
The amount of sunlight and shade you get — which will vary depending on where you live — will impact your solar energy system’s efficiency, and in turn, your overall energy savings.
Some areas may also have higher installation costs due to local regulations.
In an effort to encourage more people to opt for renewable energy, governments around the world are offering rebates and incentives.
In Canada, the Canada Greener Homes grant offers Canadians up to $5,000 off to go solar.
There are also other rebates across Canada, such as the Town of Banff Solar PV Program, which offers a rebate of $750/kW of solar capacity installed.
Are Solar Panel Costs Worth the Investment?
The short answer? Yes!
While solar panel costs can seem steep initially, the long-term benefits and return on investment make them a cost-effective choice in the long run.
Think of it like owning your energy rather than renting it.
By generating your own electricity, you’ll reduce your reliance on the grid and lower your energy bills. This also increases the value of your property, should you choose to sell it, as a renewable energy source is an attractive incentive for potential buyers.
Of course, solar panel installations also reduce greenhouse gas emissions and other harmful pollutants. By installing them, you’ll be doing your part to reduce your carbon footprint and combat climate change.
Contact Zeno for a Free Quote on Solar Panel Costs in Canada
At Zeno, we make going solar as seamless and stress-free as possible.
Learn how much your solar panel system will cost and how much you can save by contacting us for a free quote today!