Canada has pledged to achieve net zero greenhouse gas emissions by 2050, underscoring the necessity of transitioning to renewable resources. Launched in 2021, the Canada Greener Homes Grants play a pivotal part in Canada’s transition to renewable energy by encouraging homeowners to adopt efficient energy solutions for existing homes.
Initially expected to last until 2027, the popularity of the Canada Greener Homes Grant is now predicted to be oversubscribed as early as 2024. Therefore, if you are a homeowner considering solar panels for your home, now is the opportune time to invest.
What are the Canada Greener Homes Grants?
The Canada Greener Homes Grant offers financial support for homeowners seeking to enhance their home’s energy efficiency with solar panels. Homeowners can take advantage of up to $5,000 for eligible home retrofits that include solar panels, insulation, window, and and door replacement, and many more.
The Canada Greener Homes Grant is often paired with the Canada Greener Homes Loan where homeowners can get access to up to $40,000 in interest-free loans. When combined, the Canada Greener Homes Grants and Loan make energy-efficient retrofits a straightforward choice for homeowners.
Why solar panels for homes are popular amongst homeowners in Canada
Adding solar panels to homes has emerged as a popular choice among various energy efficiency projects eligible for the Canada Greener Homes Grants.
Homeowners can apply for it to enhance their home’s energy efficiency. Solar panels offer substantial returns on investment, making them stand out among energy-efficient retrofits. Additionally, they provide significant environmental benefits.
Unlike most energy-efficient retrofits, adding solar panels allows homeowners to generate electricity to offset their existing electricity usage. Thus, homeowners can significantly reduce electricity bills incurred throughout the year.
With the Canada Greener Homes Grant factored into the cost, many homeowners can expect a return on investment (ROI) as early as 5-7 years on solar panels that come with a production warranty of 25 years (and can last up to 40 years). While solar panels are a great investment for most Canadian homeowners, not every home is ideal for solar.
Factors that affect solar panel suitability and solar panel cost include several different factors which include the roof layout, electricity usage, shading in your area, the amount of sunshine your area receives, and much more
For more accurate quotes, contact a reputable local solar provider in your area to determine if solar is right for your home.
Take advantage of Canada Greener Homes Grants while they are available
The Canada Greener Homes Grant is running out. If you’re a homeowner considering solar panels, now’s the time to act and secure a rebate while it’s still available.
While the Canada Greener Homes Grants may fill up faster than expected, investing in solar panels for your home remains a wise decision for your family’s future. Going solar even without the grants is still a good investment as environmentally as it is financially.
The long-term savings produced by solar panels cannot be overstated. Solar panels can significantly reduce or even eliminate electricity bills year-round, providing homeowners with a consistent and reliable energy source.
Beyond the economic considerations, solar panels for your home contribute to a healthier planet. By sourcing your energy directly from the sun, you are reducing your dependence on the grid.
Solar energy is clean, and renewable, and emits no greenhouse gases during operation. It’s a responsible choice for a sustainable future.
Other Financial Incentives for Solar
Even as the Canada Greener Homes Grant nears its end, financial incentives for homeowners interested in solar panels remain available. Homeowners can still take advantage of the Canada Greener Homes Loan, offering up to $40,000 in interest-free loans repayable over 10 years.
While the cost of solar panels can range and vary by city and other unique home factors, most homeowners do not use the entire $40,000 loan for their solar panel system.
Even without the $5,000 Canada Greener Homes Grants, homeowners may achieve their ROI on solar panels within 8-12 years.
By the time you repay the loan, your solar system will have nearly paid for itself with reduced or eliminated energy bills. Therefore, the Canada Greener Homes Loan can play immediate and significant financial relief for homeowners going solar.
Harness the power of solar technology for your home
While the Canada Greener Homes Grant may phase out, the opportunity to adopt solar energy remains bright. Homeowners who act now can capitalize on the remaining financial solar incentives still available.
Although the Canada Greener Homes Grants may end, other solar financial incentives, like the Greener Homes Loan, remain available. Additionally, the advantages of going solar extend beyond immediate gains, offering long-term savings and a positive environmental impact.
Ready to take advantage of solar for your home?
Now is the perfect time to take advantage of solar incentives available in your area. Contact Zeno directly or fill out a quote form for a free custom solar quote. Our solar panel experts can answer your questions, provide a custom quote, and check available incentives in your area.