Solar panel costs vary depending on the size of the solar system you need, your eligibility for subsidies, the type of equipment used, and your province in Canada. However, the benefits of solar energy adoption remain regardless of the price.
Installing a solar roof in Canada requires a lot of planning, as larger solar panel systems can cost more to install.
To save money on your electric bill, you’ll need to know how much power you use each month and choose a solar panel system size that meets that amount. Depending on the size of your solar panel system, you can achieve significant cost savings.
To accurately figure out the cost of solar power for your property, you need to calculate the system costs and compute the correct equipment size.
Size Requirements and Computation of Solar panels cost in Canada.
Allocation of Solar Panel Pricing in Canada
Solar is sometimes valued in dollars per watt, or $/Watt, representing the worth of your investment—comparable to flooring or painting industries’ $/sq ft.
Materials and labor are the main expenses associated with installing solar systems in Canada.
The solar components and labor costs will be higher if you want a mounted array.
The travel expense ratio will also vary depending on where you live. For example, in Fort Simpson, NWT, the travel expense ratio will be higher than in Edmonton, AB.
Hidden costs and drawbacks
Solar energy is a good investment, but it comes with hidden costs that most homeowners must realize. The most expensive hidden expense of solar is installing a solar battery, which can cost between $8,500 and $10,000. With a battery, solar systems usually work better.
Some hidden fees and disadvantages of going solar include:
- Getting insurance
- Maintenance
- Potential repairs
- Extra roof work
- Ongoing utility charges
- Add-ons like solar batteries
- Monthly active monitoring fee
- Payback period
Indeed, solar panels are expensive. Yet, going solar can save you money in the long run and provide environmentally friendly renewable energy.
Also, the upfront costs of solar panels may be acceptable because solar companies offer many ways to pay for them.
That is why, before investing in solar panels, it is essential to do your research to find the best suppliers and solar equipment and know if you may also be eligible for tax and incentive benefits.