Learn How Much Money Can Be Saved Going Solar
By electing to go solar in 2022, Ontario homeowners are opting for a more reliable way to reduce their emissions; joining Canada in its fight against climate change. In addition to saving their family from annually rising electricity costs, all the while increasing the value of their homes! Along with several additional environmental and residential benefits that go hand in hand in making the switch. So, the question remains, why not go solar in the new year? When in fact the cost of going solar has never been more affordable!
According to the International Energy Agency’s (IEA), World Energy Outlook 2020, solar power technology can now be recognized as the cheapest form of electricity, when compared to traditional means. As the cost of traditional electricity has nearly doubled in the last eight years, compared to the cost of solar energy. In conjunction with the impact of the coronavirus and the now “highly uncertain” future of global energy use over the next two decades. Leading to a major rise in the use of renewable sources of energy. So much so in fact, that the IEA’s main scenario has a 43% increase in solar output by 2040 than was expected in 2018, partly due to the detailed analysis indicating that solar power is now 20-50% cheaper than the traditional means of generating electricity.
What is more, taking into consideration the nature of solar power as an up-front investment, the only costs associated with a residential rooftop solar panel system would be the initial cost of the purchase and installation. Most of which can be offset by the long-term savings associated with making the switch to solar. Additionally, there are also incentive programs put forth by the Ontario government to further support its resident’s and their decision in investing in solar power for the upcoming year, 2022! Those programs can be recognized as the Ontario Net-Metering Program, along with The Canada Greener Homes Grant. Both of these programs offer additional financial assistance, through reducing the total cost of the purchase & installation by way of grants and interest-free loans or by way of energy credits towards future savings.
Major home retrofits through grants and interest-free loans to make your home more energy-efficient.
Ontario Net-Metering Program
Ontario’s Net-Metering Program refers to the way in which homeowners are billed for their solar energy systems by their energy distributors. Specifically, Net-Metering monitors how much solar energy a system generates in relation to the total energy consumption of a household. Considering any surplus energy that is generated is directed back into the utility grid. At which point the hydro supplier provides you with a credit toward future savings on your energy bill. Removing the charges to your account for the current billing period.
The Canada Greener Homes Grant
The Canada Greener Homes Grant is meant to support and encourage its residents to invest in new practices of renewable energy, such as solar power technology for their homes. Through this initiative, Canada homeowners are eligible for up to $5,000 in grants or interest free loans to help with the cost associated with energy-efficient retrofits to their homes. In addition to, an extra $600 to offset the cost of any home energy evaluations and expert advice, to allow homeowners to prepare for their energy-efficient retrofits. The aim of this new initiative program is meant to help make existing homes or custom homes more energy-efficient while creating new middle-class jobs in the energy-efficiency sector. In addition to growing our domestic green supply chains, which in turn will improve Canada’s defences in its fight against climate change. Additionally, come 2022 more details are set to be released on the Greener Homes Interest-Free loan that incorporates and builds on the energy audits and grants that are currently available with the Canada Greener Homes Grant.
Over the years, solar power has demonstrated its effectiveness in significantly reducing the overall cost of Ontario homeowners’ electricity bills. Allowing you to maintain consistent energy consumption while, over time gradually reducing your monthly electrical dues. If you’re interested in learning more about the additional savings you can make by electing to go solar, let’s find out more.
Did You Know Solar is Cheaper Than Traditional Power?
2020 is the year to start owning your power and stop renting it! With the annually rising electricity costs associated with traditional power, as generated by our hydro companies, there has never been a better time to consider going solar. As stated earlier the cost of traditional power has nearly doubled within the last eight years alone. Meanwhile the overall costs associated with solar power are 20-50% cheaper. Making solar energy now less expensive than any other energy source when measured in comparison. And so, SolarUp’s Residential Rooftop Solar Panel Systems are in fact a smart financial decision for you to make in the new year, in addition to, a reliable way to reduce your emissions, while saving your family from rising electricity costs. In fact, presently homeowners are paying one of the highest prices per kWh for traditional electricity in Ontario. As such, with the amount you could be saving yourself, renewable energy, like solar power, is in fact the cheapest form of generating renewable energy around.
Residential rooftop solar panels have a variety of benefits for any Ontario homeowner, one of the major benefits to choosing solar, is the amount of money you could be saving on electricity costs. The amount one can save depends on several factors. Although, the largest contributing factor in determining how much solar power can save you and your family is the local electricity rates.
To properly determine how much, you can save with solar power technology in 2022, first you must calculate how much you currently spend on electricity (hydro power) each year. Taking into consideration the ever-changing nature of electricity prices to determine what utility rates will be in the years to come. Once this is complete you can then begin your comparison between the associated cost of utility electricity with residential solar. Though, it’s important to keep in mind the annually rising electricity rates. Because of the nature of solar power as an up-front investment, the only additional costs associated with a residential rooftop solar panel system would be the cost of the initial installation. In addition to any supplementary electricity costs that may be acquired if your solar panel system cannot offset 100% of your home’s electricity consumption. However, the average Ontario homeowner is likely to save anywhere between $10,000 and $30,000 over the complete lifetime of your solar panel system immediately following its installation.
Why Go Solar? Start Saving, Stop Renting!
Investing in solar power in 2022 is both an extremely cost effective and smart financial decision for any Ontario homeowner looking to improve their home’s finances by reducing their overall cost each month. Saving you hundreds of dollars if not more on your electricity bills. With the lowest cost associated for generating renewable and eco-friendly energy within Ontario, when compared to traditional power. Along with a secure means for protecting you and your family from annually rising utility costs, while simultaneously increasing the value of your property!
So, I’ll ask you again, why not go solar in the new year? Choose to better your financials, with a residential rooftop solar panel system, brought to you by the expert solar power technicians at SolarUp. It’s time to power your home with confidence!