How Much Does Solar Cost?

Solar energy is gaining momentum in Ontario as more homeowners look to reduce their electricity bills and make a greener choice. With government incentives and flexible financing options, installing solar panels is more accessible than ever. In this article, we’ll break down the costs of solar systems, explore available rebates, and explain how zero-interest loans and no down payment options can help you get started with little upfront cost. We’ll also discuss the durability and long-term performance of top-tier solar panels, so you can be confident in your investment.

Solar Energy System Sizes and What They Can Support

Your solar system size will depend on your energy consumption and the portion of your electricity you’d like to offset. Here’s a breakdown of small, medium, and large systems and what they typically support:

1. Small Solar System (3-5 kW)

A 3-5 kilowatt (kW) system is perfect for smaller homes. It can support:

• A smaller home with energy-efficient appliances
• Basic electrical needs such as lighting, refrigerator, TV, and small electronics on larger homes
• Producing 3,000 to 6,000 kilowatt-hours (kWh) per year, offsetting up to 100% for smaller homes & 30-50% of your electricity bill for larger homes.

Cost: In Ontario, a small system typically costs between $9,000 and $15,000 before rebates.

2. Medium Solar System (6-10 kW)

For mid-sized households, a 6-10 kW system is more suitable. It can support:

• A typical Ontario home with standard energy use
• Major appliances like air conditioning, dishwashers, and moderate electric vehicle charging
• Producing 6,000 to 12,000 kWh per year, potentially offsetting 60-100% of your electricity bill.

Cost: A medium-sized solar system generally costs between $15,000 and $25,000.

3. Large Solar System (11-15+ kW)

For larger homes or properties with higher energy demands, a system of 10 kW or more is ideal. This system can support:

• Large homes with multiple energy-intensive appliances
• Full HVAC systems, electric vehicle charging, and heavy appliance usage
• Producing 12,000 to 18,000+ kWh annually, potentially covering up to 100% of your electricity needs.

Cost: Large systems in Ontario typically range from $25,000 to $35,000 or more, depending on your energy requirements and property specifics.

Rebates, Incentives, and Financing: Making Solar Affordable

Ontario homeowners have access to several financing options to reduce the cost of going solar:

1. Zero-Interest Loan up to $40,000: Through the Canada Greener Homes Loan, you can access up to $40,000 in interest-free financing, payable over 10 years. This allows you to install a solar system without any upfront cost burden, and with no interest, you can focus on paying down the balance over time.
2. No Down Payment with CMI Solar: At CMI Solar, you can start your solar journey with no down payment. This eliminates the financial barrier of upfront costs, letting you reap the benefits of solar power immediately while spreading out payments with zero-interest financing.

Long-Term Durability and Performance: Top-Tier Panels from CMI Solar

One of the biggest concerns for homeowners considering solar is the longevity and performance of their panels, especially after years of use. When you choose CMI Solar, rest assured you’re getting top-tier solar panels that are built to last.

• Performance Over Time: Top-tier panels retain up to 87.4% of their power output after 30 years in service. So even in the later years, your panels will continue to perform efficiently and produce substantial amounts of electricity.
• Warranties for Peace of Mind: CMI Solar’s panels come with a 25-year manufacturer warranty covering any potential defects, and a 30-year linear power output guarantee to ensure your panels will keep delivering clean energy for decades.

With such long-term reliability, you won’t have to worry about panel degradation or declining performance. By choosing high-quality, durable panels, you’ll maximize the benefits of your solar investment and enjoy long-term savings.

What Does the Payback Period Look Like?

The typical payback period for solar in Ontario ranges from 6 to 12 years, depending on your system size, electricity usage, and rates. Here’s how rebates and financing can help reduce this period:

• With Zero-Interest Loan: Using the zero-interest loan and no down payment option from CMI Solar, you can install your system with little to no upfront costs, potentially shortening the payback period to 5-10 years. Since no interest is involved, every payment directly reduces the balance.
• Long-Term Savings: Once your system is paid off, your panels will continue generating free electricity for decades, leading to significant energy savings over time.

Going solar in Ontario is a great investment that pays off in both financial savings and environmental benefits. Whether you’re looking for a small, medium, or large system, solar offers options that fit your needs. With zero-interest loans, no down payment at CMI Solar, and the peace of mind that comes from using top-tier solar panels backed by long-term warranties, making the switch has never been easier.

Now is the perfect time to explore your solar options and start saving on energy costs while making a lasting impact on the environment!