Why Solar Panels Are a Wise Investment for Your Home In 2022

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Solar panels

Learn How Much You Can Save By Going Solar This Year!

Thanks to several technological breakthroughs in recent years, residential solar power systems are more affordable and reliable than ever before. In fact, solar power technology is now regarded as the most cost-effective method of generating electricity when compared to traditional means. As the cost of traditional power has significantly increased over the last eight years and is expected to continue to rise annually. Solar power, on the other hand, is currently at an all-time low and is expected to continue to fall in the coming years.

What is more, residential solar power systems provide Ontario homeowners with a multitude of additional environmental and residential advantages. Such as, a more reliable way for reducing their emissions. In addition to bolstering Canada’s energy industry whilst combating climate change and safeguarding their families from the financial burden of rising electricity costs. Not to mention, the added benefit of improving the overall intrinsic value of their property when it comes time to sell.

Furthermore, given the nature of solar power as an upfront investment, with the primary costs being the purchase and installation of a residential solar power system, it’s no surprise that more Ontario homes are considering going solar. Especially when a homeowner’s long-term solar savings can offset the majority of the initial expenditures associated with residential solar power installations. Though, if that weren’t enough, 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. To this extent, it can be reasoned that converting to solar power this year is a prudent financial investment for Ontario homeowners interested in reducing both their carbon emissions, and monthly electricity costs all the while increasing their overall savings! If you are interested in learning more about how much you can save in electing to go solar today, please read on to discover more.

Ontario’s Solar Incentive Programmes – Stop Renting & Start Saving

As mentioned earlier the Ontario government offers additional incentive programs to assist residents make the decision to invest in solar energy! These programmes include the Ontario Net-Metering Program and the Canada Greener Homes Grant, to name a few. Both programmes provide further financial support by lowering total purchase and installation expenses or increasing a homeowners overall monthly savings.

What is Ontario’s Net-Metering Program:

The Net-Metering Program in Ontario outlines how households are billed by their energy distributors for their solar energy systems. Net-Metering, in particular, monitors how much solar energy a system generates in comparison to a household’s total energy use. Considering that any excess energy generated is fed back into the electric system. At which point, your hydro provider will provide you with a credit toward future energy bill savings. Charges for the current billing cycle are automatically removed from your account.

The Canada Greener Homes Grant:

The Canada Greener Homes Grant is intended to assist and encourage its residents to participate in innovative renewable energy practices such as solar energy. Homeowners in Canada can receive up to $5,000 to help with the cost of energy-efficient home retrofits through this programme. Along with $600 to help homeowners prepare for their energy-efficient retrofits by covering the cost of any home efficiency evaluations and expert advice. The goal of this new initiative programme is to assist with the energy efficiency of existing or custom homes while also creating new middle-class jobs in the energy-efficiency sector. Thus, strengthening our domestic green supply chains, which in turn strengthens Canada’s defenses in the fight against climate change.

Why Switch to Solar? Sun Shines on Cost Savings Over Traditional Sources?

Why Solar is a Better Value Than Traditional Power Sources

Discover How Much You Can Save With Solar Energy Over Traditional Power! 

For every Ontario homeowner, rooftop solar panels offer a range of advantages. One of the most significant advantages of going solar is the amount of money saved on electricity expenditures. Considering, as mentioned earlier, solar power technology can now be recognized as the most cost-effective method of generating electricity in comparison to traditional methods. In fact, solar power is, in reality, 20-50% less expensive than traditional power producing methods, according to a rigorous review. With the cost of solar energy having dropped by more than half in the last eight years. Meanwhile, the cost of traditional energy sources has risen by more than 50%, with an expected annual growth rate of 6-7%.

Furthermore, given the unavoidable economic and energy scenario in recent years, renewable energy sources such as solar power are a smart investment opportunity for every Ontario homeowner. Especially, when you consider that the residents of Ontario currently pay one of the highest prices per kWh for their electricity. Thus, leading to the conclusion that there has never been a better time for you to make the switch over to solar! For information or help with the purchase and installation of a residential rooftop solar power system for your home call the experts at SolarUp today! 

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How to Determine Your Solar Savings

The amount of money that can be saved in electing to go solar is based upon a number of factors. The local electricity costs, however, are the most important aspect in determining how much solar power can save you and your family.

Furthermore, you must first calculate how much you currently spend on energy (hydro power) each year in order to properly determine how much you may save with solar power technology. This means considering the ever-changing nature of electricity costs in order to forecast utility charges in the future. After that, you may start comparing the associated cost of utility electricity with the cost of domestic solar energy. It’s vital to keep in mind, though, the annually rising electricity rates. Once that is completed, the only other cost associated with going solar should be the cost of the initial purchase and installation, due to the nature of solar electricity as an up-front investment. In addition to any supplementary electricity costs that may be involved if your solar panel system is unable to fully offset 100% of your home’s electricity usage. Regardless of these additional costs, the average Ontario homeowner is expected to save between $10,000 and $30,000 over the lifespan of their solar panel system.

Why Invest in Solar Savings? 

Solar energy is an exceptionally cost-effective and wise financial solution for any Ontario homeowner wishing to enhance their home’s finances, through maintaining consistent energy consumption, and lowering their monthly electricity costs. Ultimately saving you hundreds, if not thousands, of dollars on your electricity bills. As solar power systems generate renewable and environmentally friendly energy at the lowest cost associated in Ontario. While simultaneously increasing the value of your home and providing you with a safe solution to protect your and your family from annual increases in electricity rates! 

Guarantee your solar savings for decades to come today by contacting the experts at SolarUp for help with the purchase and installation of your residential solar power system! As we guarantee a return on your investment by the time your warranty expires.