Are you considering solar panels for your home or business? They’re not only a green choice but can also be cost-effective, leading to significant savings on electricity bills.
While factors like desired capacity, location, and your current electrical setup can influence the cost, Western and Northern Canada, especially Alberta, offer a favourable environment for solar installations.
For Alberta residents, the Alberta Residential and Commercial Solar Program provides attractive incentives. However, before diving into these subsidies, it’s crucial to grasp the overall expense of solar panel installation.
The good news? Solar panel costs in Alberta and throughout Canada have decreased thanks to improved installation methods, government support, and technological progress.
In this article, we’ll provide a detailed breakdown of the average cost of solar panels in Edmonton.
How Much is the Cost of Solar Panels in Edmonton?
Installing solar panels in Alberta is now more cost-effective than ever, though the price varies based on individual needs and property specifics.
For homes in Edmonton, the typical cost for solar panel installation lies between $10,000 and $20,000, with commercial setups being pricier.
While the initial investment might seem steep, several strategies can make solar adoption more budget-friendly. Government incentives and rebates play a significant role in reducing these costs.
Additionally, net metering offers a chance for homeowners and businesses to sell surplus energy back to the grid, further offsetting expenses.
In Alberta, commercial and nonprofit property owners can tap into the provincial solar rebate program. This program provides financial incentives ranging from $0.75 to $0.90 per watt of installed capacity, substantially cutting down the initial costs.
There’s a bonus for Edmonton residents: they can avail an extra $0.15 per watt atop the regular RCSP rebates for residential installations.
Factors that Affect the Cost of Solar Panels
As mentioned, it’s essential to recognize that the cost of solar installations can fluctuate widely due to various determinants.
Factors such as your energy consumption needs, geographical location, available panel space, component quality, and available solar incentives play a role.
Let’s explore these elements to better gauge the overall solar panel investment.
Energy Consumption
Household energy use varies based on home age, size, occupants, appliances, and insulation. In Alberta, the Microgeneration Regulations dictate that solar PV system size should match your annual power consumption.
On average, an Alberta household uses 7200 kWh annually. To offset this, around 6kW of solar panels, costing between $15,000-$21,000 before incentives, would be needed.
Remember, you can only eliminate electricity bills due to certain charges in Alberta if you’re entirely Off-Grid.
Constricted Roof and Service Capacity
Two main challenges can influence your solar PV system’s design. First, if your roof needs more space; second, your home’s electrical system needs to be updated or improved.
If your home’s electrical infrastructure is outdated or undersized, it may not support the PV system’s output, necessitating either an upgrade or a system reduction. To streamline the installation, talk to your installer before the project. This will help them gauge any pre-installation electrical adjustments and identify the most suitable inverter for your system.
If your roof can accommodate the necessary solar PV modules, installers can design a system that fully covers your yearly electricity use. It’s also beneficial to know your roof’s pitch, typically found on your home’s blueprints, to see if it’s optimally angled for maximum solar benefits or if panel adjustments are needed.
Budget
Before seeking a solar panel installation estimate in Edmonton, setting a preliminary budget is wise. The installation cost primarily hinges on the system’s type and size, but various rebates and incentives can help mitigate these expenses.
For instance, the Canada Greener Homes Grant offers up to $5,000 for certain energy-efficient home upgrades, including solar panels. Additionally, Edmonton’s current rebate covers up to 40% of system costs, capped at the lesser of $0.40/W or $4,000. However, this offer is time-sensitive.
It’s pivotal to stay updated as new solar incentives frequently emerge, and available rebates can vary by province.
For financial flexibility, you can add the PV system cost to your mortgage or use programs like Edmonton’s CEIP, which covers the upfront cost and integrates the repayment into your property tax.
Are Solar Panels Worth the Cost?
In conclusion, solar panels are a wise investment in Canada, especially in Edmonton, which boasts an average of 6.3 sunlight hours daily. It positions it as a prime spot for harnessing clean energy.
Both homeowners and businesses stand to gain from slashed energy bills, enhanced property value, government incentives, and a diminished carbon footprint. Additionally, solar power provides energy autonomy and promises durability.
