Solar panels are now in high demand due to the ever-increasing cost of energy.
Households in Canada face varying costs per province but the average monthly bill for electricity is about $140 for consumption of 1,000 KW.
Installing solar panels can significantly reduce energy bills and carbon footprint. They can also increase property value and allow you to achieve energy self-sufficiency.
These benefits should be compelling enough to convince every homeowner to install a solar power system. But of course, this comes with a cost.
Keep reading this guide for the best solar panels and their prices to find the right one for your home.
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Is it worth installing solar panels in the home?
Solar panels reduce carbon footprint. But from an economic perspective, solar panels may or may not be the right project for you.
To determine this, you must consider the following:
- Monthly household energy usage: If your energy bill is less than $100, you may not benefit from installing solar panels. If your electricity bill is higher, or keeps on rising, the cost of solar panels would be justified.
- Size and scope of solar photovoltaic: It should be a match to your electrical needs.
- Amount of sun and snow in your area
- Size and angle of your roof (southern exposure is the most ideal): Does your roof face the sun?
- Your budget
A typical household uses roughly around 11,000 kilowatt hours yearly but this depends on your location, the size of the home, the quality of your home’s insulation, your lifestyle, and size of the household.
Consider these factors before planning to install solar panels in the home. You can save money and ensure value for your money by comparing multiple quotes from our partners.
Types of Solar Panels & Prices
There are 4 main types of solar panels: monocrystalline, PERC, polycrystalline, and thin-film panels.
Different companies offer super-efficient monocrystalline or economical polycrystalline products to consider.
The cost of solar panels could be from $9,000 to $30,000 with a standard 6kQW system in the $12,000 range. Tax credits and incentives can reduce these prices even more.
Mono and Poly Solar Panels: Most common types
Monocrystalline solar panels: This is said to be the most efficient type of solar panel with single-structure cell panels that let the free flow of electrons.
Having a single crystal increases the efficiency of the solar panel and provides a sleek, black surface. The process is more expensive, though but the efficiency rate is over 20%. Their life span is also 25 to 40 years. They have lower temperature coefficient which makes them more efficient when it is hot.
Polycrystalline panels are less expensive and have a blue color. The efficiency rate ranges from 15% to 17% and their life span is 25 to 35 years. They are less efficient in heat because of their higher temperature coefficient.
Monocrystalline and polycrystalline solar panels are the most popular ones. Both types capture energy from the sun and convert it into power. They both also use silicon.
The major difference between these two is in the way they are manufactured. Mono panels also have a single crystal while poly panels have multiple crystals.
Other Types of Solar Panels
PERC panels: Passivated emitter rear cell panels are cheaper and absorb more sunlight that mono and poly panels. They also work better in extreme heat.
Mono PERC panels have up to 22% or higher efficiency rate which makes them one of the most efficient. They work in low-light conditions and due to improved thermal coefficients, they work better in heat.
PERC panels have a lifespan of 25 to 30 years.
Thin-film solar panels: More often used in large commercial projects rather than for residential use. They are also not recommended for rooftop installation.
The cost of solar panels in Canada
The price of solar panels have actually gone down by as much as 40% or more from its cost 10 years ago. On average, the cost is $3 to $3.50 per watt and could be even lower after government grants.
The actual cost of a solar panel installation includes the price of the solar panels, a battery bank, hardware for mounting on the roof or ground, an inverter that converts DC to AC to give power to your home, and the labour cost.
Based on the average price per watt, a 5.46kW solar panel system would cost about $20,000 with taxes. Much of the cost is accounted for by the price of the solar panels. A 15.51kW solar panel system would cost around $30,000 with taxes.
A 5.46kW system may not meet your electricity needs monthly but a 15.51 kW system could.
For qualified homeowners, rebates and government grants could further lower the cost of solar panel installation.
Roof Solar Panels vs. Ground Solar Panels
Homeowners also have the option to choose roof solar panels or ground solar panels. What are the pros and cons of each? How do you choose the best one for your home?
Roof Solar Panels
Solar panels on the roof are quite popular in homes. The solar rack to hold the panels is mounted on the roof. These panels can be attached to a shingle, a sloping metal, or a rubber roof.
For homes with a flat roof, a ballast mount is also an alternative. The panels are secured by blocks to weigh down the system’s components.
Ground Solar Panels
Ground solar panels are secured to a rack on the ground connected by a steel beam or another kind of metal. It can be installed like a carport or in an open space.
For homeowners who don’t have enough roof space for solar panels, installing ground-mounted panels is an ideal option especially if you have available space.
Grants for solar panels in Canada
What grants can help homeowners to reduce the cost of solar panels?
Everywhere except in Nunavut, the Canada Greener Homes Grant via Natural Resources Canada offers grants of $1,000 per kilowatt for new solar systems for a maximum of $10,000 in Ontario and $5,000 in other provinces. Unfortunately, the program was put to a halt as of February 2024 but homeowners can still try to apply for a Canada Greener Homes Loan of up to $40,000 to finance the installation of solar panels.
In Quebec, solar panel grants are available in 2024 from Renoclimat ($1,000 to $5,000) as financial assistance for improvement of home energy efficiency. This includes the installation of solar panels.
The Clean Electricity Investment Tax Credit provides a 15% refundable tax credit on investments in renewable energy.
In British Columbia, BC Hydro helps residents to save up to $10,000 on qualified solar panels and battery storage.
In Nova Scotia, a limited-time incentive for qualified solar customers for home battery energy storage systems is available when matched with a solar system installed by registered installers.
You can find out more about grants and rebates in your area from reputable solar panel installers near you.
You can start by filling out our free online form to receive competitive quotes from our partner solar panel installers.
How much money can you save from a solar panel installation?
Going solar is a great way to lower energy bills but to get real savings from your investment, it is worth knowing how much you will actually save. You can do this by closely examining your electricity bill.
Find out how much your annual electricity bill is. You can then calculate the cost vs. the price of a solar panel installation to see how long it will pay for itself.
For most homeowners, they could save from $20,000 to $90,000 in 25 years or more but this depends on the local electricity rates and the cost of the solar power system. These systems can allow homeowners to go off-grid completely or just reduce their power bill.
The payback period ranges from 8 to 12 years. This is the time it will take to reach the breakeven point for your solar PV panels.
Want to know the exact cost of solar panels installation in your home? Connect with top solar panel installers in your area using our short online form today!
Essential Things to Consider When Choosing Solar Panels
Do you need a system that covers all of your electricity costs or just a portion? Answer these questions to help you choose:
- What months have the highest and lowest electricity consumption?
- How much is your monthly and yearly electricity bill?
- How much is the cost and the payback period of a solar power system that will cover all your energy needs or just a portion?
In the end, it boils down to your personal preferences. Many homeowners prefer a system that would provide their total electricity needs even if the initial cost is high. Many years down the road, their energy usage becomes free. On the other hand, others are content with getting a modest system to lower the energy bill initially and perhaps expand it in the future.
Do you need a back-up battery?
You also need to decide whether to buy a backup battery. If you don’t have one, you won’t be able to store energy during the summer months when your solar system produces a lot of energy.
In winter when the system produces less energy, you won’t have stored energy to use especially when several days are cloudy. This means you will not generate sufficient electricity to meet your needs.
A residential solar battery storage system could cost $10,000 to $20,000. The cost could be higher if a homeowner needs more than one battery and if the existing inverter needs to be replaced.
Choosing the best solar panels for installation
Now that you have made the important decision to invest in solar panels for your home, you must take time to do your research.
You can speak with friends or colleagues who have solar panels in their homes, look up the different solar panels on the market, and request multiple quotes using our short online form.
Speak to our reliable partners about the lifespan of solar panel products and the safety of the materials used.
Keep in mind that the most popular solar panel brand may not be your best choice from a financial perspective. Take the time to compare solar installation companies that can do an excellent job but may not carry the most famous brands.
Start to compare the best solar panel products and prices by filling out the free and no-obligation form on this page.
