Many governments are offering incentives to reduce the cost of solar. This can sometimes come in the form of rebates or low rate financing options. This has a benefit to you but it also benefits all of our futures.
Every year we have a need for more electricity causing electric rates to go up. With smart homes, electric cars and an assortment of other goods requiring electricity this demand keeps increasing.
Provincial Rebates
As of December 2021, the provincial rebates are as follows:
| Province | Rebates |
|---|---|
| All Provinces | Financing up to $40,000 Interest-free loan |
Greener Homes Loan
Homeowners in Hamilton can access a federally funded program called the Greener Homes Loan. You can qualify for up to a $40,000 interest-free loan over a 10-year period. This often covers the entire cost of the system with no upfront out-of-pocket costs to you except the deposit. To learn more about this program and how to apply, Click here and call Sunly: Greener Homes Loan
Financing Options
The cost of solar panels in Canada can vary. Conservatively saving between 60% to 90% off your electric bill could mean over $1,000 worth of savings every year.
- Energy-efficient loan
In addition to provincial incentives and loans, banks sometimes have loan products specifically for renewable energy projects.
In either of these scenarios, you can end up with a profitable outcome over the life of the system as long as the system was designed to optimize production with respect to cost. Some options just end up taking a little longer to reap the rewards than others.
