Solar panels are a great way to reduce energy costs, but they can also be costly. The upfront costs were once prohibitive for many homeowners and businesses in Canada, but that may no longer be the case in 2022.
The costs have drastically lowered since the first solar panels hit the market. Solar costs are lower than ever thanks to more efficient photovoltaic cells, technologies that improve conversion efficiency rates, and the cost efficiency that comes from greater market demand.
If you’re considering installing PV solar panels, there’s never been a better time for the environment and your wallet. Keep reading to learn how much solar panels cost in Canada in 2022. This year may be the time when it makes sense for you to switch to renewable energy.
How Much Do Solar Panels Cost?
The average solar panel system costs around $19,700, but some systems can cost up to $40,000! The overall cost will vary depending on your location, the solar ecosystem you decide to purchase, and your energy needs.
Remember that PV panels are a long-term investment. When you invest in a renewable energy system, you’re investing in a system that will provide clean, renewable electricity for your home or business rather than paying a third-party provider every month.
Solar panels are also a good investment for the environment. They reduce pollution by reducing reliance on nonrenewable fossil fuels like coal and oil, which emit carbon dioxide and other greenhouse gases into the atmosphere when burned for electricity generation or heating.
Rooftop PV solar system installations are on the rise in Canada, but it will take a more concerted, nationwide effort to move the country toward net zero. Hopefully, renewable energy systems will become more commonplace with reduced equipment and installation costs.
How Much Does It Cost to Install Solar Panels?
You can expect to pay around $3 per watt for the average installation. A standard 5kW installation would cost about $15,000, including tax and labour. This figure is only an average, and the actual cost will depend on various factors, such as the efficiency and size of your setup.
The good news is that thanks to technological advances and economies of scale within the industry, sourcing the sun’s energy continues to become more accessible and more cost-effective than ever.
EcoFlow Portable Solar Panels eliminate costs for professional installment since you can simply unfold them anywhere that receives sunlight for setup. If DIY rooftop installation isn’t your thing or portability matters to you, EcoFlow’s portable solar panels might be just the thing you need to switch to renewable energy.
Factors That Determine How Much Solar Panels Will Cost in Canada
Several factors determine the price of solar panels in Canada and their accessibility for the average home or business owner. Here are the factors to consider:
Solar Panel Efficiency
Solar panel efficiency is a measurement of how much of the sun’s power a panel can convert into electricity. The higher the number, the more electricity can be generated by your system — and that means more money saved on your monthly utility bill.
The efficiency rating significantly impacts how much power you can generate and how much money you’ll save over time. Lower-cost systems generally have lower efficiencies, so it’s worth upgrading if you can afford to do so. We always recommend going for the highest efficiency rating possible.
Number of Solar Panels
The number of solar panels you need depends on the size of your home, how much energy you use, and how much money you want to spend. The more panels you have, the more power they will generate. The more efficient the panels, the more money you will save over the long term.
Solar Panel Orientation
The location of your solar panels is critical. You should install the panels in a sunny area and, if possible, on the south or southwest side of the home for the most direct sunlight. If there are trees on the south side of your home that block sunlight from reaching the solar panel, you may need to trim them or have them removed.
It’s best to install solar panels at an angle of 30 degrees from horizontal, which means there will be some tilt when looking at them head-on (perpendicular). This angle ensures the panels can capture more sunlight as the Earth revolves around the sun throughout the day.
Complexity of Installation
The complexity of a solar panel installation depends on the roof type, the angle of the roof, the type of solar power system and other factors. Typically, the more complex your installation is, the higher the cost of professional installation.
If you have a flat roof with no obstructions, installing PV panels on your home should take 2-5 days.
However, if the installers need to mount panels at an angle or remove any obstructions, this can add extra time to the project and cost more money.
Solar System Costs
A solar power system’s cost is a combination of the price you pay for the panels and all the other necessary components plus the labour costs of installation.
If you purchase an extensive solar system with high-efficiency panels, you’ll pay more upfront than if you have a smaller array with less efficient panels. On the other hand, you’ll save much more on your utility bills over the long term by purchasing a high-quality system.
Another critical point to consider when calculating overall costs is that solar panels alone cannot generate energy to be used in the home. You’ll need some configuration of an inverter, batteries, a controller, and a generator to complete your solar power system and allow you to begin reaping the benefits of solar energy.
While shopping around and buying each piece of equipment individually is possible, you’ll probably find it cheaper and far less hassle to purchase an integrated system with everything included. For example, EcoFlow Power Kits come with a hub that integrates the charge controllers, battery, converter, inverter charger, and more.
Another significant benefit of purchasing a modular system from one manufacturer is knowing all the required components will integrate seamlessly. It’s not uncommon for solar panels and other parts of the system to vary in how they operate when purchased separately from different brands. Mixing and matching panels and components may require additional wiring or result in compatibility issues.
Another benefit of the EcoFlow Power Kits is that they offer free installation — potentially saving you thousands of dollars.
How Can I Calculate How Many Solar Panels I Will Need?
To calculate how many panels you will need in your home, you must first determine how much electricity your household uses. You can do this by adding the wattage demands of all the products and appliances that use electricity.
After determining your daily electricity usage, divide it by 24 to determine the watt-hours. This figure will indicate how many solar panels you will need. Using an online solar calculator can also help.
Suppose rooftop installation isn’t an option, or you simply prefer a more portable solar setup. In that case, a robust portable solar generator like the DELTA Pro can provide a more straightforward solution for storing and generating solar power in your home.
How Much Money Can Solar Panels Save?
The money you can save with solar panels depends on two factors: how much electricity you use and the size of your system. Adding more panels can substantially reduce your monthly utility bill if your home consumes a lot of electricity.
If you’re still unsure whether the upfront investment is worth it, there’s something else to consider: solar tax rebates.
Canada provides federal tax incentives for installing renewable energy systems at home, as do some provinces and municipalities. For example, the Canada Greener Homes Grant offers a $5,000 grant to homeowners wanting to take this sustainable approach.
Solar panels can be an excellent investment. They are an environmentally-friendly way to get electricity and will also save you money in the long run. With the costs becoming more affordable and attainable every year, it’s a great alternative clean energy source for your home or business.