Are you considering going solar in Canada in 2023? If so, you’re making a smart decision for a variety of reasons. Not only can solar energy save you money on energy costs and protect the environment, it can also increase the value of your property and offer government incentives. In this post, we’ll delve into the top five reasons to go solar in Canada in 2023.
Save Money on Energy Costs
Solar energy is a free and renewable source of energy, which means that once you’ve installed a solar panel system, you can significantly reduce your monthly electricity bills. This can be especially beneficial for homes and businesses with high energy usage during peak-time hours.
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Protect the Environment
Solar energy is a clean and environmentally friendly source of energy that does not produce any greenhouse gases or harmful air pollutants. By switching to solar, you can do your part to reduce your carbon footprint and help combat climate change. Trees are known to be great at capturing carbon dioxide as part of photosynthesis, it will take almost 100 acres of forests to offset the same amount of CO2 than our typical solar install of 22 panels.
Make the World a Better Place
Your Decision Matters
Your system makes a beneficial impact on the environment.
Feed good about saving money, and saving the planet!
279 Barrels of Oil
The CO2 emissions of the number of barrels of oil that would produce the equivalent amount of energy as the solar installation.
3,078 Trees Planted
The number of trees that would have to be planted for an equivalent reduction in CO2 emissions.
98.39 Acres of Forests
The number of acres of forest that would have to be planted for an equivalent reduction in CO2 emissions.
Increase the Value of Your Property
Researchers for the Appraisal Institute Ruth Johnson and David Kaserman report that, “Home value increases of about $20 for every dollar saved on annual energy costs”. This means that a $200 monthly saving on your hydro bill, you could expect the value of that solar home to be worth $48,000 more than it was previously ($200 x 12 months x 20 = $48,000).
A second study from the Lawrence Berkeley National Laboratory yields a formula of a $5,000 resale value increase for every kilowatt (kW) of solar installed. To get that same $48,000 home value increase from the Appraiser’s Journal with this calculation, you’d need a 9.6kW system (9.6 x $5,000 = $48,000).
With average installation costs around $3,000 per kW upfront, you could have this size system installed for $28,800. That difference in value gained relative to your investment potentially nets you an arbitrage opportunity of $2,000 per kW of installed solar.
Enjoy Government Incentives
The Canadian government offers a variety of incentives and rebates to encourage people to switch to solar energy. These incentives can significantly reduce the cost of installing solar panels, making it more affordable for homeowners and businesses. To learn more about the incentives available to you check out this link.
Solar Energy is Reliable
Solar panels can generate electricity even on cloudy days, and with advances in technology, modern solar panel systems are highly efficient and reliable. With proper maintenance, a solar panel system can last for many years, providing a long-term source of clean energy.
In conclusion, the benefits of going solar in Canada in 2023 are clear. If you’re ready to make the switch and start enjoying the financial and environmental benefits of solar energy, click the link below to learn more and get started.