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Going solar in Ontario: Is it worth it?

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Solar in Ontario – Clean, renewable energy comes with the highest recommendations by environment experts worldwide —and Canada is one of its proponents.

Countries such as Canada have a total electricity generation that comes from various renewable sources, like water, wind, and sunlight. And among our renewable resources, the use of solar power is rapidly growing. According to the Canada Energy Regulator (CER), it is projected to make up 3% of our total electricity generation capacity by 2040.

So you think you can go solar?

Ontario supports the comprehensive A Healthy Environment and a Healthy Economy plan wherein it encourages homeowners to invest in energy-efficient homes. Taking part in this commitment is a way to ensure a clean economy and take action towards climate change. Thus, you can say that it’s a worthy cause.

Imagine every home, every facility, with solar panels installed. We would substantially increase our solar power capacity. We would accumulate significant savings in utility costs. And we would be directly contributing to the environment instead of destroying it.

But apparently, it’s not just about the effects of fossil fuels versus solar energy in Ontario. If we wish to tap this solar power for our homes and businesses, we must also consider how much it’ll cost to have solar technology and if it’s genuinely worth our money.

How much will going solar cost?

While solar panels, no doubt, will reduce your overall total utility cost in your lifetime, there are upfront costs to consider.

Solar panels cost Toronto is relatively affordable, with one solar panel system cheaper than the latest iPhone. Additionally, the cost of solar panels only declines year after year. As continuing technological advancement causes rates to drop, we can expect solar technology to become cheaper and more accessible.

In the past five years alone, the cost of solar panel installation has fallen by more than 50%. As per CER’s Solar Economics study, the solar break-even price is already falling below residential electricity rates in Ontario, which means you can expect significant savings using solar power.

The installation cost can vary significantly depending on several factors: location, sun exposure, roof type and space, solar panel system size, quality, installation, labor, power consumption, etc. It’s quite substantial, but it’s a one-time cost.

It’s a significant investment, to be sure, but you’ll start getting the value of your money once they’re installed. And you can take comfort in the energy and environmental benefits you will reap for years to come, as outlined below.

Is going solar worth the investment?

We have rounded up four reasons why solar panels are worth it:

1) Solar panels will save you money.

Inarguably the most significant benefit of solar panels is your energy bill savings. The initial cost may take you back, but you can expect substantial returns over the course of 20 to 25 years. While energy costs keep going up, you’ll consistently be saving money on your monthly output. It’s a wise investment if you ask me.

Ontario uses a net metering system, which means your local energy company reads your meter and subtracts the value of electricity you supply to the grid from the value of what you take from the grid. And what you see on your bill is the “net” difference between these two amounts.

By harnessing solar energy (which is FREE, by the way), you will offset the cost of your energy usage. If you supply more power to the grid than what you extract within a billing cycle, you’ll receive a credit toward future energy bills.

2) Solar panels reduce your carbon footprint.

Solar energy decreases greenhouse gas emissions, particularly carbon dioxide (CO2). Greenhouse gases are produced when fossil fuels are burned, and they significantly contribute to rising global temperatures and climate change. By going solar, you can limit demand for fossil fuels, thereby reducing greenhouse gas emissions and ultimately shrinking your carbon footprint.

3) Solar panels have health benefits.

Solar energy results in very few air contaminants. A National Renewable Energy Laboratory (NREL) study found that extensive solar adoption significantly reduces nitrous oxides, sulfur dioxide, and particulate matter discharges, all of which can cause health problems. NREL also found that, among other health benefits, solar power results in fewer instances of respiratory and cardio health issues.

4) Solar panels do not require much maintenance.

Once installed, solar panels don’t require much effort or cost to maintain. You can use the same equipment to wash your windows to clean your solar panels. As long as you provide regular care, you shouldn’t experience any issues.

Takeaway

You need to understand just two main things about solar power: One, you reduce your electric bill. Two, you save the planet. With the sun being our largest source of free and clean energy, it’s only sound to switch to solar for our energy needs.

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