We all know renewable energy—such as solar—is great for the environment, but did you know going green can also save you tons of money? With rising electricity rates across Canada, investing in solar is the best way to ensure your power bill goes down instead of up.
We’ll be breaking down how much you can save with a solar PV system and why saving is easier than you might think.
How Does Solar Save You Money?
Solar helps you save by drastically lowering your electricity bills. Most residential solar customers sign a net-metering agreement with their utility company. There’s a misconception that all solar systems require batteries to store extra electricity produced by your panels. Net Metering allows you to use your own generated energy to power your household first with excess production sent to the grid. In return, you’ll receive credits you can use against future power bills.
Your solar system can take care of a lot of your consumption directly, and your banked credits can minimize your power bill even more. With the right size system, you could be looking at a $0 power bill. Of course, you’ll still have to pay for any fixed fees associated with your bill.
How Much Can You Save With Solar In Canada
So let’s look at the numbers. The average electricity consumption for Canadian households is 11,135 kWh annually, and the average electricity rate is $0.179 per kWh. That means the average annual electricity cost for Canadians comes to $1993. With solar offsetting the majority of your consumption needs, you could save up to $166 every month with a system.
Let’s say your power bill isn’t quite as high as the Canadian average. Even a $100 power bill adds up over time. Rates are also expected to increase by 3.4% annually so It’s never too early to start protecting your budget.
These are very rough numbers based on the average consumption and electricity rates in Canada. Every home is different, and it’s important to find the right system that fits your household’s specific needs. To get a more accurate representation of your potential savings, we recommend looking at various quotes from solar installers in your area. We provide free estimates and proposals for our customers so you can get a clear idea of the cost and savings before signing anything.
More Savings With Solar Financing
We get it—solar can still be an expensive investment even with all these savings. Many solar customers actually choose to opt for a financing or leasing program to avoid large upfront costs. At Polaron, we have a financing program that can go as low as 0% to reduce the financial hurdles of owning a solar system. You can still enjoy all the financial benefits of going solar without purchasing the system outright.
What are your projected savings with Polaron’s 0% financing program? Check out our solar savings calculator for a general estimate.
With solar equipment prices going down, government rebates such as the federal Canada Greener Homes Grant, increasing electricity rates and solar financing programs, there’s never been a better time to secure your savings.
Take our quick survey to qualify for a free quote and see how much you could be saving with Polaron.
Sources:
Residential Electricity and Natural Gas Plans & Options (energyrates.ca)
