How much does a solar panel cost in Canada?

In 2024, the average solar panel cost in Canada ranges between 2.50 and 3.50 per watt before incentives. For a standard 6 kW system, this equates to 15,000–21,000 upfront. However, federal and provincial rebates can slash this figure by 30–50%. For instance: The Canada Greener Homes Grant offers up to $5,600 for solar installations.

Are solar panels a good investment in Canada?

The cost of solar panels in Canada might seem high, but solar can offer significant savings if your monthly energy bills are steep. For homes with monthly bills exceeding $100, solar is an attractive option to reduce those costs. The effectiveness of a solar system also hinges on your home’s orientation and roof design.

Why are solar panels so expensive in Canada?

The main reason was a surge in manufacturing capacity, basically more panels being made than were immediately needed, leading to intense competition. Since Canada imports a lot of its panels, this global trend definitely put downward pressure on module costs here. But here’s where it gets interesting for us in Canada.

How much do solar panels cost in PEI?

Prince Edward Island – Solar panels in PEI cost around $2.60 to $3.27 per watt, with incentives and community-based energy initiatives supporting the shift to renewables.

Does Canada offer incentives to install solar panels?

Yes, Canada offers several incentives to encourage solar panel installations. The federal Canada Greener Homes Loan provides up to $40,000 in interest-free loans for eligible projects. Additionally, the Clean Technology Investment Tax Credit (CTITC) offers a 30% refundable tax credit for businesses investing in clean energy.

Which type of PV panel should I Choose?

The type of panel you choose will affect the overall cost of your system. For example, selecting high-efficiency monocrystalline panels is more expensive but requires less of them to achieve the desired system size. This option may provide the most value if you have limited space for a PV array.