Updated: Jul 12
It seems strange that there was once a time wherein solar energy was considered an expensive fad only for the rich and eccentric. Gone are the days where a home powered by solar panels was a pipe dream. Solar energy has become part of our everyday lives. In fact, almost 90% of new electricity in 2020 was renewable.
Despite how common it is nowadays, there is still a slew of misconceptions attached to solar power. One of the most popular misconceptions is that solar energy costs too much money. And while we can simply state that it’s not too expensive and just call it a day, that wouldn’t be very convincing. Instead, we’ll be taking you through the different factors to consider when discussing the price attached to solar-powered systems for your home.
If this is something that you want to know more about, read on as we try to answer if solar-powered homes are indeed worth the price that you pay.
Factors to Consider Before Installing Solar Panels
As we’ve already talked about in our series of articles on solar panels, there are many different factors involved when installing panels at home. This is why it’s not all that surprising that it’s earned a reputation of being expensive.
Aside from the panels, the most substantial piece of equipment you need is the solar module itself. Along with the panels and the modules, you’ll also need an inverter, metering equipment, and various housing components that allow you to convert solar energy into electricity.
To add to the costs of the equipment, you’ll also have to take labour into consideration. Most people don’t have the expertise to install these complex systems in your home correctly. All of these costs combined make solar energy quite resource intensive.
How Solar Powered Homes Can Save You Money
The thing that you have to understand about solar energy is that most of the costs come upfront when purchasing and installing it in your home. And the amount that you’ll save on your electricity bill will eventually offset the initial costs of installing solar energy to your home.
To add to this, the Canadian government has also put incentives in place that will help soften the blow of the initial costs of solar energy. The Canada Greener Homes Grant allows homeowners to receive up to $5,000 to make energy-efficient changes to their homes. This includes, but is not limited to, new windows, insulation, battery energy storage systems, and solar panels.
Are Solar Powered Homes Worth It?
Considering everything, we can objectively say that going solar is worth the initial investment. While it is quite capital intensive, the long-term savings offset the costs of the solar panels, modules, installation, and all the other pieces of equipment required to make the switch.
And when you consider the government’s efforts to encourage homeowners to make the switch to more sustainable sources of energy, then there is no question that solar-powered homes are worth the price! If you are thinking long-term, transitioning to renewable energy sources will also end up saving you hundreds (if not thousands) of dollars annually due to your reduced electricity bills.
We here at Kite Electric use high-end technology and innovation to install solar panels for residential properties. The manufacturers we use for our modules include Canadian Solar, Longi, and Hanwha Q-Cell. We believe in ensuring that your investment will last for years to come!