If your cost of installing solar is 20 000 and your system is going to save you 2 500 a year on foregone energy bills your solar panel payback or break even point will be 8 years 20 000 2 500 8.
Solar panel payback calculator ontario.
Finally on the inputs tab you will see both a pre tax and after tax calculation of the internal rate of return irr on the investment of putting in solar.
The typical solar payback period in the u s.
Conclusion on solar payback calculator.
See how long it will take for a solar system to pay for itself.
According to data from national resources canada the average solar system in ontario can produce 1166kwh of electricity per kw of solar panels per year.
How comparison shopping can improve your solar panel payback period.
The average installation cost of solar power in canada is 3 01 watt or 22 500 for a 7 5kw system.
However the cost of solar power changes depending on the size of the system required your eligibility for solar incentives the type of equipment used and even on the province that you live in.
Data from the energysage solar marketplace shows that in 2020 solar shoppers who compare their options in the marketplace can achieve payback on their solar investment in about 8 years.
Is just above 8 years.
Comparing quotes from multiple solar installers can actually help you go solar with a shorter payback period than the national average.
According to the ontario energy board the average ontario household consumes about 9 000 kwhs of electricity per year.
3 84 kw gridtied battery backup solar system with outback power center and 12x heliene 320 panels wss outback grid tie w battery backup system for 12 heliene 60 cell modules 17 142 92.
Solar panels are at their cheapest price since 2010 so even though they re still a large investment the solar panel payback time could be shorter than ever.
Ontario has the fifth highest potential to produce solar energy in all of canada receiving more solar irradiation than most other provinces except for the prairies and quebec.
The calculator also allows you to compare a high quality photovoltaic pv system with a lower priced solar system and see the difference in payback time.
How much will solar panels cost for an average ontario customer.
However with the feed in tariff a government scheme that entitles those generating energy from solar panels to 20 years of payments having closed in march 2019 it could be easy to.
This means that to offset 100 of their electrical use an average ontario homeowner would need to install an approximately 7 500 watt solar array.
Cost of solar power in canada 2020.
For example if you can divide 10 000 by 1 000 you already know how to use the simple payback method to calculate the payback for solar panels.
Solar savings payback calculator.
How is the solar panel payback period calculated.
