Before considering a solar system for your home or your business you must consider the costs accompanying the installation and operation of such a system. In fact, knowing the cost of the entire project, specifically the installation component, is the most important pre- requirement in this procedure. To form an understanding of the costs and their various components, ask the following questions:
- How many solar panels do you want to fit on your best roof faces?
- Which type of panels are you choosing?
- Which type of the inverter will you choose?
It is important to note that the cost of solar panels in Ontario is prone to fluctuation in the solar market. Therefore it is always suggested to contact a reliable solar panel installer company and ask for a quote on your particular installation.
Currently, a 10KW solar power system can typically cost you from $22,000 to $30,000 depending on multiple factors. The cost for solar systems seems high but there is good news for those looking to install solar panels for home. Depending upon the size of the solar system, they can earn 10% or more on their investment under Ontario’s solar incentive program. The return is dependant on the pitch of the roof and the degree of southern direction of the roof.
If you have enough space on your roof that is perfect to install a 10 kW residential solar system, you would be looking at an investment of about $22,000. In this situation you can get a payback of $3,300 per year for more than 20 years. It means that you will get your initial investment back within 6 to 8 years. After your solar power system is paid for, the remaining 14-12 years of the returns will be additional money or income for you. The solar panels come with a 25-year warranty and their lifespan is greater than 35 years.
While finalising the deal with the solar panel installer, be sure to ask them what are the components included in the final cost and what is missing? During this meeting there should be no unpleasant and expensive surprises. A competent and reliable company must understand that it is the right of the client to complete the transparency and therefore such companies include the following components in all their installations:
- Solar panels
- Rails and flashing units
- Inverters and monitoring
- Permits (varies per jurisdiction)
- Complete system wiring disconnects & sub panels
- Squirrel guard