Are Solar Panels a Good Investment for Homes in Calgary?
The cost of electricity can vary significantly depending on where you live in Canada. However, this summer, it has climbed to its highest levels due to its heavy dependence on natural gas supplies. On the contrary, renewable energy technologies have become more cost-effective and sustainable. As a result, going solar in 2022 may be beneficial in numerous ways.
Should you take this step to make your house more environmentally friendly? Many Canadians are still concerned about solar installation’s high start-up costs, so this article explores if PV panels are a good investment in today’s world.
How much do solar panels cost?
The average cost of solar power in Canada is around $3 per Watt which you can easily confirm by requesting an estimate for solar in Calgary. Other things to think about are the hours of sunlight in your area, solar equipment size, and if your province offers any solar panel financial benefits. In this blog, we have described two such incentives: Canadian Greener Homes Grant and Loan and the Clean Energy Improvement Program.
Does your solar panel system cover your energy consumption?
Begin by determining how much energy you consume each year in kWh. Just go online and look at your past year’s utility bills to find your total kWh usage for the last 12 months. The number of kilowatt hours you use will likely be around Alberta’s average of 7,200kW per year. Then you must determine how much energy solar panels can produce in your location, which depends on the average yearly sunlight hours in our province. For Alberta, it is 1,276 hours annually.
How much does solar panel installation cost?
By determining how much energy you can utilise over a year, you will be able to understand what size of solar panel equipment you require. All you need to do is to divide your yearly energy consumption by your annual average of full sun hours.
Suppose your house consumes 7,000 kWh each year, and you reside in Calgary. The calculation would be 7,000/1,276 = 5.5kWh. Then, multiply the number you get by the cost per Watt that solar companies typically quote, and you will get the final number.
Either way, we recommend getting a professional solar assessment from your local solar installer to know the exact price of the solar installation. We provide it for free at PanelUpgradeExperts, so all you have to do is fill in a short form on our website.
Is your solar system worth money?
To determine whether a solar system is worth the upfront investment, you must consider how long it will take to pay it off. You will see significant energy bill savings within ten years, making the system well worth the initial investment. Keep in mind that solar panels usually last around 3 decades and require little-to-no upkeep.