Price is always a major consideration on solar installations. Though most of our clients recoup their initial investment (and more) over the life of their solar panel, that higher upfront cost to purchase and install can repel many homeowners.
So, to help make the move to green energy easier, we’ve gathered various grants and other incentives below for your convenience.
SunRidge Builtgreen Homeowner Rebate offers up to $3,500 in rebates to homebuyers in the SunRidge Development. Keep in mind that buyers must meet a variety of environmental performance targets to apply for the program.
The Greener Homes Program is a federally-run initiative offering $1/watt up to $5,000 to fund solar installation for eligible participants. You’ll need to get an Energuide Audit before your installation, and there is a grant available for $600 to cover this as well.
Agricultural Clean Technology (ACT) Program is a dual support stream (adoption and research/innovation) for farms and other agri-food related businesses. If you’re eligible, you can recoup up to 50% of your project funding. Keep in mind this initiative is aimed at projects valued at $50,000 or more.
The Clean Energy Improvement Program (CEIP) is a new financing option for homeowners looking to leverage solar energy. The program offers competitive interest rates and repayment terms up to 25 years and is paid off through the property tax bill.
Unlike other loans, the CEIP is tied to the property, not the owner. That means if you sell the property, you will not be stuck paying off solar power that no longer benefits you.
*Application in participating cities begins Summer 2021.
Saving on your electricity bill with Spot Power
No matter how much you save upfront on installation, the real savings will last throughout the lifetime of your solar panels (25+ years).
To ensure you get the most out of your solar, we’ve partnered with Spot Power – a green energy provider.
With Spot Power, micro-generators (like homes with solar panels) can not only sell energy back to the grid but can also choose between two optional rates, allowing the homeowner to save the most money.
How it works
Spot Power offers a ‘high’ and a ‘low’ rate.
Each rate covers both the price the homeowner pays to purchase electricity from the grid and the price they get when they sell it back.
|High Rate||Low Rate|
|25.85 ¢/kWh||7.10 ¢/kWh|
Though it may seem counterintuitive to switch to a higher energy rate to save money, it makes sense when you can sell energy back to the grid. So, when your solar panels are generating more energy for your home than it’s using, you sell that energy at the higher rate.
Recommended time: April to October
The low rate allows homeowners to pay less for electricity when their solar panels aren’t producing as much energy (such as during the shortened daylight seasons) and they are relying more on grid energy. But, when they can sell energy back, they get less money for it.
Recommended time: November to May
Cost Of Energy Chart (Residential Example Over 1 Year)
The great news is, homeowners only need to give 10 days’ notice to switch the rate and can do so as often as they please. That means if you’re going to be out of the house for a couple of weeks, you can set your rate high, then sell all that excess energy back to the grid at those higher rates.
Then, all that money you’ve earned while you were away goes toward paying off your electricity bill.
That’s a great way to make the most out of every watt you generate.