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Does it make financial sense to install solar panels?
Brian McKay • September 20, 2021
It's not hard to see the environmental benefits a solar panel has in power generation over fossil fuels, but there are still lingering questions when it comes to determining whether solar panels make financial sense as a long-term means of supplying electricity for your home.
Photovoltaic (PV) solar panels convert sunlight into electricity. This electricity can help power homes, businesses, and communities. Large solar farms, which have thousands of solar PV panels, can provide power to the electrical grid.
Canada has substantial solar energy resources due to its vast area. In Canada, solar power generation has registered significant growth since 2010, with total installed capacity increasing from 221 MW in 2010 to 3,310 MW at the end of 2019. According to CanREA (Canadian Renewable Energy Association), Canada installed at least 70 MW of solar PV capacity in 2020.
The cost to install residential solar has fallen by about 50% in the United States (U.S.) over the past five years, and costs have fallen in Canada as well. Falling costs are important, because they make solar power more cost competitive with other forms of traditional generation.
This cost is continuing to fall as more and more suppliers emerge in the market and as consumer demand continues to rise.
A study done by the National Energy Board in 2019 found that solar does provide electricity cost savings, specifically in Ontario, Nova Scotia and Prince Edward Island. Average daily sunlight, electricity consumption and whether you purchase or lease your system are among a few of the factors that come into play when calculating the financial benefits of solar PV.
If you live in Nova Scotia, you can request a personalized on-site quotation from Aztek Solar. Just complete the form on our website to get a free consultation.
If you plan to live in your home for the next decade, you may be there long enough to recoup your initial cost and reap the energy-saving benefits of solar power. Homeowners that move or sell may be able to highlight solar panels as a feature of the property. Adding solar panels and storage can potentially increase the home’s value.
Solar energy is full of potential. In a single hour, the amount of power from the sun that strikes the Earth is more than the entire world consumes in a year. To put that in number, each hour 430 quintillion Joules of energy from the sun hits the Earth. In comparison, the total amount of energy that all humans use in a year is 410 quintillion Joules. However, our ability to capture that energy is very limited.
Researchers around the world in government labs and at energy companies are developing better solar panels every year. One day, we'll be able to capture all of the energy that our sun provides. It's just going to take time, investment, and a whole lot of innovation.
Still, it’s an exciting time and if your home and financial situation line up for it, by going solar, you can save energy, money, the planet and make a legacy move you can be proud of!
Thanks for reading!
Brian McKay
aka The Solar Guy
aka The Solar Guy
Harnessing the Sun : How does the Solstice Effect your Solar Production?
Debunking Myths About Solar Panel's Performance in Inclement Weather
When it comes to generating clean, sustainable energy, the versatility of solar panels is often underestimated. The common misconception is that solar panels only thrive in ideal, sunny conditions. However, the truth is that they exhibit remarkable resilience, enduring through sun, snow, or sleet. In this article, we'll explore the steadfast nature of solar panels in various weather conditions and highlight the substantial benefits they bring, including significant savings on monthly electricity bills and a positive environmental impact.
Winter in Nova Scotia often brings to mind visions of snow-covered landscapes and cozy evenings by the fire. While the season may be chilly, it's also an opportune time to explore the incredible benefits of harnessing solar power. Contrary to common misconceptions, solar panels don't hibernate during the winter months. In fact, they continue to generate clean, sustainable energy, offering homeowners and business owners a unique chance to turn snowflakes into savings.
For more information about a Solar Energy Solution, including Whole Home Solar PV and Solar Pool Heating solutions for your home or business, please contact AZTEK SOLAR for your free on-site evaluation and ask about the $3,000 cash-back rebate now available.
AZTEK SOLAR is a leading Nova Scotia residential and commercial solar installer, serving Halifax, Dartmouth and the surrounding areas throughout rural Nova Scotia.
With expertise in a wide variety of systems, including Solar PV (grid-tied) systems, solar hot water and solar pool heating systems, AZTEK SOLAR has helped hundreds of Atlantic Canadian homeowners, farm operations, business owners and municipalities lower their energy bills while reducing their carbon footprint.
#SolarIsNow #RenewableEnergy #AztekSolar
Harnessing the Sun : How does the Solstice Effect your Solar Production?
Debunking Myths About Solar Panel's Performance in Inclement Weather
When it comes to generating clean, sustainable energy, the versatility of solar panels is often underestimated. The common misconception is that solar panels only thrive in ideal, sunny conditions. However, the truth is that they exhibit remarkable resilience, enduring through sun, snow, or sleet. In this article, we'll explore the steadfast nature of solar panels in various weather conditions and highlight the substantial benefits they bring, including significant savings on monthly electricity bills and a positive environmental impact.