If you’re looking for a way to live more sustainably, while saving money on your energy bills, you might be exploring renewable solutions such as solar panels. As you do your research, you will probably start wondering whether solar power is a smart investment for your home, and whether it’s a solution worth pursuing. We suggest you start by looking at one of your most recent electricity bills. Pull one out and check how much energy your household consumes per day/month/year in kWh:
How much are you currently spending on your electricity? According to the Ontario Energy Board, the average Ontario household consumes about 9,500 kWh of electricity per year. If you multiply that by the average price of electricity in Ontario of $17.8 cents/kWh*, you would end up with approximately $1,700 per year. An online Electricity Bill Calculator by the Ontario Energy Board is an excellent tool to determine specific rates that apply to you, calculate delivery and regulatory charges, and learn if you qualify for Ontario Electricity Rebates.
Installing solar panels on your Ontario home makes financial sense if you are looking to significantly reduce or eliminate your hydro bill or would like to become completely independent of the electric utility (going Off-Grid). Over time, your solar system will pay for itself in terms of the amount of money you save. Considering that solar panels can last for 30 to 35 years, you will start using FREE energy as soon as you finish paying off your system.
Don’t forget that by producing your energy during the day, you can offset the highest on-peak prices for electricity in Ontario, and therefore significantly reduce your electricity bill. Adding a Tesla Powerwall home storage battery would also allow you to store excess power during the day, and then consume it later at night, instead of buying from the grid again.
*To help families, small businesses and farms during COVID-19 period, the government of Ontario has introduced a temporary fixed electricity price of 12.8 cents per kWh for customers that are on time-of-use rates effective June 1, 2020.
