In most parts of Canada, with the benefit of the Greener Homes Grant, the payback period is less than 10 years. And with the Greener Homes Loan, homeowners with good credit can get 0% financing for the full cost net of rebates.
A single solar panel will produce 400 to 500 Watts of power in bright sunlight. For comparison, a microwave running on full power consumes about 1200 watts. Inverters convert the direct current power from the panels to 120/240 volt alternating current used in the house. Most homes would need at least 20 panels to provide for all of their power needs, though there may not be enough room on a southerly-exposed roof for that many panels.
Since batteries are costly, most homeowners will set up net metering with their power utility. The inverters will send unused power on sunny days to the grid, and the homeowner will get credit to use that power at a later time. A reasonably-priced 5000 watt system will cost around $13,000, while a 10,000 watt system will cost around $22,000. Considering the time required for electrical permits and inspections, system installation time is about two months.
Solar system prices over the long term have been dropping, however the global chip shortage and shipping backlogs caused prices to increase during 2021 and 2022. Prices have started to come back down, and system costs will likely reach a new low in 2024.
