Saving with Solar in Ontario.
Ontario encourages its residents to use solar to reduce their power consumption. While the province enjoys clean generation from Hydro plants, the supply is limited. As needs grow province wide, expensive upgrades and new generation will be needed. Hydro One would like customers to reduce power consumption, and considers self-generation from solar a key to its future.
Solar installations, whether on a residential roof, ground mounted on a acreage, or on commercial roofs, produce power for its owners at costs close to buying utility power now. If the power is not needed during the day, it can be exported back to Hydro One as part of their Net Metering program, for a credit. The customer then uses this credit against power used at night, or during the winter.
What’s in it for Ontario customers?
- Control of current power costs: A solar system can produce 20 to 100% of the annual power needed to run a home. With the incentives the electricity off the roof is close to the same as buying power from Hydro One. Add future rate increase and the solar electricity gets cheaper every year.
- Investment: A solar system typically yields 5-10% rate of return on the cash invested. Since solar systems last 30 years or more, it’s like a long term GIC. Commercial customers can take advantage of Class 43.2 Accelerated Capital Cost Allowance for an even better rate return.
- Empowerment: Now you are in control of your own power. Rising costs will not affect you in the same way. Plan for lower costs when you retire, and enhance the value of your property.
Utility Support Programs:
All Ontario utilities support the use of solar to help homes and businesses to reduce their consumption of utility power. The overall goal is to defer the need for Ontario to add generation facilities, and solar is clean, reliable and empowers residents to take control of the power. Ask your local LDC for information about their Net Metering Policies and Procedures.