Solar Panel Cost Guide in Toronto, OH (2024 Update)
- Toronto Solar Installation Cost: $18,548
- 25-Year Savings: $18,049
- Payback Period: 14.5 Years
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Average Cost of Solar Panels in Toronto
Let’s take a look at the average cost of solar in Toronto.
The average cost of a solar system in Toronto is 3 per watt.The average Toronto homeowner needs a 7.8-kilowatt system, which would cost about $18,548 with the federal tax credit, or $26,524 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar system you want, your solar contractor and more.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Toronto can save about $16,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Toronto
| Year | Return on Investment |
|---|---|
| 1 years | $-17,216 |
| 3 years | $-14,552 |
| 5 years | $-11,888 |
| 7 years | $-9,224 |
| 9 years | $-6,560 |
| 11 years | $-3,896 |
| 13 years | $-1,232 |
| 15 years | $1,432 |
| 17 years | $4,096 |
| 19 years | $6,760 |
| 21 years | $9,424 |
| 23 years | $12,088 |
| 25 years | $14,752 |
Top Solar Installers in Toronto
Although you can install solar panels yourself, it takes extra effort and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Toronto
Factors that Affect Solar Panel Costs in Toronto
For many Toronto homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Toronto, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,410 per kilowatt in Toronto.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Toronto, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the growing popularity of green energy solutions in Toronto, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.55 | $14,895 | $9,793 | 15.1 years |
| 8 kW | $3.48 | $19,478 | $13,440 | 14.8 years |
| 10 kW | $3.41 | $23,870 | $17,277 | 14.5 years |
| 12 kW | $3.34 | $28,071 | $21,305 | 14.2 years |
| 14 kW | $3.27 | $32,081 | $25,525 | 13.9 years |
| 16 kW | $3.21 | $35,900 | $29,935 | 13.6 years |
| 18 kW | $3.14 | $39,529 | $34,536 | 13.3 years |
| 20 kW | $3.07 | $42,966 | $39,328 | 13.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you’re concerned about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Toronto, OH Solar Cost FAQs
How much does it cost to install solar panels in Toronto?
The average cost of solar panels in Toronto is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Toronto?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Toronto?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.