Great news! The Federal Greener Homes Rebate Program may be closed for new applicants, but don’t worry – you might still be in luck!
Even though the rebate program is closed for those without a “Pre-Audit” scheduled, the Loan Program is still available, and it might actually be more valuable than the rebate.
Let’s break down the math behind the loan
- The loan covers the cost of solar installation up to $40,000.
- Most residential solar projects fall within the range of $20,000 to $35,000.
- For example, let’s consider a $30,000 project.
- With a ten-year interest-free loan, you’d have monthly payments of $250.
This investment could nearly eliminate your monthly electricity bills, especially since a $30,000 solar setup often covers most residential needs.
Initially, you might pay slightly more for the loan and electricity combined compared to what you paid for electricity alone. However, as electricity costs rise over the years, you’ll be shielded from those increases on the electricity you generate. After just a few years, the monthly savings on electricity will cover your loan payments. By the end of the ten-year period, the loan payments disappear, leaving you with a significantly reduced monthly electricity bill.
In essence, using the loan can make your solar electricity investment nearly self-funding. Think of it like borrowing money to pay off your home so you don’t have to pay rent. In the same way, homeowners can borrow money to pay off their electricity generation, eliminating the need to pay “rent” on electricity indefinitely.
In a nutshell, consider the loan option – it could make your solar investment a smart and financially savvy move!
Learn more about Ontario’s Solar Energy incentives here.
