How much does a system cost? Are there grants available?
Systems generally range from $7,500 to $20,000 and even lower now with the $5,000 Greener Home Grant. The cost is based on your goals, electricity requirements and sun exposure. Some people choose a small starter system to see how it performs. If you choose a starter system we will explain how simple it is to expand the system.
How much will I save per month?
Monthly savings vary based on the system size you choose, how the purchase is financed and the hydro rates over time. The following example is of a 9 panel kW system designed to save 60% of the power costs.
You start by saving money and the environment from Day 1!
Example:
Avg. power cost:
$200 per month
System cost and size:
$20,000 less $5,000 Greener Home Grant = $15,000
9 panel PV kW will produce 60% of power needs
Can upgrade to 100% - Ask us How
Home Equity Loan:
2.5%
Amortization period:
10 years
Monthly payment:
$137.16 per month
PAYBACK PERIOD:
7 years
Monthly Savings:
60% of your Power Costs
NET GAIN OVER SYSTEM LIFE: $64,869
I am getting close to retirement, does it make sense to make this purchase at this stage of my life?
Many people are installing solar as they get closer to retirement to protect themselves against future rate increases. Electricity costs in BC have increased an average of 6-8 % for Step 1 and 2 over the past 10 - 12 years. Once you install the system future rate increases are avoided.
Do I get paid for the extra power I generate?
Technically, yes. Everything is measured in kwh (Kilowatt hours) and you are credited 1-for-1 pased on net-metering. If you over produce in the course of a year, you should recieve money back or credits from the utility provider.
What is the process to apply to the utility company for credits from my solar energy system?
In most jurisdictions, Riverside Energy Systems homeowner service includes the building permit, co-ordination with utility providers and initiating the net metering arrangements. Contact us for details in your area.
Do Solar Panels add value to your home?
The desirability of a property that generates significant power savings is unquestionably superior, has a value-added feature and likely to sell more quickly. In BC there have not been enough solar systems installed to substantiate the market trend and evidence, however in the United States (California and Arizona particularly) where Solar has become very widespread it is undisputed by realtors and appraisers that owned systems increase the value of the property relative to the cost.
