Solar PV in Ontario: Top 5 Reasons to Invest

Since October 2009 significant financial incentives are available for Ontario homeowners to encourage adoption of renewable energy in the province. Under the Ontario Solar Feed In Tariff (FIT) Program a guaranteed price of 80.2 c/kWh (for solar PV projects 10 kilowatts or less in size) will be paid for all the electricity a project generates for 20 years.

With this legislation in place green investments in general have never made such financial sense:

Return is fantastic, while it is virtually risk-free investment
With significant incentives that are available to Ontario homeowners going solar is far more than just an environmental and socially responsible opportunity. With Solar Feed In Tariff you will earn up to 14% (!) on your investments annually for at least 20 years. And these investments are virtually risk-free (guaranteed by the provincial government)!

Provide steady and predictable income
Price in the contract is fixed for 20 years. That means that you will have steady and predictable income for at least 20 years. However, current solar panels have much longer lifespan. You will be able to sell electricity (and generate income) long after initial 20 years.

Cash incentives from the government: Home Renovation Tax Credit
On top of these huge financial incentives current $1,350 federal Home Renovation Tax Credit (HRTC) is still available.

Green investment
By making this investment you will feel really good about yourself and the planet. A 3kW Residential Solar System:

• does the same work as 0.8 acres of trees
• prevents 5,831 lbs a year of carbon dioxide
• prevents 0.1 lbs per year of sulfur dioxide
• prevents 1.7 lbs per year of nitrous dioxide

Support local jobs and communities
With local content rule built-in into the FIT Program the major part of your investment will stay in Ontario, creating green jobs and supporting local communities.

In the next article we will analyze impact of photovoltaic panels on house value.