Incentives + Rebates
Residential Incentives
Solar and battery rebates now available
Starting July 23, 2024, we’re offering rebates on solar panels and energy storage systems for residential and business customers joining the self-generation program. Check our rebates information to learn about eligible products and projects:
- Up to $10,000 for residential customers
- Up to $50,000 for businesses and multi-family buildings
- Up to $150,000 for social housing, Indigenous communities, and remote micro-grid communities
Canada Greener Homes Loan
$40,000 interest-free loan for eligible homeowners
The Canada Greener Homes Loan program is designed to help homeowners make energy-efficient upgrades to their homes, including the installation of solar photovoltaic (PV) systems. Here’s an outline of the key aspects of the program as it relates to solar PV:
Canada Greener Homes Loan Overview
Program Purpose
- To support energy efficiency retrofits.
- To reduce greenhouse gas emissions and energy costs for homeowners.
Eligibility
- Homeowners must be Canadian residents.
- The home should be a primary residence.
- Eligible upgrades must be completed by qualified contractors.
Solar PV System Specifics
- Homeowners can apply for loans to cover the costs of purchasing and installing solar PV systems.
- The systems must meet specific performance and installation standards.
Loan Details
- Maximum loan amount: Typically up to $40,000 (subject to change).
- Interest rates: Competitive rates compared to traditional loans.
- Repayment terms: Flexible repayment options, often up to 10 years.
Application Process
- Complete a home energy evaluation (conducted by a registered energy advisor).
- Submit an application through the designated platform or lender.
- Provide documentation of project costs and contractor qualifications.
Energy Evaluation
- Assess current energy efficiency.
- Identify potential upgrades and savings, including solar PV installation.
Incentives and Rebates
- Homeowners may be eligible for additional federal or provincial incentives.
- Some programs may offer rebates for solar installations that can be combined with the loan.
Project Completion
- Upon completion, homeowners must submit proof of installation and any required documentation.
- Final payment may depend on a follow-up energy evaluation to confirm improvements.
Support and Resources
- Access to resources and guides on energy-efficient upgrades.
- Support from energy advisors throughout the process.
Conclusion
The Canada Greener Homes Loan program aims to make energy-efficient upgrades more accessible, with solar PV being a key focus area. Homeowners interested in this program should ensure they meet eligibility requirements and follow the necessary steps to take advantage of the loan and any additional incentives available.
Refundable Investment Tax Credits
The Clean Technology Tax Credit for taxable entities, provides a 30% refundable credit on the capital cost of eligible solar projects.
The Clean Electricity Tax Credit for non-taxable entities, provides a 15% refundable credit on the capital cost of eligible solar projects.
These Tax Incentives, available as of the 1st day of Budget 2023, were deployed to accelerate the uptake of solar by industry. These tax credits are available for new projects and the refurbishment of existing solar.
Commercial Incentives
Accelerated Capital Cost Allowance
100% taxable write off for Businesses on all solar equipment
For installations commissioned in 2023, an enhanced first-year allowance means that 100% of the cost can be deducted from your taxable income for that year. This is being scaled back to 75% in 2024 & 2025, and further scaled to 55% for 2026 & 2027. Meaning it will reward those who act fast with increased savings and reduced payback periods.
Generally solar would be subject to the half-year rule, which restricts the percentage of a capital asset which can be written off against tax obligations. The current enhanced CCA is equal to three times the normal first-year deduction.
Canada Green Tax Credits
The Clean Technology Tax Credit for taxable entities, provides a 30% refundable credit on the capital cost of eligible solar projects.
The Clean Electricity Tax Credit for non-taxable entities, provides a 15% refundable credit on the capital cost of eligible solar projects.
These Tax Incentives, available as of the 1st day of Budget 2023, were deployed to accelerate the uptake of solar by industry. These tax credits are available for new projects and the refurbishment of existing solar.
BC Hydro Net Metering
Residential and Commercial customers both can enjoy the BC Net Metering Program
The cost of solar
Energy consumers reasons for going solar can vary from financial savings benefits to environmental impact. That being said, microinverters work in runs of 12-14 panels. That provides the basis for a smaller (12 panel), average (24 panel) and larger system size (36+ panel). Your system size may be limited by the capacity of your electrical panel and service, despite having ample South facing roof space. All roofs are different and aesthetics matter, so the variation of systems is vast. You can be assured that every design and proposal is tailored to your property specifically. Some homes receive better East-West exposure than others, these are just some of the factors we are taking into consideration when we do our site inspection.
Ultimately, despite your system size you will begin saving from the day your system is installed. Use the solar savings guide below as a cost indicator and contact one of our solar experts to get your free personalized solar assessment.
Get started by connecting with one of our trusted solar installation specialist
Smaller homes
Cost
1st Year savings*
$825/year
lifetime savings*
$25,000+
Average size homes
cost
1st Year savings*
$1,650/year
lifetime savings*
$50,000+
Larger homes
cost
1st year savings*
$2,475/year
lifetime savings*
$75,000+
*calculations based on 425W solar panels, 15 cents/ kWh energy rates increasing by 5% annually and system life of 30 years. Please note that systems may last much longer than 30+ years.
*Savings refer to the cost of your BC Hydro bill which will be reduced or eliminated to the estimated $ amount above through solar energy generation.