Financing & Rebates | solarcanada

The move to Solar for Ontario homeowners has never been more affordable.

Installing solar panels on your home or business dramatically reduces energy costs, protects you from price fluctuations, and increases your property’s value. Modern solar panels are efficient and have impressive warranties, and the return on investment has dropped in recent years to around five years.

The best part? There’s never been more help available to Ontario homeowners and businesses to pay for solar panel installation.

Feeling overwhelmed? No worries. Book a call and let our experts help you navigate all your questions and concerns.

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Rebates For Home Owners In Ontario

Toronto: HELP and Hi-RIS programs

The Greater Toronto Area offers several programs to help fund solar panels. Through the Home Energy Loan Program (HELP), homeowners can borrow up to $125,000 for energy improvements, including solar panels, with low-interest loans repayable over 20 years.

Toronto’s High-Rise Retrofit Improvement Support (Hi-RIS) Program offers low-cost financing for apartment buildings (three+ storeys, built before 1990) to reduce energy consumption. Repayment terms range from 5 to 20 years, using energy savings to offset costs.

Also, the city of Toronto also has a great overview page of ALL the financial support programs available to help homeowners and businesses go solar.

Ottawa’s Better Homes Ottawa Loan Program

Ottawa’s Better Homes Program offers low-interest loans up to $125,000 (minimum $10,000) for energy retrofits, including solar. It applies to detached, semi-detached, townhouses, and multi-unit buildings of three stories or less, with repayment terms up to 20 years

Guelph’s Greener Homes Program

Homeowners in Guelph can access the program, offering zero-interest loans up to $50,000 for energy-efficient upgrades, including solar panel systems. The loan features a 10-year payback period added to property taxes, with one lump-sum repayment allowed annually and no administration fees. Guelph’s goal is to become Canada’s greenest community by 2050.

Durham Region’s Deep Retrofit Rebate

Durham Region’s Deep Retrofit Rebate offered up to $10,000 in incentives, combinable with the Canada Greener Homes Grant and Enbridge Gas incentives. However, the rebate is currently "oversubscribed," with new offerings expected in March 2024.

Durham Region’s Deep Retrofit Rebate

Federal Solar Panel Incentives And Rebates

The Canada Greener Homes loan (NOT to be confused with the Canada Greener Home GRANT )

Canada Greener Homes Loan offers interest-free financing for energy-efficient retrofits, including solar panels, recommended by an energy advisor. Loan amounts range from $5,000 to $40,000, with a 10-year repayment term. It’s an unsecured, interest-free personal loan, allowing you to repay while saving on energy costs.

Below Are Business Focused Incentives And Personal/Business Tax Credit Information.

Rebates For Businesses In Ontario

Tax Benefits For Business Owners

Businesses can depreciate solar energy equipment faster, allowing them to deduct a larger portion of the cost in the early years.

This accelerated depreciation provides significant tax savings.

Solar installations can qualify under Class 43.1 or 43.2, which allow businesses to write off 100% of the equipment cost in the first year of installation.

As part of Canada's 2023 federal budget, businesses that invest in clean energy projects, including solar, can claim a refundable investment tax credit. Provides a 30% refundable tax credit on eligible solar energy project costs, reducing the capital expenditure required for solar installations.

Solar systems are considered capital assets, and businesses can deduct the cost of their investment from their income, thus reducing taxable income. This deduction reduces overall tax liability by allowing solar installation expenses to be written off over several years.

Don’t Forget About Solar Net Metering For Your Home, Government Building(s) Or Business

Solar Net Metering works like compound interest. With solar panels, you not only cut energy bills and carbon emissions, but also generate excess power that’s sent back to the grid. This gives you financial credits, further lowering your hydro bill. Learn how Net Metering can help pay for your solar panels.