Solar Panel Cost Guide in Toronto, OH (2023 Update)
- Toronto Solar Installation Cost: $13,924
- 25-Year Savings: $18,050
- Payback Period: 10.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Toronto
Here's how much it might cost to make the switch to solar in Toronto.
The national average cost of solar panels is $2.66 per watt, but in Toronto it's 2.56 per watt. To account for the typical energy needs of the average home in Toronto, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $13,924, or $19,911 before the federal solar tax credit of 30% is applied.
The true cost of your system can be higher or lower than the average in Toronto depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire. Many homeowners find adopting solar power is a solid investment. The average homeowner in Toronto can save about $16,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Toronto
| Year | Return on Investment |
|---|---|
| 1 years | $-12,645 |
| 3 years | $-10,087 |
| 5 years | $-7,529 |
| 7 years | $-4,971 |
| 9 years | $-2,413 |
| 11 years | $145 |
| 13 years | $2,702 |
| 15 years | $5,260 |
| 17 years | $7,818 |
| 19 years | $10,376 |
| 21 years | $12,934 |
| 23 years | $15,492 |
| 25 years | $18,050 |
Top Solar Installers in Toronto
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be time-consuming. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Toronto
Factors that Affect Solar Panel Costs in Toronto
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,560 per kilowatt in Toronto. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Toronto average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Toronto, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Although solar loans make switching to solar energy more accessible for Toronto homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence how much it costs. Toronto's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.66 | $11,182 | $13,506 | 11.3 years |
| 8 kW | $2.61 | $14,623 | $18,295 | 11.1 years |
| 10 kW | $2.56 | $17,920 | $23,227 | 10.9 years |
| 12 kW | $2.51 | $21,074 | $28,303 | 10.7 years |
| 14 kW | $2.46 | $24,084 | $33,522 | 10.5 years |
| 16 kW | $2.41 | $26,952 | $38,884 | 10.2 years |
| 18 kW | $2.36 | $29,676 | $44,389 | 10.0 years |
| 20 kW | $2.30 | $32,256 | $50,038 | 9.8 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Toronto, OH Solar Cost FAQs
How much does it cost to install solar panels in Toronto?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.