Solar Panel Cost Guide in Toronto, OH (2024 Update)

  • Toronto Solar Installation Cost: $18,548
  • 25-Year Savings: $18,049
  • Payback Period: 14.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Toronto

Let’s take a look at the average cost of solar in Toronto.

The average cost of a solar system in Toronto is 3 per watt.To account for the typical energy usage of the average home in Toronto, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,548, or $26,524 before the federal solar tax credit of 0 is applied.

The true cost of your system can be above or below the average in Toronto depending on a variety of factors, such as the kind of solar panels you choose and the solar company you hire.Many homeowners find adopting solar power is a sound investment. The average homeowner in Toronto can save around $16,000 on their power bills over 20 years.

To get a free estimate from a top solar installer in Toronto, you can click the button below.

Solar savings over time in Toronto

Year Return on Investment
1 years $-17,216
3 years $-14,552
5 years $-11,888
7 years $-9,224
9 years $-6,560
11 years $-3,896
13 years $-1,232
15 years $1,432
17 years $4,096
19 years $6,760
21 years $9,424
23 years $12,088
25 years $14,752

Top Solar Installers in Toronto

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make your switch to solar power much easier. Another great thing about using a reliable solar installer is that it'll provide warranties and free repairs, which help protect your investment.

Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Toronto

Factors that Affect Solar Panel Costs in Toronto

There are several criteria that can influence 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

System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Toronto, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your all-in costs, so it’s important to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar installer you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Toronto, and each can charge varying amounts for labor and equipment.Additionally, some companies in Toronto know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.55 $14,895 $9,793 15.1 years
8 kW $3.48 $19,478 $13,440 14.8 years
10 kW $3.41 $23,870 $17,277 14.5 years
12 kW $3.34 $28,071 $21,305 14.2 years
14 kW $3.27 $32,081 $25,525 13.9 years
16 kW $3.21 $35,900 $29,935 13.6 years
18 kW $3.14 $39,529 $34,536 13.3 years
20 kW $3.07 $42,966 $39,328 13.1 years

How to Save on Solar Panels

There are a lot of companies available in Toronto, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:

  • Solar Panel Brands: Different companies offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
  • Contract: Before signing a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
  • Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Toronto, OH Solar Cost FAQs

What is the average cost of installing solar panels in Toronto?

This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Toronto?

Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.

Is making the switch to solar worth it?

Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably 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 higher 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.

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