Canada Greener Home Loan: Zero-Interest Financing To Make Residential Solar Investment Affordable

Many homeowners are looking for ways to make solar more affordable. 

While the cost to install residential solar panels in Ontario or other regions may seem high, there are practical options to fit solar into your budget. 

With the growing popularity of solar energy, more people are turning to solar loans and incentives to manage the upfront costs. 

Solar financing options, like Canada Greener Home Loan, allow you to spread the cost over time, making investment more accessible. Many homeowners are also taking advantage of local incentives to further reduce expenses.

If you’re wondering whether the residential solar panels Ontario cost is worth it, consider the bright side—long-term financial benefits. 

Solar can significantly reduce your electricity bills, providing savings that often cover the initial investment within a few years. Plus, installing solar increases your home’s value, offering even more financial benefits in the long run.

How much could a solar loan, government incentives for solar, and tax rebates help with your initial investment? Let’s find out.

The cost of residential solar panels in Canada starts with the price of the panels themselves, before installation. On average, the raw price for a basic, uninstalled panel is around $1 to $2 per watt, depending on the brand and type. 

For example, a 6kW system for a smaller home would cost roughly $6,000 to $12,000 for the panels alone. Larger homes that require around 10kW or more can expect higher prices.

But the panels themselves are just part of the total cost. Once you factor in additional expenses—such as installation, labor, permits, inverters, solar batteries, and other components—the price goes up significantly. 

In Ontario, the total cost for a complete solar setup, including installation, can range from $15,000 to $30,000 or more, depending on the size of your home and the complexity.

The type of installation also matters:

• On-grid residential solar panels in Ontario: Connected to the local utility grid and tend to be the most affordable option with net metering.
• Off-grid systems: Fully independent from the utility grid, often requiring solar batteries and additional equipment, making them typically more expensive.
• Hybrid systems: Combine both on-grid and off-grid features and benefits, offering more flexibility but also raising overall costs due to their complex setup.

Homeowners, especially those with lower or mid-level incomes, may find it challenging to cover these high upfront costs, particularly without access to a solar loan, grant, or solar rebate. 

Without financial help, the investment in home solar solutions may feel out of reach, despite the recent drop in panel prices (fallen by over 80% in the last decade). 

Not considering a government incentive for solar, such as the Canada Greener Home Loan, could make it tough for homeowners to afford solar. As energy prices continue to rise, those without help may miss out on solar’s long-term savings.

What is the Canada Greener Home Loan? This government-backed program offers up to $40,000 in interest-free financing for homeowners to make energy-efficient upgrades, including the installation of residential solar panels. 

Initiated by the federal state and private sectors, the program began in 2021 as part of a larger $15 billion investment effort to help Canadian homes reduce their carbon footprint. 

Since its launch, over 68,000 loan applications have been submitted, with an average loan amount of around $24,000 annually​. This program aims to support up to 175,000 eligible homeowners undertaking significant retrofits. 

The Greener Home Loan covers a wide range of expenses, such as the cost of home solar panels, installation, and necessary equipment like solar battery backup. 

It has a flexible repayment structure of about 10 years, making it an excellent option for homeowners looking for affordable solar panels with Canada Greener Home Loan.

Also note that the Greener Home Loan should not be confused with the Canada Greener Home Grant, a separate program. 

Unlike the solar loan, the solar grant provides non-repayable financial assistance for home energy upgrades. However, the grant is currently unavailable and expected to reopen at a future date, so homeowners should stay up-to-date.

The process is straightforward if you’re wondering how to apply for a Canada Greener Home Loan for solar panels. Simply check your eligibility, submit the required documents, and follow the steps laid out by the government.

Need help navigating these options? Talk to HUD Energy’s solar experts today. 

Canada has several ways to reduce the cost of residential solar investment aside from the Canada Greener Home Loan. Here are other options that can help lower your investment in home solar panels in Ontario:

• Ontario Energy Board’s Net Metering

While not a grant, loan, or rebate, net metering in Ontario allows homeowners to send excess solar energy back to the grid in exchange for credits. These credits help offset future energy costs, making on-grid residential solar panels in Ontario more affordable by reducing your utility bills.

• Canada Greener Homes Grant

This solar grant provides up to $5,000 for home energy retrofits, including home solar panels. While it’s currently paused for new applicants, it’s expected to reopen soon, allowing homeowners to claim additional financial support for solar installations.

• Home Efficiency Rebate Plus (HER+)

This Ontario energy-efficient upgrade program offers rebates for energy-efficient upgrades, including solar panels. Homeowners can receive up to $5,000 for insulation, windows, and renewable energy systems, helping reduce the overall cost of solar projects.

• Ontario Solar Incentives and Rebates

While Ontario doesn’t currently offer a specific government incentive for solar, other provinces provide financial help through solar loans and rebates. Be sure to check your local programs or ask a trusted residential solar company for the latest offers.

• Private Solar Financing

Several banks and lenders in Canada offer solar loans to help cover the upfront cost of residential solar panel systems with government loan approval. These loans typically feature low interest rates, helping homeowners spread payments over time.

Excited to make your home solar energy investment affordable? Ontario’s trusted residential solar company, HUD Energy, is here to help. 

From understanding the benefits of the Canada Greener Home Loan for solar installations to walking you through the step-by-step process to apply for the loan, we’ve got you covered. 

Whether you want to install on-grid residential solar panels in Ontario areas or need advice on maximizing savings with grants and incentives, we simplify it all. Contact HUD Energy today and start saving on energy bills! 

Why wait? Reach out now!