Cost of Installation
A typical 4kW system in Victoria will cost around $16,000, which includes parts and installation. In Victoria, this 4kW system will produce 4,600kWh/year, and over its 30+ year lifespan will cost only 12.5 cents/kWh. So, your initial investment will not only save you money on your energy bill – it will cost you just pennies/kWh over its lifespan.
Is it Worth the Money?
Homeowners in Victoria love solar electricity. We all admit that 5 or 10 years ago, solar was expensive and electricity was cheap. Today, the price of solar electricity is very affordable. Canada gets to take advantage of the global solar explosion, riding the downward prices and product innovations of a multi-billion dollar industry with over 30% annual growth in the past decade. Solar electric products last more than 30 years and can reliably deliver power to a home without maintenance.
Electricity, which we in BC have taken for granted, is expensive, and getting more expensive every year. Grab a Hydro bill, and look at the two tiered rates, the rate riders and the GST surcharges. BC Hydro has just increased their rates by 9%, and price increases are still needed to cover the costs of network upgrades and future expansion projects.
Perron Electric Solar Power Systems reduce the power you need to buy – today, and for the next 30 years.
Savings and Payback
I often refer to a comment made by one of my customers; a sweet couple in their mid-eighties.
“We get a cheque for $125 from the government at the end of every year from a $10,000 GIC. We have at least tripled that with going solar. We will now see a $300-$400 return.”
Not only are they seeing a return on investment from Hydro and real estate, but the money trickles down the line to my employees, me, my distributor, the manufacturer of the components – and the owners are still greatly profiting.
Then there are those who don’t have the money for solar. In fact, my first customer did “all” the math, and covered his roof with as many panels as he could – 36 modules in total. He borrowed against his mortgage (I’m guessing at mortgage renewal time), and figured his return on investment will pay for the interest, plus some principal.
Dollar-for-dollar the value of your real estate will increase proportionally to the money invested on solar. For example, let’s say there are two houses for sale right across the street from each other. The houses are identical, except that one has solar and costs $15,000 more than the other. Nine times out of ten the solar house will sell first, because eventually everyone will need to go solar.
Philosophically you are doing your part for the environment. Less dams will be constructed meaning less rivers will be dammed. I recently visited the Sidney Night Market and saw a BC Hydro booth staffed by volunteers. Without confessing my connection to the solar industry I asked the typical question: “If we go solar, isn’t that taking revenue away from BC Hydro?”
The volunteer replied: “The Sidney grid is pretty much at capacity. If people install solar, we wouldn’t need to upgrade the transmission lines. It would solve a big headache for us and people would be saving money as well.”
Bottom line: I will work with whatever your budget is. I will both listen to and hear your expectations, your financial requirements, and philosophical requirements. We are born with a mouth we can close, and two ears that don’t close.
What is Net Metering?
People living in Victoria, BC can participate in BC Hydro’s Net Metering Program. Solar systems produce lots of power during the day, but not always when you need it. Net Metering allows you to store the kilowatt hours of electricity you don’t use for later. How does it work? You are essentially turning the meter backwards, building a credit for all energy not needed. It flows through the meter and out to the street. Net Metered customers have a two way meter that keeps track of energy flows in both directions. If you sell 50 kWh during the day, at night you get 50kWh for free. Nothing is wasted – you are simply putting power through your meter and creating credit you can use later.