Is Solar Power Cheaper than Electricity?
Published on 29 August 2022, 07:22:56 AM
You take a risk buying a solar-powered home, so now’s the time to calculate the odds by asking yourself:
- is solar power cheaper than electricity, and
- is solar power as good as electricity?
What is Solar Power Used For?
Going green with solar power reduces carbon emissions, and cuts electricity costs in time. Using it exclusively to power your home the way electricity does can depend on where your property is located. Your lot’s and roof’s orientation to the sun, and a lack of trees or surrounding homes to obstruct solar panels, all matter. You’d be well advised to ask a solar energy professional is solar power cheaper for you?
Watch out solar power renos don’t void a new home warranty.
Is Solar Power Cheaper in the Long Run?
How much solar would it take to power a house anyway? The BRELteam, realtors selling in Greater Toronto Area, estimate an average home requires a 4.75kW solar power system. That’s roughly equivalent to a GTA homeowners’ annual electricity usage of 9,500 kWh.
If your lender balks at solar power, here’s what to expect from private mortgage interest rates. add link here
Pros That Make Solar Power Cheaper
How cheap is solar power, and why? Expect to pay 9 to 11 cents per kWh for solar power in Ontario, compared to about 23.5 cents per kWh for electricity, the BRELteam says. That supposes you’ve fully paid for your system, in eight to 10 years.
Building permit problems for home buyers, solar power or not.
The wait is worth it. Bluewater Energy estimates every 1kW of solar power adds around $6,000 to your home’s value.
Plus, you alone control your energy bills. Since you produce your own solar power, you can sell surplus kilowatts to Ontario Hydro, or collect credits to apply to your bill during the year.
Including the right of inspection in your sales offer.
Cons of Solar Energy
SolarReviews, an independent reviewer of solar panel brands, has some advice for home buyers considering a property with an alternate energy source. You can probably guess the two main disadvantages to solar energy by now.
- Installation costs are high, making buying or building pricier. Budget $2.50 to $3 per kWh, or between $11,700 and $14,250 for 475 kWh, the BRELteam suggests.
- You need ample sunshine to make it work.
Can a buyer back out of a purchase agreement in Ontario?
Weathering Solar Power’s Cheaper Side
Clouds, snow, and the sun’s intensity at different times of day and year all affect how much solar power your system can generate. The sun doesn’t shine after hours, and what angle your roof is at, plus your shingles’ condition, affect the practicality of installing solar overhead. Ground panels are costlier, but easier to configure, if you have the space.
Speaking of space, solar power’s low energy density, or how much energy it creates based on the space it occupies, is the biggest constraint to making solar power cheaper for Ontario homeowners. Unlike electricity, that space is your backyard or roof (26.47 m² of it), not a forested right of way.
Finding land that makes solar power cheaper.
Who Gets the Solar Panels When You Sell
You likely won’t be taking your solar panels with you when you move. That makes your new power system a fixture, not movable chattel. Make sure your agreement of purchase and sale reflects that.
A word to the wise: If you’re buying solar-powered property in Toronto, ask the seller’s agent how the unit was financed. New homeowners are responsible for taking over the payments if a seller borrowed from the city’s Home Energy Loan Program to install solar power.
Questions to ask lawyers when buying a house.
Why You Need a Real Estate Lawyer
Axess Law protects home buyers’ financial and legal interests. We review your agreement of purchase and sale for terms, conditions or clauses that affect your right to cancel if a deal goes haywire. Our licensed legal professionals add subject-to-financing conditions to enable you to get mortgage financing you desire. If you are struggling to make the closing deadline on time,
Axess Law negotiates with the seller’s lawyer to amend your offer.
Pros of having a lawyer review your purchase and sale agreement.
Including specific clauses in your agreement of purchase and sale, draft or signed, ensures a professional home inspector can go over your potential new home for visible defects that may affect your price or buying decision. When an inspection report is worrisome, Axess Law liaises with the seller’s lawyer about fixing minor repairs, reducing the price, or walking away by mutual consent.
Existing mortgages are discharged before you sign for new financing for your land or home. Axess Law takes your lender’s direction on signing the legal documents needed to finance the full purchase price, excluding your good faith deposit. You sign the papers via remote video conference, or drop by any Axess Law office in Greater Toronto Area or Ottawa to finalize your real estate transaction. We have virtual real estate lawyers anywhere you are in Ontario.
Hire a real estate lawyer near me.
Affordable Flat Rate Fees for Any Budget
Access lawyers regardless of your budget. Axess Law’s affordable flat fee legal services make it easy to close real estate transactions quickly, without spending a fortune. First time home buyer on a nearly impossible budget?
What are flat rate legal services anyway?
You pay only $999.99 and up plus HST to buy Ontario homes or land or $799.99 and up plus HST for sellers. Adding spouses to house title in Ontario costs just $649 and up plus HST when you arrange a property title transfer. Independent legal advice to separate or divorce a spouse who shares a matrimonial home with you is only $349.99 plus HST.
We finalize property taxes and utility payments, then give you a final statement of adjustments showing exactly what it cost to buy your new home. No hidden surprises or extra charges — just great flat fee legal services.
You get the new keys to your home or lock box in weeks, without breaking the bank.
Who qualifies for refunds for land transfer taxes.
Access Lawyers Near You, By Phone or Online
Axess Law has real estate lawyers available at our Greater Toronto Area and Ottawa locations at times convenient for you. Ask about day or evening appointments that fit your schedule, or video conference with us remotely when you just can’t get away. Your personal information is secure and confidential with Axess Law. We witness your signature remotely, or you can come by our offices to sign.
Book appointments online, or dial our 647-479-0118 lawyer line (toll free to 1-877-402-4207) for assistance finding dates and times you can make. Axess Law has parking onsite, or you can take the transit. We’re near major transit stops.
