Investing in solar panels in Calgary can yield many benefits for homeowners and business operators. Apart from reducing carbon footprints, a reliable and well-designed solar system reduces ongoing energy costs. Many property owners may want to access these benefits but worry that cost may be a barrier.
Currently, several incentive programs are available for owners. Through these programs, you can find ways to offset the solar installation cost or simplify the payment process. Here’s our overview of what incentive options you may have available today.
Federal Incentives Available to Calgary Homeowners
The Canadian federal government once provided a $5,000 payment to homeowners who installed solar panels on their homes. Sadly, the grant has since ended and hasn’t been extended. Nevertheless, the federal government continues to offer homeowners choices, particularly with the Canada Greener Homes Loan.
This 10-year loan offers homeowners interest-free financing on solar panel retrofit projects. The program makes funding available up to $40,000. New build projects aren’t eligible, and you must apply before any work begins. An energy advisor must conduct a pre-retrofit evaluation of your property and recommend a system. A post-retrofit review must also occur.
The Greener Homes Loan, an interest-free loan available to existing properties throughout Calgary, could be an excellent solution for some homeowners.
Financing Options and Incentives Using Municipal Solutions
The City of Calgary operates a Clean Energy Improvement Program (CEIP). This scheme is another financing method available to eligible residential property owners in Calgary. New solar panel installations on existing buildings are eligible for financing through the CEIP. There is a $3,000 minimum funding amount to qualify for financing.
Although the CEIP does not provide an interest-free loan, it offers a low and highly competitive rate with a longer term than the federal financing program. The loan term is 20 years or the usable lifespan of the equipment, whichever is less. Owners can choose to finance up to 100% of the total cost of their solar power installation. Some owners may find these terms particularly advantageous, especially considering the repayment option—the CEIP bundles loan payments into the property tax bill.
Since this ties the financing to the property rather than the owner, transferring the financing plan to another individual when selling the property is possible. That could help make your solar installation a selling point when you decide to move.
To take full advantage of these opportunities, you can only use CEIP-qualified solar companies in Calgary to complete the work. Financing isn’t available for do-it-yourself jobs or work performed by unqualified contractors.
Using the Clean Technology Tax Credit for Businesses
For owners of non-residential and commercial properties in Calgary, a federal Investment Tax Credit (ITC) is available for those who invest in Clean Technology (CT). Eligible companies can claim the CT ITC on their corporate income tax return.
Currently, the CT ITC can provide a value of up to 30% of the cost of solar technology acquired and put to use from March 2023 to December 31, 2033. Property available for use in 2034 or beyond can receive up to a 15% rebate. The credit will expire after 2034 unless renewed. Visit the official CT ITC website hosted by the Government of Canada for full details and a walkthrough on how to claim this credit.
Find Support and Solutions for Cost-Effective Solar Panels in Calgary
Selecting the right option for your property requires considering your needs and the type of system best suited to meeting them. A partnership with a trusted provider from the solar companies in Calgary can make a difference. With Tenet Power, you can connect with an experienced team well-versed in system design and incentive structures. Chat with us today to learn how to access incentives and financing solutions.
