There are many financial support programs available to help homeowners and businesses go solar.
Through HELP, homeowners can get a low-interest loan of up to $125,000 to cover the cost of home energy improvements, including solar and energy storage. HELP allows you to repay the loan via installments on your property tax bill and the loan can be paid off at any time without penalty.
HELP also offers additional incentives for solar installations.
For additional information, email homeenergyloan@toronto.ca or visit the HELP webpage.
Through its ERL Program, the City offers low-interest loans to help building owners invest in energy improvements including solar and storage. The ERL offers fixed-rate financing for up to 100 per cent of the project costs at a rate equal to the City’s cost of borrowing.
For more information contact the Better Buildings Partnership (BBP) at bbp@toronto.ca, call 416-392-1500, or visit the ERL Program webpage.
If you are looking to replace your roof, the City of Toronto offers incentives to support the installation of green roofs and cool roofs.
While solar PV is not directly part of the City’s Eco-Roof Incentive program; solar and eco-roofs work well together. For example, you can install a cool roof or a green roof and install solar on top.
For additional information, email ecoroof@toronto.ca or visit the Eco-Roof Incentive Program webpage.
The federal government is offering grants of up to $5,000 ($1,000 per kW installed) to eligible homeowners to support the installation of solar panels. The government is also offering climate resiliency grants, including a $1,000 grant for batteries connected to photovoltaic systems to provide standby power for homes. These grants are being offered Canada-wide on a first-come-first-served basis.
Make sure that you carefully read all eligibility criteria and grant requirements to be sure that you qualify for reimbursement.
For more information, please visit the Canada Greener Homes Grant website.
For projects eligible for the Canada Greener Homes Grant including solar PV and storage, the federal government is also offering a zero-interest loan of up to $40,000 over a 10-year repayment period.
For more information and eligibility requirements, visit the Canada Greener Homes Loan website.
Residents and businesses can choose to buy a solar system outright, or lease or finance it from a third party. In a third party financing agreement, the developer/installer arranges for the design, permitting, financing and installation of a solar energy system on the customer’s property. Customers can enter into either one of the two third-party financing arrangements:
To learn more about third-party agreements, visit the Ontario Energy Board’s (OEB) Net Metering webpage.
The federal government offers businesses tax incentives to fully expense clean energy generation projects through the Income Tax Act and Income Tax Regulations’ measures including Accelerated Capital Cost Allowance (CCA) program and the Canadian Renewable and Conservation Expense (CRCE).
Due to the complexity of the tax legislation regarding clean energy equipment, we highly recommend you consult a tax attorney or an accountant to confirm all requirements are met.
Learn more about the Government of Canada’s Tax Incentives for Clean Energy Equipment.
The federal government recently announced a refundable Clean Technology Investment Tax Credit equal to 30 per cent of the capital cost of eligible equipment, which include solar and storage. The Credit will come into effect after the 2023 budget is announced. Read about the announcement of the Clean Technology Investment Tax Credit.
Residents and businesses can organize bulk buy groups to get discounts on solar system and storage systems installations. Organized groups have the advantage of providing installers with a large pool of interested buyers, reducing individual transaction costs and achieving greater purchasing power through economies of scale.
Organizing a bulk buy campaign is a demanding process best managed by a designated group of people, such as leaders of a local community group, who can undertake community outreach and education.