Is $58,301 to install a 33.7 kW solar panel system a fair price?
Project Details
My 6500 sqft home uses 40,000 kWh a year, approximately 3500 kWh per month. Electricity is my source of heat for my air source heat pump, plus the heat pump for my garage, a heated swimming pool, and a hot tub, all of which are very energy hungry. I'm eligible for a $3,000 rebate from my provincial energy provider and a $40,000 interest-free loan from the federal government. I believe the companies know there's no incentive to quote below $43,000 due to these incentives. I'm also considering parking the $40,000 loan in an S&P 500 index fund for a potential 8-10% return over 10 years. My estimated ROI for the solar system is 7 years and 9 months. I'm concerned about the parts cost and markup, as I found the parts online for under $20,000, even though I understand they include labor, warranty, and peace of mind. I was referred to this installer by a neighbor who also had solar installed by them, and I also recently upgraded my pool pump to a variable speed Hayward pump and had my loft insulation increased to R60.
Quote Details
This quote is for a 33.7 kW solar panel system, designed for a south-facing roof with minimal shade. The system components include: - Solar Panels: 63 Jinko 535W panels - Optimizers: Tigo optimizers - Inverters: 2x Sol-Ark 15 inverters
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More Details
Category
Solar
Price
$58,301
Quote Date
October 1, 2025
Home Size
6,500 sq ft
# of Panels
63
System Size (kW)
33.7
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