Is $21,000 to install an 11.5 kW solar panel system a fair price?
Project Details
I am deep in the process of getting solar but having second thoughts. My average electrical bill is ~$180 with ~800 kWh of usage, and the price of electricity is currently cheap at $0.08/kWh, though rates are projected to increase by 5% per year. I'm getting a 10-year interest-free loan to finance the system. I'm also going to sell my carbon credits. My biggest worry is this might make it more difficult to sell my home in 5-10+ years. Someone could ask for the panels to be removed, or I would have to pay the loan off without any additional sales value if selling early. I'm also concerned about whether I will have enough excess production to make the numbers work, as without it, I'd be paying more per month than my current bill. I need to sell at least ~150-200 kWh a month to make it cheaper. After 10 years, I wouldn't have the loan or electricity bill, but I'm not sure if I'll stay that long. I'm also worried about the cost and headache of replacing the roof with 10-15 year old panels on it, and whether buyers would want them removed or prefer to install their own newer system. Despite these concerns, I really want to go through with it.
Quote Details
Installation of an 11.5 kW solar panel system. - System Size: 11.5 kW - Projected Annual Production: 10,500 kWh - Panels: 23x Thornova TS-BBT54-G11 (500W each) - Inverters: 12x APS DS3-L micro-inverters (768VA each) - Financing: 10-year interest-free government loan (approx. $250/month payment) - Net Metering: Available (sell excess at ~$0.30/kWh in summer, buy at ~$0.08/kWh in winter) - Carbon Credits: Expected to sell for $300-$400 annually - Battery Backup: Not included (too expensive) - Original Cost: CAD$30,000
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More Details
Category
Solar
Price
$21,000
Quote Date
May 16, 2025
Battery Storage?
No
System Size (kW)
11.5
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