Solar technology can be a profitable option in terms of renewable energy generation, reducing grid dependence, and safeguarding your home from periods of blackouts. It is encouraging to note that Canada is rapidly adapting solar energy and currently PEI is ranked the #2 province in the country for installing solar power systems. PEI is also one of the best provinces for providing cash rebates and interest-free loans, making it one of the most affordable provinces in Canada to go solar. Go solar in PEI and save with up to $15,000 in rebates.
Solar Electric Rebate Program
The Solar Electric Rebate Program is administered by the province of PEI, making solar power more affordable by providing attractive incentives to all homeowners in PEI. Furthermore, it can help reduce greenhouse emissions by over 500 tons annually and create approximately 20 jobs in PEI’s renewable energy sector!
Incentives:
Residential rebate amount:
- $1,000/kW installed, up to 40% a maximum of $10,000
Commercial Rebate Amount:
- $350/kW installed, up to a maximum of $10,000
Eligibility
The applicant must be the legal property owner, business owner, and/or a farmer.
Eligible buildings include:
- A residential property, no more than three stories high, with a footprint smaller than 600 m²
- A single-family, detached, side-by-side, row house or apartment building.
- A manufactured or mobile home with a permanent electrical utility connection.
Any building that is found to be structurally unsound during an inspection will automatically be ineligible for the program. At Solar X, site inspections are scheduled with experienced installers who analyze the roof and the site conditions thoroughly and determine their condition and suitability before proceeding with the installation.
Requirements:
It must be ensured that the solar PV system is eligible for net metering. Prince Edward Island’s Net Metering Policy falls in the “good” category it allows for systems up to 100 kW in size to be connected to the grid and credits can be carried forward month-to-month.
Stacking the rebate
Another key benefit to going solar in Prince Edward Island is the ability to stack the PEI and Greener Homes rebates, totaling up to $15,000! Greener Homes Rebate is a federal rebate program that allows homeowners to get $1000 per kW to a maximum of $5000. Click this link for more information on the Greener Homes Rebate Program.
With the ability to stack the Solar Electric Rebate Program and Greener Homes rebates, the investment capital to go solar will be drastically reduced. There has never been a better time to go solar if you reside in Prince Edward Island.
Interest-Free Loans in PEI
Going one step further, PACE Atlantic offers interest-free loans up to $40,000 for owners looking to finance their solar project. With low-cost financing up to 20 years, no money down, flexible repayment terms, and easy access to technical support, you will get what you need to make your energy and carbon reduction projects a reality.
PACE’s City of Charlottetown and Stratford Switch Programs were launched in July 2021 and provide interest-free loans for 15-year terms, helping your project pay for itself through energy savings.
Key Financing Terms
- Financing through your property, not personal credit
- 0% interest rates
- Up to 15-year terms
- Finance up to $40,000 or 15% of your property value (whichever is lesser)
- Combining with other incentives – stacking solar electric rebate program and Greener Homes rebates, totaling up to $15,000
Have more questions about the rebate, incentives, interest-free loans, system sizing, and much more? Schedule a complimentary assessment today and discover how we can help us in transitioning your dreams towards going solar!
Our Promise
At Solar X, we take care of the complete process from site assessments, net metering, electric upgrades to procuring the materials and scheduling the installation date. We are also a 100% Canadian-owned and operated company and are rated as one of the best solar panel contractors in Canada.
All of our systems are installed by licensed and trained professionals with decades of experience. We make sure that every step of the way is taken care of and that the homeowners get the maximum benefits out of the rebate and incentives.
Our goal is to provide you with the information you need to make an informed decision about going solar. Schedule a call with us today to learn more about how solar can benefit your home. Be energy independent, save thousands on energy costs and go green by transitioning to solar today. Use this link to book a complimentary assessment and learn more about the value solar can provide to your home.
