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The Real Cost of a Solar System in Victoria
The price of a solar panel installation in Victoria depends on the system’s size, which is based on your home’s electricity use. An average 8 kW system in Victoria typically costs between $20,000 and $25,000.
Here’s a general cost breakdown to help you understand where the money goes. Note that permit fees are now lower, which helps with the total cost.
| System Component | Estimated Cost (8 kW system) |
|---|---|
| Solar Panels | $5,000 – $6,250 |
| Inverter(s) | $2,000 – $2,500 |
| Racking/Mounting | $2,000 – $2,500 |
| Labour/Installation | $6,000 – $7,500 |
| Permits and Fees | ~$799 |
| Other (Wiring, etc.) | $3,000 – $3,750 |
These figures can change depending on your specific roof, the quality of the equipment, and the details of the installation.
Incentives That Make Solar Affordable
Provincial rebates and financing options can significantly lower the final cost.
The Big Incentive: BC Hydro’s Solar & Battery Rebates
The main program for solar affordability in British Columbia is BC Hydro’s rebate program. Homeowners can get up to $10,000 in rebates.
- Solar Panel Rebate: Up to $5,000. This is calculated at $1,000 per kilowatt (kW) of installed capacity, limited to 50% of the project cost.
- Battery Storage Rebate: An extra $5,000. This is based on $500 per kilowatt-hour (kWh) of storage, also limited to 50% of the battery cost.
Tip for Homeowners: You must get pre-approval from BC Hydro with your contractor before you buy any equipment. If you buy panels first, you won’t be eligible for the rebate.
Financing: The 0% Option
It’s important to know that the federal Greener Homes Loan is now closed to new applicants. To fill that gap, we at SolarEnergies.ca provide access to a great financing alternative: 0% financing with $0 down for a 15-year term. This allows you to get a system installed with no upfront cost and a predictable monthly payment, which is often less than your average hydro bill savings.
Sizing Your System to Match Your Needs
The goal is to install a system that generates an amount of electricity equal to what your home consumes annually. A properly sized system maximizes your savings through BC Hydro’s net metering program.
Practical Examples of Solar Costs in Victoria
Here are a few common scenarios to give you a clearer picture of total costs in BC and potential monthly payments after the main rebate.
1. Smaller Home (approx. 1,200 sq ft)
- Annual Consumption: 7,000 kWh
- Recommended System Size: 7 kW
- Estimated Gross Cost: ~$19,600
- Cost After BC Hydro Rebate: $14,600
- Monthly Payment (0% over 15 years): ~$81/month
2. Average Family Home (approx. 2,000 sq ft)
- Annual Consumption: 10,000 kWh
- Recommended System Size: 10 kW
- Estimated Gross Cost: ~$28,000
- Cost After BC Hydro Rebate: $23,000
- Monthly Payment (0% over 15 years): ~$128/month
3. Larger Home with an EV (approx. 3,000 sq ft)
- Annual Consumption: 15,000 kWh
- Recommended System Size: 15 kW
- Estimated Gross Cost: ~$42,000
- Cost After BC Hydro Rebate: $37,000
- Monthly Payment (0% over 15 years): ~$206/month
