Many have debated on this topic and the short answer is yes, in the long term. There are a few factors to consider when considering solar as an alternative source of energy. From initial investment, the size and capacity of the solar array to the cost of electricity purchased from the utility.
Let's look at the initial investment. The truth is that solar power system prices have significantly decreased and stabilized in the past decade. For home owners that choose to go solar in Ontario, can have a system installed for about a third of what it cost in 2010. Commercial scale solar systems have also benefited by development and manufacturing at a large scale to achieve output efficiency levels and stabilized rock bottom pricing we have today.
The size and capacity of a solar array will determine the energy production yield for your property. It will largely depend on the roof or property size and the space available for the array. The amount of energy you generate will be used to offset the grid delivered energy costs . Most modern homes have sufficient roof space to accommodate a system that will completely offset the consumption with the production of the solar power system. For business owners, it's a little more difficult to say as each business will have a unique property and energy scenario. Even if all the consumption energy needs cannot be offset, it still makes sense to lower the overall operating costs by reducing a portion of your grid dependency.
The current energy subsidizing we are all enjoying in Ontario will stop in the next few years. When this happens, we will see a significant increase on our hydro bills. Many of us will be left wondering how we can afford to run our homes and business operations. Electricity prices in Ontario have been forecasted to increase by 42% over the next 20 years and the long term energy plan presented by the IESO, shows that energy prices are only going to increase, which without a doubt tips the scale in favour of solar.
The one thing is for sure, the long term investment in solar energy is definitely a viable option.