fbpx

Why is Canada Still A Great Market For Solar Energy?

From the perspective of of renewable energy investors, Canada has long been considered an attractive market for solar energy. With a population of approximately 35 million people and a vast area to harness solar power, Canada has an ideal combination for strong growth in the solar market. Many provinces and territories have excellent incentive programs,  a rapidly growing population and long-established infrastructure. For these reasons, over the past decade or so, tens of thousands of Americans have moved to Canada looking for work and opportunity, many of them solar installers. Plus, recent changes enacted by the Canadian government have worked to strengthen the environment for solar in this country.

Tax Incentives for the Solar Market

Throughout Canada, whether at a federal or provincial level, government bodies make clean energy projects, such as solar energy, more fiscally attractive for homeowners by providing variety of rebates and incentives. Because making the switch to solar energy has been proven to offer many long-term benefits for the environment, various programs have been established to make it easier on your wallet. These programs are easy to qualify for and should provided additional cost savings as the typical homeowner will also save on their monthly electric bill.

New Programs for Clean Energy

Canada has various programs established for other forms of renewable or clean energy. The Government of Canada has followed other countries in setting a price for many types of carbon emission. These standards allow provinces to approach these forms of pollution from a taxation perspective. These prices also enable the province to establish a framework for the development of clean energy incentive programs that are designed to lower greenhouse gas emissions.

Solar Financing Tax Incentive Program

Commercial tax incentives are available for businesses who wish to invest in solar energy projects. The Solar Financing tax Incentive Program is available and can result in significant savings for your investment in solar energy. With this program, organizations can use flow-through shares to finance a new renewable energy project. This program can be used in conjunction with typical financing provided by solar installers or financial institutions. These methods allow corporations to take advantage of generous incentives that also benefit our environment.

Ontario’s Feed in Tariff Program

Ontario provides a Feed-in Tariff (FIT) Program that is designed to encourage and promote greater use of renewable energy sources, including on-shore wind, solar photovoltaic, bioenergy and hydroelectricity electricity generating projects in Ontario. The program gives residents the opportunity to generate renewable electricity and receive payment for the energy they produce over a period of twenty years. The FIT Program is a result of the Green Energy Act (GEA). The GEA is part of a broader push in Canada that aims to aggressively expand both domestic production as well as exports of clean energy technology. The FIT Program is an exceptional opportunity for Canadians to invest directly in the renewable energy sector and be a part of the energy revolution in this country.