I just had panels installed at my own home this summer. So I can tell you first-hand that no, it’s not too good to be true.
- Story Sheidow
not too good to be true. Through the rebate and financing programs I was able to install a complete system and replace my monthly electric bill with a low-interest loan payment. And the best part? The extra electricity created during the summer months is banked by Maritime Electric, and available to use in the winter when production is low. Jason Hibbard, co-founder and President of Sunly Energy, says his company has been extremely busy this year. Sunly offers a 0 per cent interest equipment lease over a 12-year term for homeowners- a great option for owners of all income levels. “In many cases, our clients are paying less to finance the system than they would for the power (kWh) charged by their utility company. This means they are actually saving money in the first year. If someone has a decent credit rating and their property is not completely shaded by trees, solar can be very accessible to an everyday person,” says Hibbard. M.B. Eye Electrical also offers in- house financing options on all of their products, and owner, Matt Eye, sees the added benefits of a locked-in financing agreement vs. a monthly electric bill. “With power rates always on the climb, and month-to-month bills, people are turning to solar to
relieve the stress of the unknown,” says Eye. “More and more people, especially during the current world situation, want to know exactly what they are paying per month, and for some it’s worth borrowing the money to have a fixed monthly cost, allowing for better budgeting moving forward.” Having installed the largest systems in the Maritimes, Eye has also seen a huge increase in interest in both small and large-scale systems here on the Island. So what if you own under an acre? For homeowners on smaller parcels of land, there are still options. Depending on the exposure and level of shade, solar panels can be mounted directly to the roof rather than on ground racks; perfect for folks in the city looking to improve both their sustainability and their property value. So whether you’re a small or large homeowner, with a modest or six- figure salary, solar energy is definitely worth looking into, because right now "the sky’s the limit.”
R ecently, the provincial government (through efficiencyPEI) launched an incredible solar rebate program: up to $10,000 back when you install a residential solar array. This, paired with great available financing options (such as Finance PEI’s 5 per cent loan program specifically offered for solar) means that solar panels are now accessible to virtually everyone who owns a home. And I should know- I just had panels installed at my own home this summer. So I can tell you firsthand that no, it’s
SUMMER 2020 www.pei-living.ca
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