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Solar Tax Credits, Incentives and Solar Rebates in Prince Edward Island
Latest Update:by Simone Garneau
|Solar Value Index||$895|
|Solar Energy Produced||5,728 kWh / year|
|Average retail electricity price (2016 data)||15.62 cents / kWh|
|Average annual consumption per household (2014 data)||6,960 kWh|
|Installed solar PV capacity (2014 data)||0.4 MW|
|Levelized Cost||13.44 cents / kWh|
|Reached grid parity?||Yes|
|Solar Installer||City||Sunmetrix Solar Score||Sunmetrix Cashback|
|West Prince Solar Inc.||Alberton||$200|
Residents of Prince Edward Island pay among the highest retail electricity prices in the country, and the province relies on power purchasing agreements with other provinces. These facts, along with the decent amount of sunshine, mean Prince Edward Island would be a logical place to consider the benefits of solar energy. Fortunately, the P.E.I. government is developing a new energy strategy with a greater focus on renewable power - solar energy may yet gain a foothold in the island province.
At 15.62 cents/ kWh, the electricity prices in the province are above the national average of 12.2 cents / kWh. When it comes to average electricity consumption per household, residents of this province consume 6,960 kWh per year, below the national average of 13,300 kWh.
Prince Edward Island is a grid parity province, making solar power cheaper than the residential utility rates. The incentives listed below can significantly reduce the cost of installation of solar panels for your home or business.
Financial IncentivesUnfortunately, there are no provincial financial incentives in Prince Edward Island.
- Net Metering
Net Metering service is available to all Maritime Electric customers who are served from the distribution system and are billed under one of the metered service rates, and who install a renewable energy generator of less than 100 kW capacity, which meets the requirements of the Renewable Energy Act. The customer is credited at the retail price for energy supplied to the utility that is surplus to his load at the time, up to a maximum of what the customer can use during the following 12 months during times when his load is greater than his generation.
- Unfortunately, there are no federal incentives for residential solar PV projects in Canada. However, if you own a business, the following programs may be applicable.
- Capital Cost Allowance (CCA) Renewable Energy
The Government of Canada makes clean energy projects, such as solar energy, wind energy and energy from waste, more fiscally attractive for industry by providing business income tax incentives. Under Classes 43.1 and 43.2 in Schedule II of the Income Tax Regulations, certain capital costs of systems that produce energy by using renewable energy sources or fuels from waste, or conserve energy by using fuel more efficiently are eligible for accelerated capital cost allowance. Under Class 43.1, eligible equipment may be written-off at 30 percent per year on a declining balance basis. In general, equipment that is eligible for Class 43.1 but is acquired after February 22, 2005 and before year 2020 may be written-off at 50 percent per year on a declining balance basis under Class 43.2.
- Canadian Renewable and Conservation Expenses (CRCE)
CRCE is designed to encourage commercial investments in clean energy generation and energy conservation projects by providing income tax incentives for certain start-up expenses associated with these projects.
- Average monthly electricity consumption data is from the Canadian Electricity Association (2014 data).
- Average retail electricity prices are based on studies published by Manitoba Hydro and the annual Hydro Quebec report "Comparison of Electricity Prices in Major North American Cities" and is based on 1,000 kWh/month consumption.
- Annual solar production estimates are based on the analysis performed using our own solar energy calculator, Sunmetrix Discover.
- Installed solar PV capacity figures are from Natural Resources Canada's report entitled "Photovoltaic Technology Status and Prospects: Canadian Annual Report (2015)".
- The national average for utility rates in Canada excludes the rates in Northwest Territories and Nunavut.
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- We will find you up to 3 installers in your area to provide free, no-obligation quotes.
- See their consumer reviews and compare cashback deals - up to $500.
- Select your solar company, complete your installation, and we will send you cashback, with a smile!
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1. Defined Terms.
a. Program Website: http://sunmetrix.com/
b. INSTALLER: The solar PV installation company either selected by the QUOTE-REQUESTER or by Sunmetrix.
c. QUOTE-REQUESTER is a potential residential solar customer that meets all of the following criteria: (1) owns his or her own house in a state/province where the INSTALLER operates; (2) is a legal resident of the United States or Canada; (3) is 18 years of age or older; and (4) otherwise meets Sunmetrix’s requirements, as may be updated by Sunmetrix from time to time.
d. REFERRAL FEE: The amount the INSTALLER agrees to pay Sunmetrix upon completion of the residential INSTALLATION. For U.S. companies, the indicated amount is in U.S. dollars. For Canadian companies, the indicated amount is in Canadian dollars. In the case of commercial solar quote requests, the referral fee is determined on case by case basis.
e. CASH-BACK: The amount paid to the QUOTE-REQUESTER, representing 50% of the REFERRAL FEE paid upon completion of the residential solar photo-voltaic INSTALLATION. For U.S. residents, the indicated CASH-BACK amount is in U.S. dollars, and the CASH-BACK will be sent electronically either with a PayPal Payment or with an Amazon eGift Card. For Canadian residents, the indicated CASH-BACK amount is in Canadian dollars, and the CASH-BACK will be sent electronically with an Interac e-Transfer.
f. INSTALLATION: The solar photo-voltaic INSTALLATION is for a residential system with a minimum installed capacity of 2 kW DC. Systems that are less than the minimum will not qualify for the CASH-BACK program.