The upfront cost of solar is significant - typically $18,000-$30,000 for a residential system. The good news: multiple financing options make solar accessible regardless of whether you have cash on hand.
| Method | Pros | Cons |
|---|---|---|
| Cash | Best ROI, own outright | High upfront cost |
| Financeit | Solar-specific lender, fast approval, no down payment | Interest adds to total cost |
| Solar Loan / Bank Loan | Fixed rate, no down payment | Interest adds to total cost |
| HELOC | Lowest rates, interest may be tax-deductible | Uses home equity as collateral |
Paying cash provides the highest return on investment since you avoid all financing costs. Here's what a typical cash purchase looks like:
| Metric | Value |
|---|---|
| System Cost | $25,000 |
| Year 1 Savings | $2,300 |
| Payback Period | 9-10 years |
| 25-Year Savings | $70,000+ |
| ROI | ~180% |
Compare solar ROI to other investments. A 10-year payback with 25+ year lifespan equals ~10% annual return. That's competitive with stock market averages, with zero volatility and guaranteed energy cost reduction.
Solar-specific loans are designed for renewable energy purchases. They're often easier to qualify for than traditional loans because the solar system adds value to your property.
| Scenario | 7% Rate |
|---|---|
| System Cost | $25,000 |
| Monthly Payment | $290 |
| Monthly Savings | ~$190 |
| Net Monthly Cost | $100 |
| After 10 Years | $0 payment + ~$200/mo savings |
| Total Interest Paid | ~$9,800 |
If you have equity in your home, you can tap it for solar financing. These often offer the lowest interest rates available.
Solar increases your home's value by roughly the system cost. So you're borrowing against equity to create more equity - while reducing operating costs. It's a wealth-building move if done responsibly.
For incorporated entities, this is the strongest federal solar incentive in 2026.
Incorporated businesses write off 100% of the net solar system cost (after ITC) in the first year under CCA Class 43.1/43.2 — dramatically reducing taxable income in the year of install.
While not direct financing, SaskPower's net metering program is effectively a subsidy:
The Canada Greener Homes Grant ($5,000) and Greener Homes Loan ($40,000 at 0%) were both wound down in 2024 and are no longer accepting new applications. If you're reading this hoping to find them — they're gone, and there's no current federal residential equivalent. The federal solar money in 2026 flows through the Clean Technology ITC for incorporated businesses and farms. For residential, the math still works on net metering + Financeit financing.
Here's how different financing methods compare for a $25,000 system:
| Method | Monthly Cost | Total Cost | 25-Yr Savings |
|---|---|---|---|
| Cash | $0 | $25,000 | ~$70,000 |
| Financeit (8%, 10yr) | $303 | ~$36,000 | ~$59,000 |
| Bank Solar Loan (7%, 10yr) | $290 | ~$35,000 | ~$60,000 |
| HELOC (6%, 10yr) | $277 | ~$33,000 | ~$62,000 |
Note: Assumes 3% annual electricity rate increase. Monthly savings varies by usage.
We'll help you understand all your financing options and find the approach that fits your budget and goals. Every quote includes a financing breakdown.
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