For large solar hot water systems, the cost of solar panels has up to now been a huge part of the overall Solar Hot water system cost. An Alberta company can supply evacuated tube collectors at a price less than the government incentive program will rebate for each collector-in effect free panels!
The generous ecoEnergy incentive program was changed in March 2009. It now pays an amount PER panel to certified Solar Panels for nearly all commercial solar hot water systems. This incentive can also apply for large developer multi family residential construction projects.
Latitude51 Solar can supply its certified collectors for a cost that is less than the rebate which the project owner will receive from the Government.
For example if a hotel requires 100 Panels to heat its water for Kitchens, Pools, hot tubs and rooms. The incentive will pay back over $100,000 for this system.
The good news is that Latitude51 Solar can sell the panel to the project for less than the rebate. In effect the panels are free!
For larger projects such as the hotels, the rebate will not only pay for all the Panels but also some extra money to help pay for the rest of the installation costs.
A spokes person from Latitude51 Solar said this will being the cost of Solar Hot Water down to levels seen in other countries in the world and will be a huge boost to the solar market in Canada.
Traditionally in Canada, solar hot water collectors on commercial buildings have been priced in the $2700 to $3500 per collector, so even after the incentive, the costs of the system and hence the Return on Investment has been very high, too high for most businesses to consider.
The cost of the Latitude51 Collectors, is now even less than the cost of Flat Plate collectors and according to Retscreen, Latitude51 Evacuated Tube collectors will produce approximately double the heat a Flat Plate Collector will in Canadian climates.
Using Latitude51 Solar collectors, the ROI now falls to a very attractive level. Latitude51 Solar expects ROI below 5 years to be easily achievable. The larger the project the better the ROI will be.
The Canadian Government ecoACTION for Renewable Heat incentive program will rebate up to $400,000 per project and up to a corporate limit of $2,000,000.
This Program ends in march 2011 so there is about 18 months left to take adantage of this program.