Solar Payback in Thunder Bay 2026
Thunder Bay solar systems typically pay for themselves in 10 years. See the math by system size, with Thunder Bay Hydro rates and available Ontario rebates.
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Short answer
Solar in Thunder Bay typically pays back in 10 years for a right-sized 6 to 10 kW residential system. Payback varies with your Thunder Bay Hydro rate (average 14.0¢/kWh), 2,121 annual sun hours in Thunder Bay, net system cost after Ontario rebates, and how much production you self-consume. See system-by-system math below.
10 yrs
Typical Payback
14.0¢/kWh
Electricity Rate
2,121
Sun Hours/Year
$2.95/W
Installed Cost
How Thunder Bay Solar Payback Is Calculated
Payback (years) = Net System Cost / Annual Bill Savings
Net system cost is your installed cost minus available rebates. Annual bill savings equal annual production times your effective rate, adjusted for self-consumption. In Thunder Bay, we use 2,121 sun hours, 14% capacity factor, Thunder Bay Hydro rate 14.0¢/kWh, and 85% self-consumption.
Assumptions used on this page
- • Installed cost mid-range: $2.95 per watt
- • Annual production: 14% capacity factor times 8,760 hours per year
- • Electricity rate: 14.0¢/kWh flat (does not model TOU or ULO)
- • Rebate: Ontario HRSP at $1,000/kW up to $5,000, 50% cap
- • Self-consumption ratio: 85%
- • No rate escalation modelled (real payback is shorter with rate increases)
Thunder Bay Payback by System Size
| System | System cost | Rebate | Net cost | Annual savings | Payback |
|---|---|---|---|---|---|
| 4 kW | $11,800 | $4,000 | $7,800 | $584/yr | 13.4 yrs |
| 6 kW | $17,700 | $5,000 | $12,700 | $876/yr | 14.5 yrs |
| 8 kW | $23,600 | $5,000 | $18,600 | $1,168/yr | 15.9 yrs |
| 10 kW | $29,500 | $5,000 | $24,500 | $1,459/yr | 16.8 yrs |
| 12 kW | $35,400 | $5,000 | $30,400 | $1,751/yr | 17.4 yrs |
Estimates assume 14% capacity factor, 14.0¢/kWh, 85% self-consumption, no rate escalation. Actual payback varies with roof orientation, shading, usage pattern, and financing.
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Related Resources
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Learn more— Sources: NRCan, Thunder Bay Hydro published rates.