Offer To Connect (Solar Panel Update)

 

solar panels

Solar Panel Update

In May we decided to pursue the idea of placing solar panels on our roof and started getting quotes and figuring out the return on investment etc. Check out old post here May Solar Panels

Solar Panel Update

Well we committed to a company and signed the dotted line to start the project on May 14th. The process is a long one and I’m glad the company does all the paperwork for us as I’m already getting lost with what to do and what has been done. We have now completed the first 3 steps.

1 – The Site Assessment

which was basically a guy coming with a drone to check out our roof and check the support. Our roof trusses are made from 2 x 12’s which is really rare and can definitely support the added weight. The shingles are good but we might replace before anyways since they are brown and we just redid the siding and it doesn’t match. haha Its probably better to replace now and I know old owner cheap’d shit out and there’s no tar paper or blue ice and I want the exterior to be mint.

2 – IESO Application

The independent electricity system operator is in charge of Ontario’s current and future power. So they are in charge if your can supply any power in Ontario. They only allow a certain amount of microfit systems per year. Fortunately for us we made the cut! Very cool website as it shows Ontario’s current power demands and where the electricity comes from. Check it out The next one is the big one, it could make or break us



3 – LDC Application

Now that the IESO has accepted us it’s now up to Hydro one. Since we live in the country this is the biggest hurdle. Our transfer station is not huge, and it all depends on if the transformers at the local station will have room for the power will we be feeding it. Again luck is on our side and we are now approved and got the offer to connect!!!! This basically was the big thing that could stop us dead in our tracks. The offer is valid for 90 days and basically solidifies us that extra space. At this point I don’t think anything can stop the solar panels from happening.

180 Days Begins

Yeah you read that right. 180 days. In this time they will need to engineer drawings, get a building permit, install the panels, get the electrical connetions done and secure esa approval, dot the I’s and cross the T’s on the paperwork and start making some money.

Wah Wah looks like we will be getting hooked up sometime in December. The time of year when you make the least…… haha I think I will be out there shoveling off the snow and setting the mirrors to pump those numbers!

Solar Panel Update

This graph shows The estimated monthly incomes we will be bringing in. Ranging from 93 bucks up to $360 per month. This price is locked in for the next 20 years after that we can renew to a different rate or power ourselves. The total cost of the system was just over $32,000 after taxes but if I setup my own business I will get all the taxes back bringing the total cost down to 28-29k.

Right now the sun is just beating me down left right and center outside, hopefully next year I’ll be profiting while taking the beating! Offer to Connect done…. Off to the next step. If your in Ontario and debating a system remember this is the last year of the microfit program and creates a fantastic passive income.

Cheers

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12 Responses

  1. Leo T. Ly says:

    This is a great idea. I think that at the rate of increase in our electricity bills in the recent years, generating your our power will at least keep your energy cost from increasing every year. Having another source of income is also a bonus. I am looking forward to see the return on this investment.
    Leo T. Ly recently posted…Protect Your Online Personal BrandingMy Profile

  2. Pellrider says:

    You are in the right track! Hope more people will be interested in solar panels. Right now I am living in a condo and cannot use solar panels. Good luck in collecting money from the solar panels.

  3. I think this step is in right direction. Both from an investment and going green perspective.
    I mean if you reside in Ontario, the hydro costs are only going up in the next few years.
    And its always good to be taking a pro active role in doing something towards the environment.
    A win-win.

    Too bad, I rent and can’t do that.

  4. PCI –

    Let me get a few things down here – you are receiving a passive income + Supplying your own power? If that’s the case, then HECK YAH!!! Congrats!

    -Lanny

  5. Didn’t even think about the winter months and the snow covering all the panels. Hope that isn’t going to be a big issue. Especially since it seems like it’s always winter when you live in the north haha. Glad you got everything straightened out so far.
    Dividend Daze recently posted…2017 Goal UpdateMy Profile

  6. Now I wish I was in Canada. You get the benefit of both worlds: going green and getting green. Congrats PCI.
    Dividend Portfolio recently posted…Great NewsMy Profile

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