Offer To Connect (Solar Panel Update)
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
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. Its probably better to replace now and I know old owner cheeped a lot of stuff 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 system 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 connections done and secure esa approval, dot the I’s and cross the T’s on the paperwork and start making some money.
Unfortunately it looks like we will be getting hooked up sometime in December. The time of year when you make the least…… I think I will be out there shoveling off the snow and setting the mirrors to pump those numbers!
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 in the rays! 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.
Hey I’m Rob, creator of Passive Canadian Income.
In 2011 me and my wife had almost $60,000 in debt and a negative $7,000 Net Worth. Through hard work and financial education we paid all that off. Now we are focusing on increasing our Passive Income Streams to make the money work for us. Feel Free to Follow along the Journey by clicking the Social Media links below or subscribing to get notified of new posts on the sidebar.