May 2018 Solar Income

May 2018 – Solar Income

I have decided to rename the solar income posts based on the pay dates. Ie we get paid this month for last months production. So it’s May’s income but its based on what the sun did in April. Last month the weather was all over the place. Sunny days to ice storms and rain. The ice storm took awhile to melt away and covered quite a bit of our system for about a week. Because of this our solar income is actually down from last month. I think the hydro meter reader came a couple days earlier this time too!




What is the microfit program?

The microfit program was introduced in Ontario for smaller renewable energy systems under the 10kw size. It’s part of the fit (feed in tariff) program to promote the use of renewable energy, increase investment into this space and create new green jobs.

We bought our solar system outright and installed it on the roof of our house. Its a 9.75 kw system, 10 Panels facing the south and 20 Panels facing south-west. 2017 was the last year of the program and we signed a contract to sell the hydro generated to Hydro One. In return they would pay us 28.8 cents per kwh for the next 20 years. After 20 years we can sign a new contract at most likely a higher rate (since hydro rates will likely be higher) or look into a battery system to power our house.

Sun = Money

In April we generated 851 kwh of power. This was down 150 kwh from last month… ARG!  Since we get a fixed rate of 28.8 cents per kwh, we brought in $245.09 this month. Unfortunately we were under the guidance for the month of April, but I’m sure this was due to that freak ice storm…… So far May’s power is looking pretty nice though. I do have a big maple tree beside my garage that just leafed out and am wondering how that will affect things. I don’t really want to cut it down……. Time will tell…

May Solar Income

 

This chart is a summary of what our panels were generating in April. Its nice to see days where they produce over 60kwh. That would be a nice pay cheque if that would be a daily thing! As you can see that ice storm killed the power production. Seems like summer is already here, so hopefully no more of that!

Conclusion

We have a long way to go to break even on this investment, but its one of those feel good things to do. $245.09 is still a decent income that gets added to the stack. Our solar system is another source of income we did nothing to generate. I keep trying to decide what our next source of passive income will be that isn’t overly capital intensive.

This pay day from Hydro One basically covers a lot of our household monthly bills still, and always love getting their mail in the mailbox these days. Other than that its bills and spam, not to much to look forward to in there.

April was lower than March but for a good reason, shit happens. I tell ya I’m black now, so the sun is cooking! Make sure you throw down that sunscreen when your outside now…..

Cheers.

System Installed January 2018

Total System Cost ——–$32,396.46

Total Income Received ——–$667.59

_____________________________________________

Amount to Breakeven —- $31,728.87

10 Responses

  1. Hi Rob, Hopefully you will get some nice warm sunny weather to crank up production and chip away toward recovering your investment. Tom
    Tom @ Dividends Diversify recently posted…The Apple of Your Dividend EyeMy Profile

  2. Rob, even though it was a bit below guidance, that’s still a chunk of money you didn’t get last April. And it will come every month rain or shine…wait, ok never mind. What I meant to say is that I’m sure it will be higher than predicted in other months. ?

    I know you are selling your power back to the company, but in a power outage can you use the panels to power your home? Here in Florida they don’t let you do that unless you have a storage battery for the home.

    • Rob says:

      Hey Fire

      Unforetunately if the power gos out, we are screwed! Haha but if its late enough in the day, it can set the mood. Candles and no tv is a good combo!

      Cheers

  3. Congrats man!
    I’d love to do solar as well – so damn expensive though..they need some more govt incentives, etc.

    It will be awesome once it’s been paid off – and like you said it’s also a feel good thing too!

    • Rob says:

      Hey Jordan

      Now that winnipeg is officially out of the playoff picture you will be saving money from tickets now. Crazy what vegas is doing…..

      Yeah will be nice once its all paid off. Its all about the cashflow though!
      Cheers

  4. No bad, considering that half of the month your system was generating under 20kwh. The following months should yield you better results! Looking forward seeing your break-even amount getting lower and lower!

  5. PCI –

    That is SICK! Pumped to see you set a record when June’s check arrives for May’s sun-work! Just an awesome passive income source, and hope that the payback period begins to shrink for you.

    -Lanny

    • Rob says:

      Hey Lanny

      Thanks alot. Yeah looking forward to seeing what next month brings in as weather has been great.

      My time to breakeven is always trending down! Haha

      Cheers

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