June 2018 – Solar Income
June 2018 – Solar Income
My oh my, we got ourselves a record! I got to say I was surprised to see what we will be getting this month. The weather in May was generally good, so the sun was out most of the time.
I have always wondered about one of our big maple trees, if it will affect our production. Its clear now that it does. Its right in front of our garage, on the south side. The garage has 20 panels on it. So the morning sun basically gets shaded and hurts the income. My wife loves the tree though, as it creates a lot of shade on our deck. The great debate begins………..
What is the microfit program?
Our solar panel system is part of 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 May we generated 1,343 kwh of power. Since we get a fixed rate of 28.8 cents per kwh, we brought in $386.78 this month. Sweet!! The estimate for May was $357.50, clearly we surpassed that. =0
I just wonder how much that tree blocked us……… haha.
This chart is a summary of what our panels were generating in May. Its nice to see days where they produce over 60kwh. It seems we had more days over 60kwh when the maple wasn’t leafed out. Again we will see what happens with that, but if we are getting almost 400 bucks and the wife’s happy I don’t think I can complain.
Almost 400 bucks this month! That is absolutely huge. 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.
I tell ya having a solar system is a real eye opener… Even when you don’t think the sun is that hot the system is creating some great wattage. I cant stress it to you enough, throw down that sunscreen!
What would you do with the tree? Leave it? Cut it down? Or take like 10 feet off the top and see how that looks? That may be our happy medium.
Have a great day!
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$1054.37
Amount to Breakeven —- $31,342.09
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.