Solar Panels – Is It A Good Investment? – 1 Year later hey everyone So I have officially had our Solar Panels on our roof for a year now. I can finally figure out...
Category: Solar Panels
I have always wanted to install some solar panels on our house since they became available. Some of my wealthy clients were doing it and its always a good idea to mimic what they are doing. =)
The green aspect is huge for me. I also really feel all new house’s should be mandatory to have them.
The Ontario government in 2009 introduced the microfit program to promote the use of green energy and create a new industry. Unfortunately the program is now over but net metering is still a option if you want solar panels.
When the microfit program started they offered to pay you 0.802 cents per kwh generated. This was absolutely huge, but the prices of systems were also sky high at the beginning.
Over the years prices for the systems dropped and so did the rates.
In 2017 we ended getting approved from Hydro One to setup a system. The whole process took about 7 months to finally get hooked up.
In December 2017 we were officially setup to generate power and income!
We now had yet another income stream putting some money into the account.
It was a great feeling to be done with the process. Since it was the last year of the program we will receive 28.8 cents per kwh generated on a 20 year contract.
Overall the system has been fantastic and we have had it just over a year, with no problems.
The system so far has generated about a yearly 8% return on investment minus the refinance cost of 2.5% so we are locking in a 5.5% gain until the system is paid for in full.