February 2018 – Solar Income
February 2018 – Solar Income
As some of you know, this year we installed a 9.75 kw microfit solar panel system on our roof. The process was a long one starting in May and finally all the T’s were crossed and the I’s dotted in the middle of January. This is our February 2018 – Solar Income update.
February brought a mix of sunny days and snow. We got hit pretty hard with snow and it stayed on about 20 panels for quite awhile. The other 10 are on a bigger slope and the snow slid off on a sunny day. We haven’t seen a month yet where the panels were completely clear.
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 system outright and installed it on the roof of our house. 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 February we generated 300 kwh of power. Since we get a fixed rate of 28.8 cents per kwh, we brought in $86.40 this month. I was actually expecting more, but got to realize everything is a month earlier. (Since they read our meter at the beginning of the month.) The solar company estimate for February was $169.42, again we didn’t hit that mark. Here’s hoping that is the snow factor again and not a gross overestimate.
This chart is a summary of what our panels were generating in February. When the panels are clear and the weather is decent I can see this really doing well. It’s nice seeing the panels generating almost 40 kw in a day this month. (compared to the 25 in January) There was almost a full week where the system did nothing at all…….. March looks a lot better so far!
We have a long way to go to break even on this investment, but its one of those feel good things to do. $86.40 won’t retire us any day soon but is another source of income we did nothing to generate. This one is truely passive, I do absolutely nothing anymore. Stocks I still watch and follow the market. Here’s hoping we hit 3 digits next month!
Got to love when Hydro One needs to pay you!
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$135.36
Amount to Breakeven —- $32,261.10
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.