January 2018 – Solar Income
January 2018 – Solar Income
As some of you know, last 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. The Panels were generating energy starting at the end of December though.
January started off with our panels being completely covered in snow and was a really cold month. It took awhile for the snow to finally melt or slide off the panels. When it got cleared, I was happy and saw the system really producing. Then it snowed again…….. Obviously winter isn’t ideal for solar panels in Ontario.
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.
We Got Paid
January was the first month we have gotten paid for. The income stream is official! In January we generated 168.08 kwh of power. Since we get a fixed rate of 28.8 cents per kwh, we brought in $48.96 this month. Not bad, but could be better. The solar company has a chart that estimates what you should bring in per month. The estimate was $129.17, clearly we didn’t get that. Hopefully that is just based on the weather and not a drastic over estimate.
This chart is a summary of what our panels were generating in January. When the panels are clear and the weather is decent I can see this really doing well though. The other day it was kinda sunny and we generated $10 in just one day (February). The potential is there and the green aspect is definitely cool!
As of today’s date – Feb 23rd the emission free energy we have generated (327.68) kwh is equal to.
Man I Love Passive Incomes!
We have a long way to go to break even on this investment, but its one of those feel good things to do. $48.96 won’t retire us any day soon but is another source of income we did nothing to generate.
Got to love when Hydro One needs to pay you!
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$48.96
Amount to Breakeven —- $32,347.50
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.