July 2018 – Solar Income
July 2018 – Solar Income
June was a sunny month, the skin was cooking, the flowers were wilting and the beaches were packed. I knew it would be a great month for our solar panels! These panels continue to surprise me, even with that tree in the way we set a even higher record for income this month. We also surpassed the guidance for income we would receive for June.
Sunshine and Rainbows Baby!
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 June we generated 1,426 kwh of power. Since we get a fixed rate of 28.8 cents per kwh, we brought in $410.69 this month. Sweet!! The estimate for June was $360.73, so we surpassed that guidance by 13.84%. Got to love beating those marks!
This chart is a summary of what our panels were generating in June. 4 Days breaking that elusive 60 kwh mark. Overall the month was pretty consistent. Those low days must of been cloudy days. Dam you clouds! Haha just kidding, working outside its nice to have the cloudy days, but I know the panels aren’t spitting fire. I guess you can’t win em all.
Over 400 bucks this month, Wonderbar! It is fantastic to see that all the headaches we went through last year in the process to get this setup and installed are rewarding us nicely now.
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!
Our solar system is another source of income we did nothing to generate. I keep debating what our next source will be and find myself waking up thinking about a ice cream business.Seems to me it would be very lucrative. I know every time my son plays soccer we tend to celebrate after the game with a ice cream or blizzard/mcflurry. Its a seasonal business, but seems like a cash cow. Also I could get my pralines and cream or Heavenly Hash wholesale… Hmmmm maybe that’s a bad idea.
Whats your thoughts on a ice cream business? Whats your favorite kind? Waffle cone or Regular?
Have a great weekend, Waterpark here we come!
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$1465.06
Amount to Breakeven —- $30931.4
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.