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.
May Power production
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.
Conclusion
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!
Cheers
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.
Damn man, that’s some nice income from Solar. I may have to look into what programs we have in Manitoba for solar now. Our new house gets so much sun in the back yard/roof, it’s ridiculous.
As for the tree….personally I love the character nice big trees bring to neighbourhoods, and some shade is always nice too….if it makes the wife happy…let’s be honest…you are keeping it 😛
haha Jordan
You are definitely right, mature trees you really cant put a price on. They look fantastic. Maybe we will settle with a little haircut of the top.
I would look into panels for sure if you don’t have them. Its a great alternate source of passive income and you don’t need to worry about whats going on in the news. AS long as nothing breaks on the system, you will be getting a cheque.
The green factor feels good too!
cheers man.
Let the sun shine and print the money Rob, but don’t cut down that Maple tree. Tom
haha
Everyone is siding with her. lol. It definately takes away from the green factor of the panels if your cutting down big trees.
cheers
Big trees like that take forever to grow. It’d be a shame to cut it down, and for what amounts to a couple extra bucks per month.
hey Mr
my friend kinda used that analogy. if the system produces 2 dollars more a day would it be worth no shade for 60 bucks a month.
cheers
Hey Rob, I woud say maybe a little trim job on the tree would suffice? Or if possible move it? Yiu can always throw down a sun screen or something for the shade.
I do find the almost $400 an amazing amount of solar money. Keep that up, that’s not really possible on our house unfortunately.
hey robot.
moving the tree is not a option. I think in the winter once the leaves drop ill climb it and take off a couple feet.
Its true 400 is definately a nice chunk of change from the sun!
cheers
Thanks for sharing, Rob! $386.78 is a nice chunk of cash flow! In regards to the tree, I’m a fan of tree’s in general, so I’d want to keep it. But I guess the if the objective is to maximize passive cash flow, you could consider cutting part of it out. I’d try taking out the top 10 feet like you said. Look forward to the next report!
hey Graham
thanks man, it sure is. beats most of my dividend months!
think taking it down 10ft will be what im going to do, come winter time.
cheers
Hmmm, if you want shade, go inside the house. I say cut down the tree! If you want trees, go to the park or something. Maybe I’m just jealous Rob, because of the great passive income you’re making from solar panels. 🙂
haha port!
I hear ya. We got a tonne of big trees around the property but this is the only one blocking the panels. I think i will be trying a little off the top and see how that gos.
definately nice to see the income go higher and higher.
cheers
That’s a killer! Almost $400 just from selling electricity 🙂
hey German
It sure is, most people complain about hydro one. I love em!
cheers
Wow Rob you really hit a jackpot with your solar income this month. The weather has been in your favor. Here in the Philippines, the rainy season just started and solar income for those who have solar farms will really have a bad 4 to 5 months coming because of the number of typhoons predicted to pass our country. I hope you continue to get good income! Its a win win situation. You get money and you help the environment. Really great work.
Hey Erika
Thanks, yeah that was a great month for sure. My wife’s Filipino. Never been to the Philippines though. One day, Hope the typhoons don’t do much damage and just pass you by.
Cheers!