March 2018 – Solar Income
March 2018 – Solar Income
Sunny days. Good times and then more snow….. I thought from March forward the solar panels would be lighting it up. March was a great month for our panels as we generated a record amount of power. Unfortunately the last part of march snowed and then we got hit hard with a massive ice storm in the middle of April. So I doubt April will produce to this level, but we still got 10 days left. Hopefully it will produce, big time. I think winter is officially done and the sun will be shining from now on.
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 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 March we generated 997 kwh of power. Since we get a fixed rate of 28.8 cents per kwh, we brought in $287.14 this month. Which is fantastic, these are the numbers I wanted from the system. The solar company estimate for March was $238.69. Haha! Finally got what they estimated and then some! As I stated earlier April has been extreme here and I’m pretty sure it won’t produce as much. This is one of the longest winter’s I can ever remember, so can’t blame the panels on that.
This chart is a summary of what our panels were generating in March. Its nice to see days where they produce over 50kwh. That one week was pretty consistent, can’t wait for this to be the norm. Would be pretty sweet to produce over 1500 kwh in a month.
We have a long way to go to break even on this investment, but its one of those feel good things to do. $287.14 is a nice chunk of change and instantly gets moved in our tfsa for dividend stocks. 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.
This pay day from Hydro One basically covers a lot of our household monthly bills – hydro, ($100 bucks), water ($14), Natural Gas, ($67) House insurance ($65) and half our home internet bill. ($80) Sweet!
March was a great month for Solar Panels.
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$422.50
Amount to Breakeven —- $31,973.96
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.