As some of you know we are in the process of setting up solar panels on our house. The government of Ontario created a microfit program to promote renewable energy sources. This is the final year of the program.
We signed up to start the progress in May this year. When all setup we will get 31 panels installed on our roof which will generate roughly 9,967 kwh a year. In this contract we will receive 28.8 cents per kwh for 20 years and after that can renew a new contract or choose to feed the power to our self. The system’s average income should be $3000 per yr.
1 – Project Initiation & Roof Measurement —– Check
2 – IESO (microfit) Application Process ———- Check
3 – LDC (Hydro One) Application Process ———- Check
4 – Setup Paperwork for permits and approval ——- Check
5 – Receive all Permits and Approval’s ———- Check
(We just Received the approval from the city for our panels!)
6 – Schedule and Install Solar Panels ———– Not Yet – This is the next step…. hurry up and call me.
7 – Complete system and Connections —– To Do
8 – Project closing & accept microfit official contract —- To do
9 – Get PAID monthly —— Soon.
As you can see this is a huge procedure that has been in the process for the last 5 months. The other day the city issued our permit to install the panels onto our house. The solar panel company has not called me yet for the install, I’ll give them a week before I call them.
Its been awhile since I last posted about the process, it now seems like the biggest hurdles have all been passed. Soon enough we will be bringing in another source of income and I look forward to being green while making the green. Unfortunately I might just have to shovel the snow off of them the first couple of months!
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.
Adding another source of income to your portfolio is very exciting. Especially when it’s a long term source. The question that I have is, “will the income be attributed equally between you and your wife? Or is it based on the ownership percentage?”
Hey Leo wow that is something i never even thought about. We own the house 50/50 so probably split evenly.
Congrats PCI! One more income stream, always good.
Hi. Mind tell us what the total cost was??
Hey pauline np there is a more detailed post somewhere on my site about it but with taxes will be 32k.
That’s excellent PCI. Win win all the way. Win for you with an additional source of income. Plus, it’s environmentally friend too. And, you’ve passed the major hurdles, so now it’s not a matter of if, but just when. Keep us informed.
Hey port. Thanks will do for sure!
Congrats on the permit and working on getting a new source of passive income. Been a great year for you. Hope it can get installed fast. Winter is right around the corner.
Haha yeah me too! Ahhh well summer will come again next yr! True. Big moves this yr. It adds up fast