September 2018 – Solar Income
September 2018 – Solar Income
Its time for another pay day. Instead of our normal dividend cheques, this one comes in the form of direct deposit right into our chequing account. While most people hate to see mail from Hydro One, I actually love it.
Most of the year our monthly income from our solar panels surpasses our typical monthly hydro bill of $100-120. Yes its that low, I think l.e.d lights is a big factor to that. My wife and daughter are currently home all the time. That number will drop even lower once she returns to work.
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.
Show Me The Money.
In August we ended up producing 1053 kwh of power. Since we get a income of 28.8 cents per kwh we ended up getting paid $303.26 this month. A little under the projected number of $317.98. August seemed to be a cloudy month and Im sure that massive maple tree blocked that sun. Ahhh well 300$ is still a decent stack.
As we can see, those 60 kwh days are gone…….. R.i.p and we are barely touching those 50 kwh days/ or day… Days are getting shorter, fall is here. The glass is half full here though. Fires and projects outside are definitely more comfortable in the cooler temperatures. Last month I stated that its dark at 8.30 now we are pitch black at around quarter to 8.
Another 300 bucks ain’t bad. The system is throwing down and has had no problems. I anticipated a roughly 8% return on investment and looks like we will be around that mark. 4 months of income to go to find out our real numbers. Solar is a great additional source of income, everyone should look into if their government runs some kind of program.
Have a great day and continue to stack that income of yours!
System Installed January 2018
Total System Cost ——–$32,396.46
Total Income Received ——–$2110.46
Amount to Breakeven —- $30,286
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.