How much money can I make under the microFIT program in Ontario?

Eco Alternative Energy is back to answer your questions about Solar.  A lot of our customers at the earlier stages of reaching a decision wonder if its true that they can make money under Ontario’s microFIT program. And once we tell them IT IS TRUE, the next question they have is , well ” How much? ” The answer, though it depends on a couple of variables, is pretty simple – your payments will depend on the size of your system, the pitch of your roof and any shade considerations.

Under Ontario’s microFIT program, you get a cheque from your Hydro company every month

Under Ontario’s microFIT program, you get a cheque from your Hydro company every month

 

It might sound a lot here, but it’s not. The size of your system means – what kind of solar panels you decide to go with and how many. This can be easily figured out via satellite imagery and we have specialized tools to calculate shading. So it only takes us a few moments to come up with a close approximate for your proposal once we have all the information. Once you install a solar system, under the microFIT you will get a cheque from your Hydro company every month. Isn’t that great? We think so too!

If you are a homeowner or an eligible participant, you have the opportunity to develop a very small or “micro” renewable electricity generation project (10 kilowatts or less in size) on your property. Under the microFIT Program, you will be paid a guaranteed price for all the electricity your project produces for at least 20 years and in the current phase the rate being offered is 54.9 cents per kWh guaranteed for 20 years.

Going back to the ” how much money question” – your cheques will typically be larger in the summer months (longer days, more sunlight) and less in the winter months. The average household can expect to earn approximately 10% return on their investment each year of their 20 year contract with the OPA. We will provide you with a realistic estimate based on actual conditions for your home or business.

If you’ve read our post about how to find out if your house is a good fit for solar you already have an idea on how a house is evaluated but you can always contact us below if you still have questions about solar.

Author: Derek Wilson

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