Guaranteed contracts that actually pays you for power generated from solar panels on your roof! It sounds to good to be true!
Most of us don't trust an offer like this or we assume that is it was that great everyone would already be doing it. But it’s definitely possible and many Ontario homeowners are earning money from this program already.
Like everything, it's important to do your homework and make an informed decision to determine if it's a good fit for you and your family! It's not too late to benefit from the guaranteed rates of 2015.
Roof top solar power systems for residential use, are becoming more and more popular, especially in Ontario thanks to the MicroFIT Program, part of Ontario's Green Energy Act. Participants in the program sign a contract with the Ontario Power Authority (OPA), and the contract guarantees that the OPA will buy all the electricity that you produce, for 20 years, at a fixed price.
It's a common misconception that the solar power that you generate on your roof will power your home. Actually the solar power generated by your roof is sold into the grid and you buy your power back from OPG at the retail rate.
The compelling thing is that you are selling power at .38 cents/ kWh and buying it at .08 cents/ kWh (in off-peak periods). Simply put this is the classic "buy low/sell high" scenario and the rate is guaranteed for 20 years. The expectation is that this rate will decline over time. Rates actually used to be .80 cents/ kWh. The good news is the cost of installation has dropped as well so it’s easier to get started.
The math is simple. Most homeowners should be able to earn over $100,000 in 20 years based on payment rates in effect in 2015 and depending on the size and pitch of the roof, weather and the direction your home is facing. This works out to be at least a 13% rate of return which is a better than average investment. OPG will guarantee that they will buy your power at a fixed rate that is significantly above market value for the 20 year contracted period. Your only variable is sunshine!
On average a system will cost you anywhere from $30,000 to $40,000 depending on the exact equipment, wattage, complexity of installation, etc. The package should include all parts, labour, building permits, inspections, etc.
When you consider how much money the MicroFIT program will pay you, it's quite feasible to pay part of the cost for the system using a line of credit on your property. If you do that, there’s little cost to you upfront, you have a high degree of confidence that the loan will be completely paid back by the MicroFIT revenue, and you will end up with a profit at the end of the MicroFIT contract too.
It's important to realize that every company is offering different versions of this same program. There is only one MicroFIT program in Ontario and variations like "Gov't funded and Free" are simply different variations of the same package. Its important to do your homework and figure out what program is best for you.
To get a site assessment of your own property, and see what a potential system might cost, contact us here: MicroFIT
We'll send you a special report on how to determine if Solar Panels are for you and how to select a company that can best fit your needs.
Why Go Solar?
* Profitable – Make a guaranteed rate of return for the next 20 years!
* Reliable – Solar panels have a 20+ year life expectancy
* Flexible installation – Custom installation fits most homes
* Low maintenance – Requires minimal maintenance; once they're installed, let them make you money
* Value-adding – Solar panels increase property values
* Protects your roof – Solar panels actually extend the life of your residential roof by protecting it from harsh weather
Contact MicroFit here: MicroFIT website