Personal Finance

ONT ONLY - microFIT solar panel program: 10-14% return for 20 yrs * FAT LADY HAS SUNG

  • Last Updated:
  • Jun 24th, 2017 12:41 am
Jr. Member
Aug 31, 2015
122 posts
24 upvotes
Scarborough, ON
May is turning out to be another horrible month for solar power generation in southern Ontario. I will likely end up at around 1.3MWh for the month - way below May 2016's production of 1.77MWh. In fact April 2016 was better at 1.45MWh despite the shorter days and shorter month. Hopefully things pick up in June.
Newbie
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Nov 29, 2015
41 posts
18 upvotes
Bradford, ON
Just wondering what type of loans everyone has? personal life of credit, home equity line, mortgage, line of credit, etc... If you get a mortgage, can you write off the interest?
Newbie
Jan 4, 2010
43 posts
18 upvotes
Niagara Region
This is how it's set up -- Only 1 meter on the house. You use the power produced first, and only feed excess back into grid. It makes it advantages to use the most electricity when the sun is shining (as not to pay HST on that amount).
wayner9 wrote:
May 24th, 2017 7:47 am
Well then net metering makes no sense. Is there any way you can hook up a system so that you draw your own generated power first and only draw on the grid if required? That would likely make a lot more financial sense, especially since you could still be on TOU and not be paying HST. Then the power you are generating is worth over $0.25/kWh. The only downside is that you don't get paid if your production is greater than your consumption.
Newbie
Sep 16, 2016
30 posts
34 upvotes
Toronto
Does this mean that you first need to have a house and then you can't sell your house within 20 years. Or you can transfer the solar panel ownership to the new owner of your home as well?
If we can dream it, we can make it!
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Deal Guru
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Nov 18, 2005
10275 posts
1811 upvotes
Kingston
Hattie917 wrote:
Jun 4th, 2017 1:06 pm
Does this mean that you first need to have a house and then you can't sell your house within 20 years. Or you can transfer the solar panel ownership to the new owner of your home as well?
Yes you need to be the homeowner.
If you sell your house you could transfer ownership of the panels to the new homeowner or take the equipment with you.
Newbie
Mar 11, 2010
80 posts
2 upvotes
Mississauga
MoreDealz wrote:
Jun 2nd, 2017 10:50 pm
Just wondering what type of loans everyone has? personal life of credit, home equity line, mortgage, line of credit, etc... If you get a mortgage, can you write off the interest?
I am no accountant, but IMO we can deduct interest on every loan of investment. I use this leverage too, and claim the interest as an expense.
JWL, Can you confirm?.
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Nov 18, 2005
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Kingston
hkrisca wrote:
Jun 5th, 2017 3:00 pm
I am no accountant, but IMO we can deduct interest on every loan of investment. I use this leverage too, and claim the interest as an expense.
JWL, Can you confirm?.
Yes you can normally deduct interest on funds used for investment. There has to be clear record keeping to show the funds were borrowed and the interest amount paid.
Jr. Member
Aug 31, 2015
122 posts
24 upvotes
Scarborough, ON
bfader101 wrote:
Jun 3rd, 2017 10:01 pm
This is how it's set up -- Only 1 meter on the house. You use the power produced first, and only feed excess back into grid. It makes it advantages to use the most electricity when the sun is shining (as not to pay HST on that amount).
What sort of agreement do you have with your local electrical utility? I am assuming you are not on microFIT as even the latest microFIT prices are higher than all-in peak power rates.
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Nov 18, 2005
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Kingston
wayner9 wrote:
Jun 6th, 2017 5:11 pm
What sort of agreement do you have with your local electrical utility? I am assuming you are not on microFIT as even the latest microFIT prices are higher than all-in peak power rates.
Yes, bfader101 is our lone net meter-er.
Newbie
Jan 4, 2010
43 posts
18 upvotes
Niagara Region
I am net meter through Hydro One. The reason I did it was because it was going to be 15,000$+ to install gas to my house. Instead I went Geothermal and NM (No gas).

The payback worked in my situation because I had funds assigned to a gas install that I didn't have to do. My hydro bill is now around $25/month.
wayner9 wrote:
Jun 6th, 2017 5:11 pm
What sort of agreement do you have with your local electrical utility? I am assuming you are not on microFIT as even the latest microFIT prices are higher than all-in peak power rates.
Jr. Member
Aug 31, 2015
122 posts
24 upvotes
Scarborough, ON
bfader101 wrote:
Jun 7th, 2017 8:51 pm
I am net meter through Hydro One. The reason I did it was because it was going to be 15,000$+ to install gas to my house. Instead I went Geothermal and NM (No gas).

The payback worked in my situation because I had funds assigned to a gas install that I didn't have to do. My hydro bill is now around $25/month.
Why didn't you do a microFIT install? Wouldn't you still have been better off with microFIT?

What is the capacity of your system - I guess you aren't limited by the 10kW limit so you could put more, assuming you have the space. Are you allowed to installed batteries if you want? Those are two reasons to not do microFIT.
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Nov 18, 2005
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Kingston
wayner9 wrote:
Jun 14th, 2017 10:26 am
Why didn't you do a microFIT install? Wouldn't you still have been better off with microFIT?

What is the capacity of your system - I guess you aren't limited by the 10kW limit so you could put more, assuming you have the space. Are you allowed to installed batteries if you want? Those are two reasons to not do microFIT.
From previous posts I think bfader101 indicated that the HVAC supplier who set up his geothermal + netmetering put that in a package that made sense for him. microFIT never got into consideration unfortunately.
Newbie
Jan 4, 2010
43 posts
18 upvotes
Niagara Region
I do have a slight bit more panels on my roof, but a 10kw inverter. I can install battery as I understand it.

We did consider MicroFit, but HVAC guy suggested Net Meter.


JWL wrote:
Jun 14th, 2017 11:04 am
From previous posts I think bfader101 indicated that the HVAC supplier who set up his geothermal + netmetering put that in a package that made sense for him. microFIT never got into consideration unfortunately.
Sr. Member
May 5, 2007
552 posts
59 upvotes
North York
Wanted to get thoughts on Microfit vs Net metering. I'm getting a quote from Lowes (Solar Brokers) for about $30k ($34K with HST) for 10kw system that will basically take 11 years to pay back. I want to get everyones thoughts on if it's worth it this for the long haul seeing as hydro rates are going down for next 4 years and set to spike in year 5 on wards.

The Microfit rates for 2017 are around .29 cents which is still double the average Time of Use I pay for my electricity in Toronto. This makes me think it should help with payback and then when rates spike and I'm closer to paying it off I can switch to Net Metering to pay for my hydro costs.

I just don't understand how the TOU and Tiered Pricing works when going to Net Metering.

I've plugged in some pics of the pricing I've gotten from Lowes. Would love your input.
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Nov 18, 2005
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afshaikh wrote:
Jun 16th, 2017 12:16 pm
Wanted to get thoughts on Microfit vs Net metering. I'm getting a quote from Lowes (Solar Brokers) for about $30k ($34K with HST) for 10kw system that will basically take 11 years to pay back. I want to get everyones thoughts on if it's worth it this for the long haul seeing as hydro rates are going down for next 4 years and set to spike in year 5 on wards.

The Microfit rates for 2017 are around .29 cents which is still double the average Time of Use I pay for my electricity in Toronto. This makes me think it should help with payback and then when rates spike and I'm closer to paying it off I can switch to Net Metering to pay for my hydro costs.

I just don't understand how the TOU and Tiered Pricing works when going to Net Metering.

I've plugged in some pics of the pricing I've gotten from Lowes. Would love your input.
Please read the first post in the Net Metering thread as it covers a lot of your questions. If you have any Net Metering questions please ask them there. Helps keep things in the right place. Thanks.

Short story is that the best approach right now is start with microFIT and switch to Net Metering in the future if/when it makes sense.

That price seems very high for Toronto. I would avoid Solar Brokers as they aren't the installers they are the brokers (as is Lowes). Deal direct with an installer.
And DON'T let Solar Brokers talk to you about (let alone into) a deal where they "lease your roof" or anything else that costs you nothing and they pay you a bit. They are horrible deals with a LOT of risk if you sell your home within 15 years AND are not legal with the terms of microFIT.

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