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.
ONT ONLY - microFIT solar panel program: 10-14% return for 20 yrs * FAT LADY HAS SUNG
- Last Updated:
- Apr 19th, 2018 12:12 pm
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- SCORE+17
- wayner9
- Member
- Aug 31, 2015
- 202 posts
- 38 upvotes
- Scarborough, ON
- MoreDealz
- Newbie
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- Nov 29, 2015
- 49 posts
- 21 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?
- bfader101
- Newbie
- Jan 4, 2010
- 69 posts
- 26 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 amWell 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.
- Hattie917
- Jr. Member
- Sep 16, 2016
- 149 posts
- 118 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!
- JWL [OP]
- Deal Guru
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- Nov 18, 2005
- 10588 posts
- 2003 upvotes
- Kingston
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.
2012 Thread of the Year: Nestea 12-pack - BOGI deal (Buy One Get INFINITY)!!!!!
- hkrisca
- Newbie
- Mar 11, 2010
- 86 posts
- 2 upvotes
- Mississauga
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?.
- JWL [OP]
- Deal Guru
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- Nov 18, 2005
- 10588 posts
- 2003 upvotes
- Kingston
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.
2012 Thread of the Year: Nestea 12-pack - BOGI deal (Buy One Get INFINITY)!!!!!
- wayner9
- Member
- Aug 31, 2015
- 202 posts
- 38 upvotes
- Scarborough, ON
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.
- JWL [OP]
- Deal Guru
-
- Nov 18, 2005
- 10588 posts
- 2003 upvotes
- Kingston
Yes, bfader101 is our lone net meter-er.
2012 Thread of the Year: Nestea 12-pack - BOGI deal (Buy One Get INFINITY)!!!!!
- bfader101
- Newbie
- Jan 4, 2010
- 69 posts
- 26 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.
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 $25/month.
- wayner9
- Member
- Aug 31, 2015
- 202 posts
- 38 upvotes
- Scarborough, ON
Why didn't you do a microFIT install? Wouldn't you still have been better off with microFIT?bfader101 wrote: ↑Jun 7th, 2017 8:51 pmI am net meter through Hydro One. The reason I did it was because it was going to be 15,000$+ 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.
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.
- JWL [OP]
- Deal Guru
-
- Nov 18, 2005
- 10588 posts
- 2003 upvotes
- Kingston
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.wayner9 wrote: ↑Jun 14th, 2017 10:26 amWhy 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.
2012 Thread of the Year: Nestea 12-pack - BOGI deal (Buy One Get INFINITY)!!!!!
- bfader101
- Newbie
- Jan 4, 2010
- 69 posts
- 26 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.
We did consider MicroFit, but HVAC guy suggested Net Meter.
- afshaikh
- Sr. Member
- May 5, 2007
- 608 posts
- 75 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.
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.
- JWL [OP]
- Deal Guru
-
- Nov 18, 2005
- 10588 posts
- 2003 upvotes
- Kingston
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.afshaikh wrote: ↑Jun 16th, 2017 12:16 pmWanted 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.
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.
2012 Thread of the Year: Nestea 12-pack - BOGI deal (Buy One Get INFINITY)!!!!!