I'd find out about the particulars of the equipment they are proposing. Suggest you get some other quotes and get references for all of them.dolfan1980 wrote: ↑Aug 4th, 2017 7:04 pmLong time reader, first time poster.
Had a rep from Quadra Solar to my door today in Ottawa and put me onto researching the microFIT program. Their pitch is $30,000 line of credit they've arranged with RBC at 3.35%, install 40 panels, equipment, ongoing maintenance @ approx $27,000 and then government program locked in for 20 years at 28 c/kWh. Is this similar to other deals folks in Ottawa have been seeing? I'm getting more information next week, but want to know the right questions to ask.
Overall this thread is very interesting.
I did some quick calcs and in rough terms your best case scenario is:
Use all the microFIT income to pay off the line of credit. This will take about 10 years.
Then you are looking at an average after tax income of about $1,700 per year for years 11-20. Obviously $1,700 received 10-20 years from now is worth a lot less than $1,700 now.
If you sell the house any time before the line of credit is paid off, there is not evidence that you'd get anything for the panels and you'd have to pay off the balance of the line of credit. So if you sell your house in the next 10 years you could well be looking at a loss, and if you don't a modest gain.