Personal Finance

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

  • Last Updated:
  • Oct 22nd, 2019 9:57 am
Deal Addict
Dec 12, 2006
1353 posts
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For 2018, I started getting Income for Microfit, and am submitting taxes for 2018 now. I used a Credit card to pay, and paid off the card with my Heloc to finance it. I have other items on my Heloc as well. Can I write off the interest paid on the Heloc, based on the percentage that was used for Microfit? Is it worth it, considering that writing off the depreciation already puts the net income at 0?

Thanks
[OP]
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Nov 18, 2005
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Kingston
antman59 wrote:
Apr 28th, 2019 1:08 pm
For 2018, I started getting Income for Microfit, and am submitting taxes for 2018 now. I used a Credit card to pay, and paid off the card with my Heloc to finance it. I have other items on my Heloc as well. Can I write off the interest paid on the Heloc, based on the percentage that was used for Microfit? Is it worth it, considering that writing off the depreciation already puts the net income at 0?
I don't know about splitting the interest proportionately, but if you are able to it will eventually be worthwhile because you will use less CCA depreciation each year to get your income to zero. This means you'll have more CCA depreciation later to reduce income.
Deal Addict
May 7, 2006
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Hey guys, the more I read into this 170 page thread , the more confused I get. I am getting lost in a lot of the technical talk.
I am just wondering if it's worth it to install a solar panel system on my roof. I can make the panels facing south, we're in Toronto.
Not sure if the hydro rates are good here. Should I just install when the rebate if any comes back?
I am hoping to make my home electric car friendly in the future, to do my part in helping the environment.
How many years would it take me to recuperate the investment I put in?

Thanks.
[OP]
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Nov 18, 2005
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Kingston
aokec wrote:
May 2nd, 2019 10:17 pm
Hey guys, the more I read into this 170 page thread , the more confused I get. I am getting lost in a lot of the technical talk.
I am just wondering if it's worth it to install a solar panel system on my roof. I can make the panels facing south, we're in Toronto.
Not sure if the hydro rates are good here. Should I just install when the rebate if any comes back?
I am hoping to make my home electric car friendly in the future, to do my part in helping the environment.
How many years would it take me to recuperate the investment I put in?

Thanks.
As you seem to be aware, the microFIT offer expired a while ago. New solar panel installs would be net metering deals. There is a thread on it HERE. Long story short is that it is not currently financially attractive.
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Apr 21, 2004
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JWL wrote:
Apr 16th, 2019 11:13 am
Yes.
Line 1 is income including HST 11,300
Line 2 is HST Collected 1,300
Net 10,000

Line 4 is HST Collected 1,300
Line 5 is HST Remitted 880
Net (Line 6) 420
Adjust Gross Sales (line 7) 10,420
JWL, why are the HST collected and remitted of differing amounts?
[OP]
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Nov 18, 2005
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alanbrenton wrote:
May 3rd, 2019 6:53 am
JWL, why are the HST collected and remitted of differing amounts?
Because the remitted is using the Quick Method. For this business you end up getting to pocket the difference between 1300 and 880, but you have to pay tax on it.
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Apr 21, 2004
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I see. I only received $500+ in HST the past two years so I guess I can do the Quick Method to show losses of $200+, which probably doesn't make sense lol.

Update:

I'm so silly not have looked up JWL's previous response about the quick method when I just asked a month ago lol:

So when does the quick method not really make sense? When your solar expenses for the year are really high. The "break-even" point is when expenses are about 24% of your revenues. At that point the "loss" of being able to deduct HST paid = the "gain" of the quick method.

There is no change to you HST # if you switch to the Quick Method. It is just and election/setting in your HST account.
Last edited by alanbrenton on May 3rd, 2019 11:47 am, edited 1 time in total.
Deal Addict
Oct 14, 2004
1394 posts
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Toronto
I just received a letter from Toronto Hydro. It seems that they are upgrading their electricity meter technology and now wish to bill for TOU for the ~1kwh/month that the system consumes. Talk about a waste of money!
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Apr 21, 2004
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For those of us with existing microfit installations, do we have to download any of the applications (approved or closed) we've made? Received this email last week.



You are receiving this email because you have one (1) or more old microFIT Application(s) that were previously terminated under the IESO microFIT Program.



On December 1, 2017, the IESO ceased accepting applications under the microFIT Program. The IESO is now beginning to shut down certain legacy functions associated with the Program, including the ability to view previous applications. As a result, within the coming months, you will no longer have access to the My microFIT Home Page account to view your Application record(s). (Note: If you hold an active microFIT contract, additional communications will be sent out to you shortly).



If you would like to maintain a copy of your old Application(s) for your records, the IESO recommends logging into your My microFIT Home Page to retrieve and save a copy of your Application information before August 12, 2019. After this date, you may no longer be able to access your microFIT Application through the My microFIT Home Page.



Per the IESO’s record retention policy, the IESO will maintain a record of your old Application for 6 years after the date that your Application was terminated.



Please email microFIT@ieso.ca if you have any questions regarding this update.



Regards,



The microFIT Team
Jr. Member
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Nov 29, 2011
183 posts
36 upvotes
Toronto
Am I the only one that has not received a statement or cheque yet (for June) from Toronto Hydro.
Newbie
Feb 6, 2018
4 posts
1 upvote
I did not receive a cheque last month or a statement which come separately. Yesterday, I received a statement with two months worth for May and June. They could just be behind in sending out the payments. I just have to remember to make a line of credit interest payment since the solar is paying it off. You could always call to just double check. I am with Oshawa PUC.
Deal Addict
Oct 14, 2004
1394 posts
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Toronto
Frankdee wrote:
Jul 23rd, 2019 7:03 pm
Am I the only one that has not received a statement or cheque yet (for June) from Toronto Hydro.
I got my statement last week, but no cheque yet. If I were late paying a bill by a month, I would get reported and it would go against my credit report!
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Nov 29, 2011
183 posts
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Toronto
everything was late last month in Toronto because of the new meters being installed.

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