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The microFIT Program
The microFIT program is an initiative by the Ontario Power Authority (OPA). This program offers incentives to home and business owners who have solar power systems of 10 kW or less, usually in the form of photovoltaic (PV) cells. Home and business owners can expect the following minimum returns:
Years to payback: 6 Years
- 1 Month: $680
- 1 Year: $8155
- 10 Years: $89,709
- 15 Years: $130,486
- 20 Years: $171,263
After 20 Years:
- Your annual return on investment (ROI) is approx.15% per year
- Your gross revenue is $171,263
Environmental Benefits over 25 years:
- CO² Offset: 509 762 Lbs
- SO² Offset: 2 019.6 Lbs
- N₂O Offset: 785.4 Lbs
Which is equivalent to:
- Planting: 5 Acres of Trees
- Not Driving: 637 202 Miles
- DC-AC Derate Factor: 77%
- Sun Hours /Day (kWh/m^2/day): 4.1
- Grid Electricity Price: $0.549
- Emission Factors /kWh: 1.363 Lbs CO²,
.0054 Lbs SO², .0021 Lbs N₂O
- Home and business owners can install solar power systems on their roofs if they live in the Ontario region.
- Churches, community centres, schools, farmers etc. can install solar power systems and earn Sun Money for their organizations.
- Some companies lease solar panels and share profits with the home or business owner. This is an interesting opportunity, however the leasing company typically takes 90% of the profit and shares the remaining 10% with the homeowner.
- Installing a solar system under the microFIT program is an excellent way to fund your RRSP contributions. Think about the power of compounding interest over 20 years and you can imagine how much money you will have saved for your retirement.
- Put Sun Money in your pocket by availing yourself of the incentives offered by the microFIT program and earning a 15% return on your investment in a solar power system.
- Increase the value of your property by investing in a solar power system. Most solar panels come with warranties of 20 – 30 years. Coupled with a microFIT contract of 20 years, there are a whole lot of guaranteed returns on your solar power system.
- Help to create thousands of new jobs by getting a solar power system and supporting 60% locally manufactured content. 12 – 15% more jobs are created by renewable energy than by non-renewable energy endeavours.
- Many companies market their stores as environmentally friendly locations. They are able to offset carbon emissions and gain LEEDS points. Businesses are able to offer customers an environmentally friendly alternative and make a 15% return on their investment in a solar power system
- Be environmentally friendly. Solar power systems generate electricity from a renewable source and reduce reliance on fossil fuels and coal generated electricity.
- Recycle. Solar power systems produce zero emissions. The production of the solar panels themselves results in almost no pollution and 90% of the materials used in the manufacture of PV cells are reusable or recyclable.
- The popularity of the microFIT program has resulted in delays – it can take up to 3 months to obtain a conditional offer from the OPA for your solar power system. Plans are afoot to streamline the application process.
- A solar power system requires a lead time of 1 – 4 months to submit microFIT applications, obtain building permits and finance the project through your bank.
- Be cautious when selecting a solar installer. Make sure they have experience in the field and that 60% of the project is locally manufactured as per OPA regulations.