Summary of the Ontario MicroFIT Program
On the 1st of October 2009, the Ontario Power Authority released the details on the MicroFIT program. Under this program, the Ontario government will buy electricity generated by qualified small photovoltaic systems (up to 10 KW) at the rate of $0.802 per KWhr (roof mount) and $0.642 for ground-mount systems for 20 years. In order for a system to be considered for this program it must meet a stringent domestic (made in Ontario) content requirement. All of our grid-tie packages meet these requirements and we are knowledgeable on how to get the requisite approvals.
MicroFIT solar electric system advantages
A MicroFIT solar electric system can provide a return on investment that is far superior to any GIC and rivals many mutual funds. It can be considered as an investment or a pension supplement. For example, a 10 KW MicroFIT system can provide up to $9,800 a year in revenue which equates to a 15% annual return assuming a $30,000 investment coupled with a secured line of credit loan of $70,000. This revenue is guaranteed by the Ontario government for 20 years!
Of all the renewable energy initiatives in Ontario, the MicroFIT program offers the best return on capital investment.
A MicroFIT system is considered an upgrade to your property. Typically, a quality alternative energy installation will increase the value of your home. The revenue generated by this type of system will be attractive to potential buyers, should you decide to sell.
Solar electric systems are an inexhaustible non-polluting source of power since they are entirely dependent on the sun. By using the sun as an energy source instead of conventional sources such as oil and coal we reduce the amount of greenhouse gases being released into the atmosphere.
The whole community benefits from solar electric power generation as it is aesthetically pleasing, silent, and reduces our reliance on centralized power sources. Since the power is produced during the peak periods during the day, this reduces the strain placed on our conventional utility power.
- High return on investment (15% in our example)
- Non-polluting, inexhaustible energy source
- 20 year guaranteed rate
- Reduces greenhouse gas emissions
- Higher resale value on home
- Aesthetically pleasing and silent operation
- Stand out from the crowd when selling your home
- Less strain on our conventional utilities