A few excerpts from our latest blog:
The provincial government has a program to encourage the development of solar power. The program for homeowners wishing to install panels on their roof is called microFIT. FIT stands for Feed-In-Tariff, which just means the rate the utility will pay for power produced for the grid.
The OPA is required to review the prices offered on an annual basis to ensure both ratepayer value and a fair return on investment. The rate for 2015 is 38.4¢ per kWh.
Solar Panel systems that are 5 – 10 kW in size are surprisingly affordable. Full installation costs are in the range of a new car. Banks are willing to finance the systems because of the guaranteed government contracts. Financing costs are below the revenue a system will produce. A 10 kW system will generate over $90,000 in revenue and produce an ROI of 10-13%.