Microfit Solar Income Calculator

These include wind waterpower renewable biomass bio gas landfill gas and solar photovoltaic solar pv for electricity generating projects in ontario the microfit program is a stream of the fit program.

Microfit solar income calculator.

Now that we have the annual number we can calculate income over the entire contract period. I was told that i can claim the cca for my solar panels against all income and not necessarily only against the solar income. So if i have only earned 300 in the year i installed the solar panels and paid 30 000 for the panel installation how much can i claim for cca. I think switch kingston did a fantastic job in promoting and providing information on solar.

Now we can calculate the return on investment roi. For a 10 kw microfit system this works out to 69 090 in income. We anticipated income of 3 970 per year 4 5 kwh x 1 100 x 0 802. The resulting net profit is.

Our solar power income. If you are participating in the ontario microfit solar power generation program you should be aware that the money you receive is taxable income. So our 3kw system will cost. 3000w x 8 x 1 13 27 120.

A 5 kw array can be expected to. This scales with size of course. This is unfamiliar ground for many people so here is some information you will need to complete your taxes. Every 1 kw of pv can be expected to generate 6 909 of total income over the 20 year ontario microfit contract period.

57 744 the income 27 120 the initial investment 30 624. Suppliers are paid a guaranteed price over a 20 year term 40 years for waterpower projects for the electricity they produce and deliver to the. Calculate your solar panel system size your solar system energy production income from selling electricity back to the grid under the microfit program. This is the best calculator i have found on the web for microfit calculations.

Income can be reported as business income or as personal income. Our anticipated solar power income from the ontario microfit program was slightly higher than average as we purchased the most efficient solar panels in the world see solar panel efficiency for more details. You can change the specific values based upon your location and specific needs. In turbotax you would select income self employed and complete the interview.

The ontario power authority opa has developed a feed in tariff fit program for the province of ontario to encourage and promote greater use of renewable energy sources. Generally the solar systems are installed for around 8 w hst. To achieve this we need the panels.