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.
Microfit solar income calculator.
This scales with size of course.
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.
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.
Now we can calculate the return on investment roi.
I would recommend their entire site for great well written information as well as this calculator.
Generally the solar systems are installed for around 8 w hst.
So our 3kw system will cost.
A 5 kw array can be expected to.
You can change the specific values based upon your location and specific needs.
Our solar power income.
Income can be reported as business income or as personal income.
How to claim microfit program income and who can claim it and how to calculate depreciation in effect you have a small business.
This is unfamiliar ground for many people so here is some information you will need to complete your taxes.
In turbotax you would select income self employed and complete the interview.
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.
Calculate your solar panel system size your solar system energy production income from selling electricity back to the grid under the microfit program.
We anticipated income of 3 970 per year 4 5 kwh x 1 100 x 0 802.
Every 1 kw of pv can be expected to generate 6 909 of total income over the 20 year ontario microfit contract period.
If you are participating in the ontario microfit solar power generation program you should be aware that the money you receive is taxable income.
For a 10 kw microfit system this works out to 69 090 in income.
57 744 the income 27 120 the initial investment 30 624.
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.
To achieve this we need the panels.
Now that we have the annual number we can calculate income over the entire contract period.
The microfit program was established to support the development of small or micro renewable electricity generation projects 10 kilowatts kw or less in size such as solar panel installations.
The resulting net profit is.
I think switch kingston did a fantastic job in promoting and providing information on solar.
