Forty solar panels. Three years. $0.396 per kWh.
Grand total so far? $12,614.13.
It’s been three years since we turned on our solar panels. As I’ve done for the last two years, I’m looking back at how much income we have generated. Here’s the summary from our first year and from last year.
As a reminder, we’re part of Ontario’s microFIT program. Under this program, we installed solar panels, and then the power that we generate goes back into the provincial grid. We have a 20-year contract where the province pays us $0.396/kWh. You can read about the whole saga of Going Solar here.
The grand total that we made on our solar panels last year was $4,519.09–close to the previous year’s $4,473.91 but up just a little.
Here’s the comparison over the last three years.
After a dismal January–seriously, in the whole month we had less than 50 hours of sunlight–things started to brighten up. We even had a few days of double digit income in February, which is a very good day in the winter.
Beyond looking at the income we generate on its own, the other check I like to do every year is comparing the income we’ve generated to what we’ve spent on hydro. This year, we came out ahead by $828.06.
It is such a nice feeling to know that our electrical bills are essentially covered.
The solar panels were a big investment three years ago. We’re still looking at about 6 more years before we’ve generated as much revenue as we put out for the panels and the install. However, we’re a third of the way in both time and money, so we’re right on track.
Also, our motivation in going solar is not solely financial. As nice as the money is, it’s equally as nice to feel like we’re making smart choices for the environment, for the future and for our little corner of the world.
That’s fantastic. Our hydro bill for Feb/Mar (for our basement suite only) was $618. It’s jut unbelievable how much it is these days! I think your choice to put in the panels was a good one in every way.
Holy moly. That’s expensive. And it just seems to be going up.
I love that you are harnessing the sun. And just think in a few years you are going to be making money! Woo hoo!
Honestly, I feel like we’re making money already.