Tag Archives: finances

Nine years of solar panels

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This month marks nine years since we plugged our solar panels into the grid and started generating power. Each year I like to look back at how much we’ve earned and compare our results to previous years.

Solar panels

Here is this year’s solar report.

If you need to get caught up, here are all of the previous updates and other details:

I had hoped that in this update I’d be able to say we had made as much money as the panels cost to install ($40,727.46). We are oh so close. Literally 99% of the way there. We have just $523.60 left. (To be clear, we paid for the panels in full when we had them installed. I just like to use this calculation to gauge our earnings over time.)

This past year the panels generated $3,873.00 in total. (We’re hooked into the grid, and the province pays us $0.396 per kWh). This is our lowest income yet, aside from 2014-15, which was a partial year as the panels were just getting going. The decrease is partially due to an accounting change I made two years ago, which removed HST from our payments. It could also be due to the panels gradually not producing as much as they age. Or a less sunny year.

Regardless, we made more than what we consumed. We spent $2,786.05 on electricity over the same time period, giving us a profit of just over $1,000.

Over the next couple of months, we will finally pay off the panels, and then I will be looking ahead to the rest of our 20 year contract.

My ultimate goal is to disconnect from the grid and have our panels generate our own power. Though we would likely need to upgrade our panels for that. Technology continues to advance, and I’m sure there are much better options available today than there were nine years ago. While I like that the panels are an income source for us, I like the idea of self-sufficiency and clean power more.

Regardless, every year when I do this analysis, I am proud of what we’ve accomplished and the choice that we made to go solar. It’s something that we can build on and grow for the future.

Does anyone else track their utility bills and compare each year? How are you “going green” at your house?

Eight years of solar panels

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One of the most significant environmental steps we took when we moved to the farm was adding solar panels to the barn. Last week marked eight years since the solar panels started to feed their power back into the grid.

Solar panels on the barn roof

Here is this year’s solar report.

If you need to get caught up, here are all of the previous updates and other details:

This year the panels generated $4,196.79. (We’re hooked into the grid, and the province pays us $0.396 per kWh). This is a lower total than previous years. The decrease is due to an accounting change, not a panel change. Our previous payments had included HST (a tax that we then remitted to the government). I cancelled our HST number for the solar panels, as it was below the threshold that required us to file, and it seemed simpler to not have to deal with it.

We still came out ahead in terms of what we spent on electricity, as we do every year. This year, we spent a total of $2,713.70, which translates to $1,483.09 in profit.

In my original estimates, I had predicted that year 8 would be the year that we paid off the panels. We may get there. We’ve earned almost 90% of what it cost to install the panels–just $4,366.60 left. (To be clear, we paid for the panels in full 8 years ago.)

I’m proud that we made the decision to install the panels. While my analysis is all financial, the environmental angle is extremely important to me. I would love someday to be truly off-grid and self-sufficient. Panel and battery technology have come a long way in the past 8 years, and I feel like that will give us the opportunity to do more in the future.

Does anyone else track their utility bills and compare each year? How are you “going green” at your house?

How much of your furniture is new?

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Recently, I did a mental inventory of our house. I counted 6 pieces of furniture that we bought new. All of the rest are hand-me-downs, handmade or thrifted.

The basement reading nook shows our mix: Strandmon wing chair (new, though it was a birthday gift), ottoman (made by me), stump table (made by Matt’s Dad and me), monkey art (hand-me-down from Matt’s Grandpa).

Reading nook with Ikea Strandmon wing chair

I’m pretty proud that we’ve only bought 6 things new. I like walking through a room and seeing all of the things that I’ve made or found or rehabbed. I think it makes our home personal. It also makes me feel capable when I reflect on all of the projects we’ve done.

The environmental aspect is really important to me as well. By reusing and recycling we’re reducing our impact.

Here are my 6 newbies, along with the year we purchased them. I’m curious to know what’s your number?

  1. Ellie’s dresser (2018)

Another good example of a mix from Ellie’s nursery: dresser (new–Matt’s parents covered half the cost as I was stricken with sticker shock from buying new furniture), bookshelf (thrifted and repainted), Strandmon wing chair (thrifted this time), ottoman (made by me), triangle table (hand-me-down from my grandparent’s cottage). I should note that the crib was new as well (a gift from my Mom). It has since been passed on, so it is having a second life.

Ikea Strandmon in the nursery
  1. Basement wingchair (2013)
  2. Basement ottoman (2013)
  3. Basement couch (2012)
  4. Living room couch (purchased in 2006 for our first house. Does this count as vintage now?)
  5. Living room chair (also from 2006)

This total does not include appliances, mattresses, lighting (though all of our lamps are second hand), or accessories (art, pillows, etc.).

If you look at the dates above our “new” furniture is not all that new. Holding onto things for a long time is another way to reduce our impact.

Furnishing our house in this way is financially beneficial as well. The Strandmon wingchair that I bought secondhand for Ellie’s nursery was less than half the price of a new one. Keeping the same couch for 16 years is obviously cheaper than buying a new couch.

Here’s a final mix from the basement TV area: sectional and ottoman (new), wood side table (hand-me-down from Matt’s Grandpa), lamp (thrifted and repainted), TV cabinet (made by my Dad and me), TV (new, but bought mostly with points), chair (won), Monopoly art (made by me).

Basement TV area

Mostly, I thrift and DIY for fun. This is what I like to do and I love furnishing our house in this way.

How much new furniture do you have at your house? Any great thrifting scores to share? Do you have any DIY furniture you’re particularly proud of?

Preparing for the worst

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One of my home goals for 2022 is “plan for the worst.”

Matt’s death showed me how important it is to be prepared for your worst case scenario. There are absolutely critical things like a will to protect your family. Or everyday things like making sure someone knows where you bank, how you pay your bills, or even what your important passwords are.

Beyond illness or death, severe weather and natural disasters are other factors that have a tragic impact on people every year. And with climate change, these incidents are happening more frequently.

I want to ensure that I do everything possible to protect Ellie, myself and the farm. My plan is to focus on one “prep” task a month.

Here are some of the things on my list so far:

Insurance

Last month we received our renewal notice for our home insurance, so I called our agent to make sure we have the coverage we need. Our conversation was a lot of “If we have a wildfire/electrical fire/flood/tree fall on the house/ice storm/power outage/tornado am I covered?”

Ice storm 2013

Our insurance policy is very, very challenging to understand–I’ve tried to read it. Our agent was able to answer my questions and explain details of the coverage that gave me peace of mind. I also made sure the new garage and mudroom are included in our policy and that my freelance communications business doesn’t need any special coverage.

In addition to home insurance, life insurance is an important consideration for many families.

Documents

Our important documents are stored in a fireproof safe. They’re protected, but they may not be accessible in a disaster. I am going to make extra copies–both paper and digital–so that we have multiple options in case we ever need them.

Household inventory

A household inventory seems daunting. How do I list absolutely everything in my home? Chris Love Julia shared their experience after a fire at their cabin, and their advice is to take a yearly, personal inventory video. This is doable. I’m going to go one room at a time, open every drawer and every cupboard.

Wedgewood Oberon china

Go bag

Having a bag packed and ready to go in case we ever need to evacuate seemed like something I didn’t need to worry about. We’re not in an area that is prone to floods or fires. But then I thought about the big pines beside our house. What if one of them fell on the house? Could I get what we needed quickly and easily? A few things in a bag in the hall closet seems like a helpful idea.

Will

Matt and I made our wills when Ellie was born. When he died, our lawyer advised that I didn’t need to update my will, as everything was already set up to go to Ellie if I die. However, things feel a little different now that it’s just me–not as hypothetical. Most of what Matt and I decided together for Ellie still stands (her guardians, for example). But I want to make some adjustments to ensure that Ellie is as protected as possible.

Finances

I’ve made some changes to our finances over the last year. As a result I have some old accounts that need to be closed. Leaving them feels like clutter and could be confusing for my executor. I am also going to make a list of what accounts I have and give that to my executor.

Executor

My family is pretty open with each other, so we have talked about estate plans, end of life care and finances. I want to have this conversation again with my sister, who is my executor, to ensure that she knows what’s in place and what my wishes are. I’ll also be providing her with a copy of important documents and other critical information, just in case she ever needs it.

Queen Anne's Lace

These are not fun tasks, but I know they will give me peace of mind. And, if worst comes to worst, hopefully they will help to protect Ellie, our home, the farm and me.

How have you prepared for the worst? Have you gone through a disaster or tragedy? What helped the most?

Renovations and the art of compromise

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I recently said to my Mom that I feel like I haven’t compromised on the garage and mudroom reno. I did exactly what I wanted, and it’s turned out great.

Not so great for the bank account, but it does feel great to get what I want.

Renovating our first house, I was always thinking about resale. It was our starter house. We weren’t going to be there that long. We didn’t want to spend very much money.

It was a very different experience to move to the farm and think only about ourselves and what we wanted for the long-term. We’re still thrifty, but it’s all for us.

(On the topic of thriftiness, when Chris Loves Julia shared their budgeting philosophy it was an ah-ha for me. Allocating a budget to a project gives you freedom to spend that budget. Splurge in some places. Save in others. For me, this releases me from the “renovate for the least amount of money possible” philosophy.)

When it came to the garage and mudroom, I decided that I didn’t want to have any regrets (and we’d saved the money to make it possible to approach the project like this). We’re only doing this once. It has to last for Ellie and me for a long time. It’s a space we’re going to use every day. I want to like it every day.

So we added on. The pool would have made a comfortable two car garage. Or a generous single car garage with a big mudroom. It wouldn’t do both. But I wanted a two-car garage, and I wanted it to be big. Extra space on the side for recycling bins. Ten foot doors, so I didn’t feel squeezed driving in.

I wanted a big mudroom with details–heated floors, paneled walls and ceiling. A wide opening to the kitchen that matched the one in the living room–meaning a beam to raise the header.

Of course, with any reno, I realized once I thought about it that there have been compromises.

I decided not to go with the expensive overlay garage doors. I still love that style, but our doors are just fine. I chose another tile rather than waiting for my back-ordered first choice.

Certain things that may seem like compromises are just how I do things, and I’m not sure they’d change even if I had a bigger budget.

I don’t like to spend a lot on light fixtures. In fact, when I was shopping I sorted the light fixtures by price from low to high and stopped looking when I hit $200. Fortunately, I had already found fixtures that I really liked (for less than that).

I patched the drywall in the living room and kitchen myself, and I’m handling all the painting myself. I like DIY.

I thrifted a mirror and have some hand-me-down dressers that I’m planning on refinishing for the mudroom. I like reusing and repurposing.

I’m not finishing the mudroom with built-ins and cabinetry yet. Nor am I paving the driveway this year. I always planned to phase this project slightly to give the budget a break–and figure out exactly what I want.

Renovations are about a lot of different things. Better function in your home. Prettier appearance. Budget. Resale. It’s important to think about what matters most to you. That helps to guide the decisions–and compromises–as you go through the project.

What compromises have you made when renovating? How do you budget for home improvements? Have you renovated for resale? Or for yourself?

Seven years of solar panels

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Seven years ago, Matt and I decided to put solar panels on the barn. We felt like it would be a good investment (mostly Matt) and a way to do our part for the environment (mostly me). I feel like we’re fulfilling both of these goals.

Every spring (or summer when I forget), I run the numbers for our panels. Here is this year’s solar report.

If you need to get caught up, here are all of the previous updates and other details:

This year the panels generated the second largest amount of power ever. We made $5,036.38. (We’re hooked into the grid, and the province pays us $0.396 per kWh). We haven’t been over $5,000 since 2016-17. I wonder if this is perhaps an ominous sign that there are more sunny days due to global warming. I am happy that we have the solar panels to counteract our carbon footprint just a little.

Every year, we come out ahead in terms of what we spent on electricity versus what we made. This year, the total was $2,485.63 spent. With $5,036.38 earned, we had a $2,550.75 profit.

I always like to see how close we are to finally earning as much as we spent to install the panels ($40,727.46). This year, we’re three-quarters of the way there. $32,164.07 or 79% over the last seven years. I had originally estimated it would take 8.5 years to pay off the panels, and we seem to be on track for that.

Living at the farm, we’re close to nature and I feel strongly our environmental impact. I am grateful for the money the solar panels generate, and I’m grateful that we were able to make this choice for the planet.

Does anyone else track their utility bills and compare each year? How are you “going green” at your house?

Solar panels turn six

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Barn with solar panels at sunset

Six years ago, at the end of April 2014 (wow, that feels so long ago), we turned on our solar panels and started generating power. Every spring since then, I’ve written a post sharing how our little power station is doing (you can see the panels on the right side of the lower barn roof in the photo above). This year, our solar-versary beamed right by without me noticing. (Can’t imagine what else would have been on my mind.)

So today I’m getting caught up.

If you need to get caught up, here are all of the previous updates and other details:

Solar panels on the barn roof

Over the last year we spent $2,683.97 on electricity (this is our lights, pump, heat, fridge, stove, etc.). And we made $4,349.94 from the solar panels (we’re hooked into the grid, and the province pays us $0.396 per kWh). Yay to coming out ahead.

Annual income from solar panels

Last year we finally crossed the halfway point in making our investment back–over the previous 5 years we had made 56% of what we invested in installing the panels ($40,727.46). Now we’re passed the two-thirds mark–$27,127.69 or 67%.

Monthly income from solar panels

More than ever, I am grateful that we invested in these solar panels. Our finances have obviously changed since Matt’s death. Having the money from the solar panels and knowing it will cover our hydro costs is a comfort.

And even though I focus on the financials in this update, I strongly feel solar panels are the right choice for the environment, and I’m glad that we were able to take this step.

Does anyone else track their utility bills and compare each year? How are you “going green” at your house?

 

Bright moments in dark times

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Last week was Matt’s birthday. We pulled together as a family–by phone, Facetime and a few of us in person–to remember him, talk about him and celebrate him.

We had a particularly special celebration to take care of as well.

Matt and I had been given a bottle of champagne when we moved to the farm. We had been saving it for when we paid off the mortgage, and that is what I did a couple months ago. So Matt’s Dad opened the bottle, and we had a toast.

Glass of champagne on the patio

This is obviously not at all how we wanted to pay off the farm. While this milestone is usually a great accomplishment, for us it felt tragic. Today, I’m sharing something I wrote when I got home from making that last payment.

I hope you’ll read it because while there is great tragedy, there was also great beauty, and I think there are some lessons we can all take in these challenging days of COVID19.

—

The music was driving me crazy.

I was sitting at the credit union feeling like I was holding it together by the finest of threads. I was there to pay off the mortgage.

I had been anxious about this appointment for weeks.

Paying off the mortgage was super important to Matt and me. Especially Matt. We’d worked really hard and paid about half of it down in the 7 1/2 years we’d owned the farm.

Before he died, Matt and I talked about his life insurance. I said, “Well, I was thinking of paying off the mortgage.”

For Matt there was no question. “You’d better pay off the mortgage!”

Now I was here, and I was paying off the mortgage. We were achieving something we’d worked so hard for and dreamed about for so long. But I was alone. Matt was paying it off, but in the worst way possible.

I was trying not to cry, not to scream, not to lose my mind. And the music was about to send me off a cliff.

A speaker in the ceiling of the office was playing a local radio station.

I haven’t been able to listen to music for a long time, and this felt so noisy.

Then the words started to make it through.

I’ll be there for the highs and lows… By your side, when you’re all alone. I will be there. (Walk Off The Earth)

 

Then the next song.

I’ll carry the weight. I’ll do anything for you. My bones may break. But I’ll never be untrue. (Serena Ryder)

 

Tears were rolling down my face. I looked up at the ceiling at that terrible speaker and said, “Thank you for being here. I love you.”

That afternoon, I came home to the farm. I let Baxter out and we walked out over the fields. I talked to Matt. “We finally did it. You did it. You worked so hard for this. Thank you. It’s ours.”

I know a lot of people are facing really hard situations right now and there is a lot of fear about COVID-19. Reach out to family and friends. Look around you for those moments of love and joy–like a song on the radio that you don’t hear at first. Know that you are not alone. Even in the hardest hard there is good. You will get through this.

How to find your dream farm – Farm-iversary 8

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Today is marks eight years since farm became ours. This year, our farm-iversary obviously feels different because Matt is not here in person. It’s really because of him that we are here in this place that means so much to us both.

Finding our perfect farm took a lot of work, persistence, patience and guts–most of which I credit to Matt.

How to find your dream farm

I know a lot of people share our dream of country living, so today I thought I’d share my advice for how to find your dream country property. Fittingly, there are eight.

1. Make this a shared dream

Fortunately, Matt and I were on the same page right from the start about moving to the country. We perhaps had different reasons for wanting a farm, but we were working towards the same goal. This teamwork is very important. The search for your dream country property and then the actual living there are both hard. Fun and wonderful, but hard. If you’re a couple or a family, this decision needs to be made jointly.

I am more aware than ever that not everyone is a couple. You may be single and want the country lifestyle–and you absolutely can achieve it. Find a friend, family member (children count), someone who can encourage you and believes in your dream.

Matt and Ellie on the tractor

Even though Matt and I don’t get to do this together anymore, I’m so happy that I get to do it with Ellie. She loves the animals, the barns, the tractor, the outdoors, and her joy makes me happy.

2. Know what you’re looking for

It’s great to talk about moving to the country, but to actually make it happen and find the perfect property, you need to know what matters most to you. Farms come in all different shapes and sizes.

Think carefully about what you want and be as specific as possible.

Things like property size, style of house and any features on the property like woods or water all influence how you live on a farm. If you’re planning to work the land or raise animals, those are also important factors to consider.

Maple sapling alongside the driveway

For us, I was happy with anything over 10 acres. Matt wanted at least 50. I wanted water, and initially thought either a creek or pond would work. As our search progressed, I realized the pond was really important to me, so our criteria became more specific.

We wanted a fixer-upper house, and we certainly go that. While major renovations are not everyone’s choice, I will say that you can change a lot about a house, but the property is harder to change.

As you develop your wish list, balance being narrow and broad. You want to be specific about what you want, but open-minded enough that you can actually find a farm that works for you. For both our house and property, we had 17 items on our wish list. Here are our lists for the property and the house.

3. Pick your area

Search area is part of knowing what you want. This will determine the type of land you buy–whether it’s rolling hills, flat fields, woods, marshy. It will also determine the price you pay. Prices vary greatly depending on where you look. If you’re willing to move, you might find a more affordable property.

Big field

For us, we wanted to stay close to our families, so we decided that our search area would be within 45 minutes of our hometowns.

4. Get pre-approved for your mortgage

While moving to the country and buying a farm usually begin as emotional decisions, there are a lot of practical considerations, like your finances. You likely will need a mortgage to buy a farm (and if you don’t, good for you). Visit a few banks or credit unions or other lenders before you begin your search to get pre-approved for a mortgage.

This process will help to guide your search as it may set the budget for you. As well, it can make things easier and quicker once you find your dream farm to have financing already set up… though be prepared that financing a farm will still be more complicated than a regular house. Here are my tips for financing a farm.

The house on June 1, 2017

5. Run your numbers

While the bank is a good start, it shouldn’t be the only step in your financial planning process. Try to project your monthly expenses on a farm. Consider mortgage payments, utilities (which may be higher in the country), property taxes (which may be lower because you pay a rural rate) and other costs of living. Also consider vehicle costs, as you will likely be driving more once you move to the country.

Figuring out how much you are comfortable spending will help to determine the budget for your dream country property. It might also help you to avoid sticker shock once you get your first country electricity bill.

Fieldstone fireplace with barn beam mantel

 

 

6. Be prepared to stretch your budget

I completely agree with the strategy of buying less house than you can afford in most circumstances. But for the farm of your dreams, I’ve learned that it can work out if you stretch your budget.

I’m not saying spend beyond your means. All of the work you went through in #4 and #5 still apply. But you may end up going to the max of what you can afford.

For Matt and me, once we saw this farm, our budget jumped by nearly $100,000. That’s a huge leap (even though we were still within what we could afford), and one that caused me a sleepless night before we put in our offer.

If you’ve run your numbers, understand your finances, know what you can comfortably spend and have your mortgage approval, there isn’t a huge risk to upping your budget. It may make you uncomfortable, but you can do it.

7. DIY property search

We worked with a realtor throughout our search for the perfect farm. I think realtors are a helpful resource for finding, evaluating and buying properties. However, we–mainly Matt–also looked. All. The. Time.

We developed a technique of find a property on MLS (or one our realtor sent to us), look it up on Google Earth and Google Street View, look up the municipal or tax record to see the actual property boundaries. Then, if it was still ticking our boxes, we would do a drive-by. Only then would we book a viewing with our realtor.

This is obviously a lot of work, but it saved us from seeing farms that didn’t meet our criteria.

Matt and I in front of the farm

For this farm, Matt found it online on Jan. 1. It had just been listed and we were able to jump on it quickly because we were looking when a lot of other people–including our realtor–weren’t.

8. Persist

Our search for the perfect farm took a year and a half. Over that time, we saw a lot of farms. We even put in a few offers, which were outbid. We got frustrated. We argued. We debated settling for something less than what we wanted. We despaired that we would never find the right farm.

If you know what you want, don’t settle (too much). Keep searching. Keep working. Keep thinking and talking about your dream to encourage yourself to keep going. Eventually, you will find what works for you and hopefully it will be everything you dream and more.

Country living is not for everyone. But when it’s a dream you’ve held for a long time, as with Matt and me, it can be the absolute perfect fit for you.

When Matt and I moved to the farm, I immediately saw a huge change in him. He seemed more relaxed and comfortable. He loved it here. I am so, so glad that we made this move and that he got the time here that he did.

Matt mans the wheel of the Kioti CS2410

Matt is still a huge presence at the farm, and I feel him here every day.

I am grateful for all of the work that he did to get us here and set us up so well, and that Ellie and I get to continue to live this dream.

Solar panels five years later

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It’s been five years since we turned on our solar panels. Each spring, I look at our numbers to compare how we’ve done each year and see how much money we’ve made overall.

Solar panel array

Here are previous year’s updates:

If you want to get caught up on how this all started, my Going Solar series covered all of the details of our install and our array:

And now to the latest update.

If you’ve been following along, you know that the power we generate goes back to the provincial grid, rather than to our own use. We paid to install the panels, but the province pays us for the power they produce.

Last year we made $4,595.18, bringing our total income over the past 5 years to $22,777.75.

Annual solar income over 5 years

As of this year we’ve made 56% of what we invested in installing the panels ($40,727.46). Solar panels are obviously a long term investment for us (our contract with the provincial government pays us $0.396 per kWh and runs for 20 years).

This year’s profit was the third highest since we powered up the solar panels. As always, the weather determines how much power we generate, and it varies every month and every year.

Monthly solar income over 5 years

But like always, what we made far exceeded what we spent on power.

We paid $2,595.02 for electricity last year, meaning we came out $2,000.16 ahead.

Solar programs vary a lot depending on where you live and what your goals are. As well, solar technology has come a long way since we installed our panels 5 years ago. For us, our system has been working really well for us–both environmentally and financially–and we’re really happy we made this decision.