MicroFIT Program
The microFIT program applies to PV systems of 10 killowatts or less in size. This would normally require 40 to 50 panels (depending on the panels used) and would fit on a roof of about 25 ft. by 32 ft.
If you are a homeowner, farmer or small business owner, you have the opportunity to develop a very small or “micro” renewable electricity generation project (10 kilowatts or less in size) on your property. Under the microFIT Program you will be paid a guaranteed price for all the electricity your project produces for at least 20 years.
The microFIT program payout is for a 20 year contract and pays:
- rooftop PV: 31.1 up to 6KW and 28.8 for 6 to 10 kW, in cents per kW hour
- ground mount 21.1 cents per kW hour
- First Nation Communities are provided a price adder to the above of 1.5 cents per kW hour
How will the microFIT program benefit me?
A sloped roof residential 10 kW rated Grid Tie Solar PV system based on an annual average of 4 peak sun hours per day:
- 10 kw x .85 (using a 15% derate factor) = 8.5 kW
- 8 kW x 4 peak sun hours/day = 34 kWh/day
- 34 kWh/day x 31.1 cents/kWh = $10.57 /day revenue
- $10.57 x 365/12 months = $322 average per month income or $3,860 annual revenue.
ROI and Payback
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$32,000 investment / $3,860 = 8.2 years Payback !
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$3,860/ $32,000 = 0.12 or 12% ROI !
