Microfit Solar Income Calculator

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.

Microfit solar income calculator.

I was told that i can claim the cca for my solar panels against all income and not necessarily only against the solar income. In turbotax you would select income self employed and complete the interview. So our 3kw system will cost. A 5 kw array can be expected to.

This is unfamiliar ground for many people so here is some information you will need to complete your taxes. Generally the solar systems are installed for around 8 w hst. Now that we have the annual number we can calculate income over the entire contract period. 3000w x 8 x 1 13 27 120.

Income can be reported as business income or as personal income. Now we can calculate the return on investment roi. If you are participating in the ontario microfit solar power generation program you should be aware that the money you receive is taxable income. The resulting net profit is.

We anticipated income of 3 970 per year 4 5 kwh x 1 100 x 0 802. 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. 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. Every 1 kw of pv can be expected to generate 6 909 of total income over the 20 year ontario microfit contract period.

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. 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. How to claim microfit program income and who can claim it and how to calculate depreciation in effect you have a small business. For a 10 kw microfit system this works out to 69 090 in income.

This is the best calculator i have found on the web for microfit calculations. 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. I would recommend their entire site for great well written information as well as this calculator. Calculate your solar panel system size your solar system energy production income from selling electricity back to the grid under the microfit program.

This scales with size of course. I think switch kingston did a fantastic job in promoting and providing information on solar. To achieve this we need the panels.