Frequently Asked Questions
Financial Questions
- Will a Solar Roof decrease my resale value?
- Will I be taxed on the money received from the microFIT/FIT programs?
- What is the payback period for solar installations?
- What happens when the 20 years agreement is over?
No, just the opposite, energy conservation and renewable energy generation adds value to the premises. Solar energy is one of the best home improvement investments you can make. The microFIT contract is transferable to the new homeowners. It can also be a great bargaining tool when negotiating your selling price, it's like getting a income property without renting out a room. You can increase the value of your home by 8-12% above normal property appreciation.
Yes, you will be taxed just like any other personal income you receive. Since you're entering into a contract with the OPA, the Canada Revenue Agency (CRA) will unofficially classify you as a business. You don't have to register as a business, nor will you be required to collect HST from the OPA unless you are already registered as a business. Being considered as a business will have an advantage for you; the CRA will allow you to deduct the full cost of the system against the income received using an Accellerated Capital Cost Allowance (ACCA) deduction. We advise all our clients to first discuss the tax implications with their accountant or tax specialist.
Financial payback is a relative concept to be calculated on a case-by-case basis. Some of the factors that affect payback are: interest rate, cost of the system, exposure to the sun, size of the system, financing terms, etc. The average system will be paid off between 6.8-10 years.
The solar panels still will operate very efficiently after the 20 years. Instead of having the electricity powering the grid, we could connect the array to your home fuse in order to power your home.
Technical Questions
- Can I install a system on my property if my roof is not suitable?
- What size system can fit on my roof?
- Do I have to keep the solar module/panel clear of snow in the winter?
- What if the system breaks down or stops generating power?
Under Ontario's microFIT program and Ontario Green Energy Act. homeowners and businesses are able to install ground mounted systems and receive the $0.642 kWh. Please note that this may not be feasible for commercial property owners based on safety and security reasons.
This would depend on what you would want to spend, the best placement for a good return on investment. Not all roof space will be suitable for installing solar systems. (an on site visit will determine the best and available roof size system). However, an average solar module is 3'x5' in size and a typical ontario home can take about 5 to 15 modules based on the sun-facing roof orientation. This should be the space required for solar PV installation.
The Solar Modules will absorb any "sun heat" and typically melt snow. This will make the snow slide down very quickly and even clean the modules as they melt. If snow does remain on the panel, the efficiency of the panel and array will decrease.
Both panels and inverters come with an extensive "manufacturer's warranty" ranging from 15 to 25 years. In the highly unlikely case that a system does stop working, we do offer a service at a per-call service charge which will cover labour. Though there are no servicable parts, there could be service requirement to inverters or to other electronic / electrical parts. We can provide you the required service.