A 5 kw array can be expected to.
Microfit solar income calculator.
I would recommend their entire site for great well written information as well as this calculator.
Now that we have the annual number we can calculate income over the entire contract period.
I was told that i can claim the cca for my solar panels against all income and not necessarily only against the solar income.
This is the best calculator i have found on the web for microfit calculations.
We anticipated income of 3 970 per year 4 5 kwh x 1 100 x 0 802.
This scales with size of course.
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.
You can change the specific values based upon your location and specific needs.
Income can be reported as business income or as personal income.
Our solar power income.
So our 3kw system will cost.
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.
Now we can calculate the return on investment roi.
Every 1 kw of pv can be expected to generate 6 909 of total income over the 20 year ontario microfit contract period.
In turbotax you would select income self employed and complete the interview.
To achieve this we need the panels.
If you are participating in the ontario microfit solar power generation program you should be aware that the money you receive is taxable income.
57 744 the income 27 120 the initial investment 30 624.
Calculate your solar panel system size your solar system energy production income from selling electricity back to the grid under the microfit program.
I think switch kingston did a fantastic job in promoting and providing information on solar.
The resulting net profit is.
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.
3000w x 8 x 1 13 27 120.
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.
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.
This is unfamiliar ground for many people so here is some information you will need to complete your taxes.
How to claim microfit program income and who can claim it and how to calculate depreciation in effect you have a small business.
