MicroFIT is an Ontario energy program that allows you to sell sustainable energy to the province.
This means that those who install solar power panels or wind energy turbines – even water or bioenergy generators – are able to sell that clean power for a guaranteed price.
Power generated through these eco-power generators can be sold. This not only makes the province’s energy supply greener, but also will reduce the costs of switching over to sustainable home-installed energy sources.
These home energy projects are, of course, small – hence the “micro” in microFIT. They must be 10 kilowatts or less and be located on your own property.
The pay-back rates are tailored to make your investment in home sustainable energy project pay for itself, covering the basic set-up costs and, over time, generating you a reasonable profit.
The contracts, which are done in connection with your power provider, will be for 20 years for wind and solar energy sources, and 40 years for water-powered home energy projects.
In short, the so-called “microgenerator” home power projects – such as installing solar panels on your roof, an increasingly popular options – will over the life of the contract pay for themselves, making them a much more appealing option for homeowners than otherwise.
While running a microFIT home sustainable energy project, you will still be drawing in power from the usual power grid. This means that you’ll still be paying your utility for electricity. But the added revenue from the microFIT installation will either off-set or render these usual power bills negligible.
Adopting a microFIT project will also add value to your home, making it more attractive for future buyers. And if you do sell your house, the microFIT generating contract can be transferred over to the new owners.
Since being introduced in 2009, the microFIT program has been a hit, with more than 8,000 applicants signing up for solar generation in the first six months alone.
The program is one of the most unique and aggressive home-power-generating options in North America, and is making serious progress on helping electricity generators switch over from dirty energy sources to renewable ones.
Those thinking of making the jump to a microFIT-contracted home energy source can consult the IESO website here.