I will have to do the math again, my data is a couple of years old.... back then solar panels on my house was a 15 to 20 year ROI, and that was at Ontario's high rates!
You won't break even unless you get a Microfit contract. Last time I did the math I needed a full 10kw install and 22 years to break even. That was based on:
Revenue: $3168 based on 10kw array that generated 11,000kwh/year x $0.28 (Microfit rates)
Cost: $2100 based on install cost of $30K financing at 3.5% for 20 years for ugly panels (or $4800/year for a $70K shingle install).
Net $1068/year for ugly, and a loss of $1700 for shingled.
I figure it's viable if you install a 10kw ugly panel array, get a Microfit contract, and have it reach potential (a shingle install is not cost viable). My main considerations:
-Will I'll live here for long enough to enjoy the payoff? -- If I move the array stays and I pay it off the day the house is sold and the new owner benefits.
-Will it add or reduce the resale value of my home?
-How can I fix ugly?
Overall this type of thing will drive down costs (expand scale), I think it is a good idea and the extra costs will be sunk into the mortgage at purchase...
My hope is that it will drive both cost and innovation. My main obstacle is the sheer ugliness of an array bolted to a roof. When I see a rooftop array slapped on a house, I think -- "why not store your winter tires up there too?". Did I mention I think solar is ugly?
But back to Ontario, part of our high prices is an oversupply of power (we are paying private generation companies to not produce and/or paying--or supper deep discounts--other jurisdictions to take the oversupply), this will just make that worse.
Thank the Liberals for that. Over contracted generation has a supply glut that is regularly dumped at a cost to Ontarion users/taxpayers, generators are paid up to 40x market rates for power, AND 300,000 lost manufacturing jobs, many in power hungry factories, took a nice bite out of demand.
They are still at it, Microfit still pays about 15x the wholesale rate for electricity in Ontario.