The Program

The MicroFIT Program was initially launched in 2009, as part of an effort by the Ontario government to increase the adaption of renewable energy in the province. The main purpose of this project is to allow participating households to provide electricity to the province’s electricity grid through the installation of solar systems, all while receiving a monetary return for their investment. Through this program, homeowners and other eligible participants will host a small or “micro” renewable electricity generation project (10 kilowatts or less) on their property; in return, the participant will be paid a guaranteed and fixed price (38.4 cents/kW) over a 20–year term for the electricity they subsequently provide to the province’s electricity grid.

The MicroFIT program is run by the Ontario Power Authority (OPA) and has been a success and popular choice amongst Ontarians, resulting in over 68,000 applications submitted since its implementation. In the four years since the start of the program, the province of Ontario has attracted more than $32 billion in private investments, welcomed more than 100 renewable energy companies specializing in wind power, geothermal, solar sectors and more, and resulted in the creation of more than 30,000 green jobs by 2014. The program is designed to appeal to participants through providing an investment opportunity with a high rate of return; the feed–in–tariff price of the program allows for participants to quickly recover the cost of installation and generate profits at a greater rate than many other investment options, such as RRSP or mutual funds. As a result of the program’s popularity, the number of applications is limited—currently, there are only 2,000 left in Ontario.

Here at Power Vector, our focus is to facilitate the implementation of this program in a way that ensures homeowners will be able to take advantage of all the benefits the program has to offer. We realize the possibilities and rewards that come with taking part of this government incentive solar program, and we want to make sure the potential of this program is maximized for everyone involved. For more details and information about the MicroFIT program, please visit the MicroFIT section of the Ontario Power Authority website: microfit.powerauthority.on.ca

How It Works

The installation of a Solar Photovoltaic System is a simple process with the help of Power Vector. Our company will provide all of the necessary expertise in order to make implementation a stress–free process—we will ensure that the application, design, engineering, permits and installation regarding the solar system are all in order and fitted for your household. Simply sign up for the program, let Power Vector install the solar system, and immediately reap the rewards of your investment via monthly cheques from your hydro company.

how-it-works

Our customers earn $5,500 per year up to $110,000 over 20-year term.
Through taking part in the MicroFIT program, our customers can earn up to $5,500 per year by delivering and providing energy to the province’s electricity grid. Over the 20–year term of contract, this amounts to the generation of up to $110,000 from a single investment—money that can be used to pay for a comfortable environment, your children’s education, amongst countless other necessary expenses. The MicroFIT program is an investment that is not only government guaranteed and thus risk–free, but also acts as a catalyst for a cleaner environment and a brighter future for generations to come; simply, your participation in this program benefits both the present and the future for yourself and the community as a whole.

To learn about the benefits of installing a solar system, head on over to our benefits page.

Buy or Finance

Buy
Buying a system directly nets you the best deal possible—there will no financing charges, and is a great way to immediately mobilize static or under-performing assets such as cash or securities.

Finance
If you choose to finance your purchase of a solar system, the best option is through your local bank. We will provide you with a written proposal to present to your preferred banking institution for an easier process. The benefits of solar systems (guaranteed income, guaranteed cash flow positive) make it an attractive option and a familiar investment for all reputable banks. Additionally, we do not charge a commission from our participants if their credit application is processed through our partnered banks.

Another option in financing is through home equity; if you do not have liquid assets on hand, this is the best option to take. Our company is happy to arrange this process for you, but the best deal will probably come from your current financial institution. There are various options available for interested parties, such as extending the current mortgage, getting a second mortgage, or opening a secured line of credit; all of these options will allow our participants to acquire the funds needed to purchase and install the solar system. Due to the steady and quick return on the solar system, one will pay interest at a rate far lower than what the system will earn, making it a viable option without threat of overextending.