Green Energy Income
The Green Energy Act, 2009 (GEA) was introduced to the Ontario Legislature on February 23, 2009 and was passed into law on May 14, 2009. The vision outlined by the legislation is to make Ontario a global leader in the development of renewable energy by providing clean distributed energy and conservation, creating thousands of jobs, economic prosperity, energy security, and climate protection. The purpose of the legislation is to facilitate the development of a green economy that protects the environment while streamlining the approvals process for renewable projects, mitigates climate change, engages communities and builds a world-class green industrial sector.
One of the major goals of the legislation is to provide a simpler, more comprehensive policy that procures renewable energy development, at a lower cost and with greater economic and social benefits. To achieve these policy goals the Act proposes the introduction of feed-in-tariff contracts.
Through the OPA microFIT program you will be paid a guaranteed price (see table) for each kilowatt of power your project produces for at least 20 years. With the price of utilities rising and the expectation that your Solar Power Solutions installed system will last for more than 20 years, it is not unreasonable to expect a steady stream of income over the life of the system.