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Fit Programs Allow Owners to Recoup their Investment by Selling Energy Back to the Grid - A local “green communities” company has announced that it has installed Brantford’s first solar PV system under the province’s feed-in tariff (FIT) program for renewable energy generation
Fit Programs Allow Owners to Recoup their Investment by Selling Energy Back to the Grid

 

NewswireToday - /newswire/ - Brantford, Ontario, Canada, 2010/04/19 - A local “green communities” company has announced that it has installed Brantford’s first solar PV system under the province’s feed-in tariff (FIT) program for renewable energy generation.

   
 
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The program allows individuals and businesses to invest in solar, wind or other forms of renewable energy and then recoup their initial investment by selling the energy back to the Ontario Power Authority grid.

Sam Tavernese, the president of ProQuip International, based in Brantford on Dalkeith Drive, said the completed installation will be unveiled Tuesday, April 6 at one pm at the site at 99 Winniett Street in Brantford.

“We are extremely pleased that ProQuip is able to kick off this exciting green energy project here in Brantford,” said Tavernese, adding that his company also plans to announce an upcoming press conference and demonstration at the site for the same day. “We feel it will only be the first of many such installations for our company locally as people catch on to the idea, and realize the benefits that go along with it.”

The province announced the details of its renewable energy plan, including the FIT program, in September 2009, then the OPA began accepting applications a month later.

As part of the province’s Green Energy Act, it is North America’s first comprehensive FIT program for renewable energy.

Under the program, the OPA will pay solar producers up to 80.2 cents per kilowatt hour of energy they send to the grid.

To qualify, the OPA requires that at least 40 per cent of the products and labour used to get the project up and running come from Ontario. This percentage is scheduled to increase to 60%. The requirement is meant to encourage growth in green energy manufacturing in the province.

While this installation is a first for Brantford, ProQuip has completed other solar projects throughout Ontario, Alberta, and Quebec.

The microFIT program is designed to encourage homeowners, businesses and others to generate renewable energy with projects of 10 kilowatts (kW) or less. MicroFIT is positioned to make it simpler and faster to get small-scale renewable projects installed and producing power.

Under the program, participants are paid a fixed-price for the electricity they generate. FIT and microFIT contracts are for 20 years, with the exception of waterpower, which has a 40-year FIT contract.

ProQuip (pqi.ca) has another local project in the works under the FIT categorization. This other project will be a 20kW system in Paris, Ontario, and will be installed this spring.

Domestic content requirements for both FIT and microFIT projects are intended to help support the creation of 50,000 new green jobs in Ontario. FIT projects will help create new local businesses and green jobs as demand rises for technologies such as solar panels, wind turbines, biomass and electricity storage systems, and for Ontarians who can design, build, install, operate and maintain these technologies.

 
 
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Written by / Agency / Source: ProQuip International

 
 

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Fit Programs Allow Owners to Recoup their Investment by Selling Energy Back to the Grid

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Publisher Contact: Sam Tavernese - PQI.ca 
866-945-4868 sam[.]pqi.ca
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ProQuip International securities in any jurisdiction including any other companies listed or named in this release.

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