HOW DOES IT WORK?
The Ontario Green Energy Act and the Feed-in Tariff program enables renewable energy projects to connect to the electricity grid and sell power at a set rate. The electricity is sold through a Power Purchase Agreement with the Ontario Power Authority for 20 years.
The first step is to submit an application this Fall during a limited-time application window. In order to do that, we begin by signing an Option to Lease Agreement. That enables Green Life Power to prepare the documents required to submit an application. After the Ontario Power Authority awards the contract, Green Life Power will exercise the Lease Agreement, construct the solar project, and begin making lease payments.
The property continues to pay for electricity as before, while the solar energy is sold to the power grid through a separate electrical meter.