solar panel

Can You Make Money with Solar Panels?

A lot of homeowners as well as businesses today are showing interest to have solar panels installed. And why not? Solar panels can help save energy. It can help generate electricity without relying on a power provider. If you can’t rely fully on your solar panels to generate 100% of your electricity requirements at home or for your business, it can help lessen the cost in your monthly bill.

However, one question that most entrepreneurs get is if it is possible to make some money with solar panels? In reality, there are plenty of ways on how you can make use of solar panels in order to generate some extra money.

solar panel

How to Make Money with Solar Panels?

Get some money directly from power companies

One of the most basic things you can take advantage of is some if your area provides some type of “net metering”. What it does is provide households and businesses that generate electricity some monetary compensation.

So how exactly does it work? Solar panels have the ability to generate and store electricity. This gets stored on the grid as credits. And when you use your appliances at home, you draw down on these credits. However, if there are more credits stored than what you have used, then you can make use of these credits and sell them to the power company.

Selling electricity to your power company may differ depending on where you live. There are those power companies that make it a bit easier for others and there could also be a limit to how much electricity you can actually sell to your power company.

There is the argument that people shouldn’t be allowed to sell electricity to the power companies mainly because it is a privilege to make use of the grid. And for this reason, you have to check in your area how exactly does net metering work for your situation.

How much money exactly are we looking at here? If you will look at Solar World, a solar technology company, the company saved over $223,000 in utility bills in a span of 25 years using their 77.8-kilowatt system.

Tax Incentives

It is common knowledge these days that global warming has severe impact to the environment. And for this reason, the government is doing its best in order to encourage individuals as well as businesses to take on a much greener route. If you decide to generate your own electricity via your solar panels, you might also want to take a closer look at the possible tax incentives that you can get.

There are areas wherein you can claim a solar tax credit. There could be a federal and even a state-level tax credit that you can go for.

Solar Panels for Commercial Use

Solar panels can be found not only in houses but also in commercial businesses. This means that you can make use of solar panels in order to run your business. However, before you even think of this, you will need to evaluate your own power requirement.

It is said that a business should generate around 1 million kilowatts of power yearly in order to achieve any saving benefit. Also, take a closer look at the area that you have in your business. You have to understand that it will require not only roofspace but even a good portion of land.

Solar Panel Cleaning Services

If you tend to do things on your own especially the maintenance of your solar panels, you might even think of doing it professionally for others. It is quite common that a lot of homeowners don’t have the time, equipment, or even the expertise to clean the solar panels.

You can be the go-to person for this type of job. Cleaning solar panels, however, require that you have the right tools and expertise for the job. You may even eventually need to get other people to expand your business.

Installation Service

solar panel installation

Now, if you know a thing or two about the technical aspect of solar panels, then maybe you can also offer an installation service. Keep in mind that the solar power market is expanding and it is full of different contractors and middlemen. You can definitely get a piece of the pie but keep in mind that you should be an expert in this particular area before you dabble on installation services.

Solar Water Heater

There are homeowners who can’t afford to make their entire home to run on solar panels. However, it makes perfect sense for some to install water heaters that are connected to a solar panel. These systems can help cut a significant amount of energy bills. Now, you can take advantage of this market either as a salesman or as an installer for solar water heaters. And to be honest, this market is still growing especially in areas that have temperate climates.

If you are looking to get involved in the solar panel business, this can be a good decision for a number of reasons. One, governments are now encouraging homes and even businesses to go green as this helps decrease dependence on fossil fuel. In addition to this, many homeowners and businesses are looking to invest in solar panels because of the mentioned benefits.

Should You Have Solar Panels Installed in Your Home/Business?

Should you have solar panels installed in your home? Or should you stick to getting power from your local power plant? Before you dip your toes into having solar power in your home or in your business, you will have to do a lot of research. The good news is that there are a lot of resources that you can check online. You have to consider not only your budget but even the space that you are will need for the installation.

And if you are planning to earn some cash from solar panels, this is possible in so many ways. However, you will have to decide up to what extent you are going to generate some money in your installation. Are you happy getting credits from your power company or do you plan on installing solar panels in your area?

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