Learn How To Make More Money With Solar Panel

Learn How To Make More Money With Solar Panel

Attention! Solar Energy is a treasure hunt, and we are here to help you get the most out of it. Yes, it turns out you don’t only save with a solar panel system, but also make money. So, keep reading the article to get some tips on how to benefit the most from going solar. 

Solar Energy: An Overview

Solar Energy is everyone’s new favorite energy source. No wonder, it is the fastest-growing energy sector in the US, amounting to 100% growth from 2000 to 2018. Already in 2019, solar energy comprised about 40% of new added electric capacity to the grid, which was a record-breaking share in history. You may wonder what is accountable for such growth? Technological advancements result in a decrease in solar panel costs and an increase in solar panel efficiency. Moreover, the procedure of going solar becomes pretty straightforward, which makes the customer decision-making a lot easier. Indeed, even a person with no solar energy background can calculate solar panel prices with the solar panel cost calculator that you can find on almost every company’s website. Besides, states have been actively promoting the use of solar energy, offering several no-brainer solar panel tax credits. As for installation, solar panel companies try to make it less and less complicated, even offering special solar panel kits for DIY installations. Hence, solar energy has gone viral, and no surprise, some states now require new construction to have solar panel systems.

Investing In Solar Stocks

So, let’s not go far and start from the industry itself. One question that pops up is whether this strong and consistently growing industry is worth investments? Solar Panel System is a mature and consistent technology with huge potential ahead. Solar panel costs are falling, while demand is increasing, solar panel companies steadily prospering. When you invest in a solar panel company, you are eventually investing in tangible panels, which will last long, providing regular income. One thing that catches investors’ attention is the drop in solar stock prices by 20% in 2015. In addition, there is still room for a decrease in costs like permitting and customer acquisition, contributing to growth. Thus, the potential for growth and long-term regular income make solar stocks attractive for investment. Apart from buying solar company stocks, you can invest in solar income funds to help the government realize solar power schemes. Another way is investing in mini energy bonds, which is basically buying stocks in the solar power division instead of the company’s general stocks. And, of course, a more simple way of investment is buying solar panels for your house.

 Is It Worth It To Install Solar Panels?

Install or not install, that is the question. To answer it, you should first consider the electricity bill, the higher it is, the higher you will benefit from switching. Then you should evaluate your location in terms of sun exposure your house gets. There is no sense to install solar panels in a shady area. Then roofing type comes into play. However, Bay Solar Group is also a licensed roofing contractor, so your roof is easily manageable. Another factor is the incentives that the state provides. The solar panel tax credit is one of the benefits that allure you to go solar. Finally, being independent of the grid, hence avoiding rolling blackouts makes it worth installing solar panels. Your investment’s payback depends on the above-mentioned factors plus the price of the electricity consumer purchase from the grid. On average, it is estimated to be 8 years, which is quite fast and convenient, along with the benefits you get.

The Right Way To Invest In A Solar Power System

So now, as you get excited about the benefits of going solar, you need to understand the right way to invest in solar. The answer is simple. Calculate your average energy consumption and use a solar panel calculator to estimate the number of panels you need and its corresponding cost. Or you can contact us, and we will love to conduct a free consultation with you. Our consultants consider all your needs,  thoroughly explaining all the insights to make the best possible decision.

How Much Money Can You Make Off of Solar Panels?

Let’s have a rough estimate that your electricity bill is reduced monthly by 200 dollars, which amounts to 24000-dollar saving in 10 years. You can invest this significant saving in your dreams or the stocks we have discussed above and earn money, at least doubling the amount. Besides, some utilities will pay you for supplying the grid with solar energy. So, continue reading the article to find out those opportunities. 

What Are The Benefits?

Once you go solar, the only thing that you will regret is that you have not gone earlier. Self-sustainable, inexhaustible energy independent of the grid, almost non-existent bills, opportunities to earn a profit are among the benefits you will get after. Moreover, the states offer various incentives to help you reap all the benefits. 

What Are The Incentives For Solar In The US?

Solar Panel Tax Credit is the most popular one. The program targets residential users to help them reduce solar panel system costs. From January 1st, 2020, the program offers a 26% tax credit till the end of the year. So now it’s the perfect timing to go solar. Apart from the Solar Panel tax credit, the state offers other incentives for you to make the right decision. Feed-in Tariff is another incentive to consider, though it is optional and mainly depends on your operating utility company. Basically, you get paid for each kWH you are supplying to the grid at retail price. If you get lucky and your utility company has this incentive, congratulations, you won the jackpot. There is another program called Delaware Renewable Portfolio Standard, which by 2025 states the requirement for utility companies to purchase 25% of the produced electricity from solar energy. So the consumers from whom the utility buys the required amount get paid accordingly. And last but not least, let’s talk about Net Metering. 

Net Metering

Net metering is another popular incentive pretty similar to Feed-in Tariffs. Again you supply the grid with your excess energy, but in this case, you get credit based on the amount of kWh you sent to the grid. This means you can take an equivalent amount of electricity from the grid for free. It’s estimated that almost 40% of generated excess solar energy is sent to the grid to reduce the electricity bill’s price for other consumers. Indeed, the US makes it mandatory for utility companies to purchase the excess amount of solar energy produced.

Five Top Tips For Making The Most Money From Your Solar Panels

  1. Carefully choose the right contractor to get the best quality products with the longest warranty. Bay Solar Group offers a 25 years warranty of production and provides the highest efficiency panels like Sunpower.
  2. Carefully estimate the number of panels needed—better more than less. Don’t be afraid of excess capacity; Net Metering is there to help.
  3. Apply to all the incentives that States offer to get the most out of it. Bay Solar Group is here to guide you, applying for all the incentives you are credible for.
  4. Try to use solar energy at peak hours that are charged more, and electricity at off-peak hours.
  5. Purchase Powerwall Battery to accumulate your energy and use it whenever you want to be independent of the grid and to be able to perform point 4 mentioned above.

Make Money In The Solar Industry

As you can see, making money in the solar industry is not rocket science.

But it will skyrocket your savings, provide you with some earnings and make you feel good that you earn money while making the environment cleaner. So what are you waiting for? Going Solar never goes wrong. 

Author of a publication: Elen Gevorgyan

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