Solar energy is a powerful renewable resource. By utilizing it, we can reduce dependence on fossil fuels, purify the atmosphere, and make the world “greener” for future generations.
SEIA forecasts indicate a trend of increasing solar system installations in the USA in recent years. In 2023, the capacity of solar installations exceeded 30 GW for the first time in history.
Source: SEIA
According to Statista, in 2022, the number of installations reached almost 3.6 million. California alone contributed to this statistical figure, with its residents installing more than 258,000 new systems. This growth is driven by several factors, including:
But did you know that you can get paid to go solar? While selling the electricity generated by your solar system directly may not be an option, you can still reap various financial benefits. If you’re interested in solar investment, stay with us and learn about ways to save.
Solar energy is a promising field of renewable energy worldwide.
It is particularly active in the USA, where solar installations are breaking records in electricity generation. 2022 is a perfect illustration of this, as its clean production reached a peak of 145.6 TWh. According to the Global Market Outlook for Solar Power 2022-2026, solar energy could double its installed capacity to 2 TW in just one year (!) – by 2025.
Therefore, due to its availability, efficiency, and environmental friendliness, solar energy will remain in demand for many years. And what does that mean? That solar energy for sale will become a profitable business in all states (both hot and cold).
In addition, producing solar energy on both commercial and family scales will strengthen the overall energy security and geostrategic independence of the USA, reducing dependence on imports of Russian gas and oil.
Determining whether solar energy is our near future or already a reality that is becoming an alternative to fossil fuels presents a challenge. However, statistics indicate the promising nature of solar panels investment.
Solar energy is indeed a rapidly growing sector of the economy, flourishing in its development. Make money with solar panels is not a fiction; solar investment is an attractive option for investors.
Why might this interest you?
Looking for a way to save money on electricity bills? Installing a solar system could be a good option. Do you want to get paid for solar panels too? Welcome to a new level of awareness and interest in the solar energy industry.
How to Make Money with Solar Panels
So, if you’ve decided that income from solar panels wouldn’t go amiss, we’ll tell you what to do next. The main thing is to listen to your heart and choose what’s closer to your soul, as well as aligns with your interests and budget.
This method suits you if you don’t want to deal with the installation or maintenance of panels. You can invest in companies operating in the solar energy sector. Some manufacture solar panels, others provide installation services, and still others are involved in financing related projects.
How to profit in this case? It’s simple: as the industry’s potential grows and, accordingly, the company you invest in, you will make money with solar panels.
Before investing in a company, it’s wise to do some initial research. Look at financial indicators, assess market potential, and consider how clear and relevant the company’s strategy is.
Investing in specific projects gives you more control over solar investment. The earnings mechanism involves receiving profits from solar energy production.
Projects can vary in size, from a single, more powerful solar system to hundreds of solar panels connected in one system. Your choice depends on how much money you are willing to convert into solar investment.
To ensure your invested money doesn’t go to waste, carefully examine the prospects of the chosen project. Make sure solar panels are located in sunny place and have the potential to produce adequate amounts of electricity. Talk to developers or owners to understand the potential risks of the project.
This is another interesting way to get paid to have solar panels. Enhance your income through versatile channels, including the sale or lease of land for solar projects. Intriguingly, this option is accessible even to those without land ownership, proving its unconventional yet effective nature.
Be prepared to deal with bureaucratic institutions to obtain permits and licenses, as well as to prepare the land for construction.
Exclusively explore collaborations with seasoned firms that can support you in acquiring essential documentation and securing buyers or tenants for the land.
Choosing this option for solar investment will provide you with your own electricity that you can use and distribute as you wish. After some research, you may notice crazy prices for solar systems.
Source: AD
But! This cost will pay off for you through savings on utility bills. Approximately, within 9-15 years, you will recoup the money spent (the number of years varies from state to state).
Before buying a solar system and considering future solar investment, monitor:
Overall, there are several ways to make money with solar panels. Choosing the best option for you depends on your individual circumstances and interests.
Net metering (also known as independent electricity accounting) is a program that allows owners of solar panels to sell excess generated electricity back to the grid. This means you can make money with solar panels from energy you don’t use. The amount you receive for the surplus electricity will depend on your electricity provider and local tariffs.
Net metering programs are not available everywhere. To avoid issues, check the operation details of this option in your state under various programs. For example, in Illinois, it’s the Commonwealth Edison program; in Maryland, it’s Pepco/Exelon; and in Pennsylvania, it’s PECO/Exelon. Thus, you can make money with solar panels by finding an active program in your state.
Source: Solar Power World
We also recommend contacting your local electricity provider to find out if they offer net metering and under what conditions, i.e., how much they will pay you for the returned energy.
The net metering program offers several benefits. It not only cuts your utility expenses, saving you money, but also lessens reliance on the grid and fossil fuels. Simultaneously, it encourages the adoption of clean energy practices.
A contentious issue of residential solar investment is the advantage of increasing the value of the house. Opinions on this statement are divided:
1. This Old House assures that selling a house with a functional solar system will not increase the price in 100% of cases. Factors influencing this include the following:
Considering the growing demand for solar energy among American businesses and homeowners, we can assume that the price will be higher if you decide to sell a house with panels. Let’s also call this solar investment.
ITC is a government mechanism aimed at supporting the development of American solar energy. In fact, it is a benefit that allows owners of solar panels to reduce their tax debt by a certain amount. Energy.gov shows that the solar systems put into operation from 2022 or starting installation by 2033 are eligible for a 30% ITC but with certain specifics.
Source: SEIA
For instance, if you spent $22,000 on a solar system, you can get a $6,600 tax credit.
ITC is a great opportunity for owners to make money with solar panels and reduce their tax debt.
ITC is used to reduce tax debt for many types of solar investment – solar panels for households, businesses, commercial properties, etc. However, you can qualify for ITC under certain conditions:
Note that if you purchased a new home equipped with a non-leased solar system, you are eligible to apply for ITC, but only within 1 year.
Make money with solar panels is even easier if you take advantage of Renewable Energy Certificates (RECs) and Solar Renewable Energy Certificates (SRECs) in the USA.
Common | Different |
| REC, as a solar investment, represents the overall environmental benefits of any renewable energy source, while SREC specifically relates to solar energy (hence the letter “S” at the beginning of the abbreviation). |
A REC represents 1 megawatt-hour of electricity generated from a renewable source such as solar, wind, or hydro energy.
RECs can be purchased by companies wishing to offset their environmental impact or achieve goals regarding renewable energy usage. RECs do not reduce the actual electricity consumption by the company but help support the development and utilization of renewable sources.
The price of this certificate is not fixed as it depends on demand and supply, the type of renewable source, and other factors. A typical medium-sized solar system will earn about 5 RECs per year.
SREC is a type of REC specifically created for tracking and selling the environmental benefits of solar energy. One SREC also represents 1 megawatt-hour of solar electricity.
SRECs, like RECs, are purchased by companies or organizations to offset their environmental impact, achieve goals regarding renewable energy usage, or receive state incentives.
The SREC market is specific to each state, with certificate prices typically elevated due to the preference for solar investments over other forms of renewable energy.
Solar energy is a unique natural resource that is gradually becoming the foundation for Americans’ greener life. Can you make money with solar panels? Absolutely! There are plenty of ways to monetize solar energy, e.g., managing a solar farm, investing in solar panels of a specialized solar company, selling solar power to generate income. Which method is best for you depends on individual circumstances.
Directly selling electricity back to the grid is not possible. But you can sell excess generated energy. This is the basic idea of net metering.
Making money from solar panels for companies is realized through installation, leasing systems, selling solar power to the grid, finding investors, and accessing tax credits.
You can earn more by installing a solar system for commercial use. It wins by size and capacity, thus generating maximum energy. Then it all depends on selling power!
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