But going solar can also help you make money. It’s true.
Let’s explore how panels put cash into your bank account.
Solar Boosts Property Values – a Lot, a Lot, a Lot
There are very few home improvement projects that offer a guaranteed return on investment:
- Remodeling the kitchen is usually a good bet.
- Installing a pool is one of the worst projects.
But when you install solar panels on your home or business, it’s possible to increase the property value – often by a lot.
According to the National Renewable Energy Laboratory (NREL), for every $1 in annual electricity bill savings that your solar panels deliver, the value of your property increases by an average of $20.
But there are other ways to “generate” income as well.
Making Money from Solar Renewable Energy Credits (SRECs)
Were you aware that there’s an entire market for buying and selling “green” or “solar” credits? It’s very similar to the stock market, but instead of trading shares, you’re essentially buying and selling solar renewable energy credits generated from your PV installation.
Every state has a slightly different system. And unfortunately, California’s is not the most lucrative, which is why some solar customers try to sell their credits in other markets. But even still, your panels are generating free money without your having to do anything at all.
California’s Net Metering Program – and “Quasi” Income
The state’s net metering program allows you to sell excess solar electricity to the local utility company at a profit.
Now, SDG&E won’t give you cash. You’ll receive credits on your bill in any month where the solar electricity that you sell exceeds the grid electricity that you buy. For more on how this works, click here.
To be fair, this is not an income-generation strategy. However, you can use up these credits in creative ways to help put extra money in your bank account.
2 of the most popular approaches include:
- Switching out gas appliances with electric ones. Doing so allows you to have a much lower (or $0) gas bill every month.
- Buying an electric vehicle (EV). The same principle is at work here. Instead of paying for trips to the gas station, you’re able to charge your EV with clean, free solar electricity. About 40% of Californian EV owners also have solar installed on their properties.
Either way, you’re a wealthier, happier solar customer with more money to spend on things that are truly important to you.
Stay Tuned For More Reasons to Go Solar in San Diego
With solar, you can save money and make money. It really doesn’t get much better than that.
And yet, it does. We still have 8 more reasons to go. So be sure to tune in tomorrow when we tackle #3.
But if you’re ready to begin the solar installation process ASAP, contact us today for a free inspection. You pay absolutely nothing for this solar quote and assessment.