Install Solar: Earn Money

Install solar and save money?

Think solar power is too expensive? Maybe you don’t know what you’re missing. Not only can you save energy and save money, but some homeowners are actually earning money after installing solar.

Grid-tied solar using smart metering can actually turn your utility meter backward. When your solar panels generate more electricity than you use, you might even get a check from your utility at the end of the month if you have net metering, rather than sending them a payment!

The fact that you can actually earn money with solar installations is not well-known among homeowners. But some people are starting to share their stories to help spread the word. As part of the National Solar Home Tour, several property owners will be available to answer questions about the Solar Renewable Energy Credit (SREC) program.

Here’s an overview of how it works. For every megawatt hour of solar energy production, homeowners earn one SREC credit. The reason why you get the credit is because utilities are legally required to invest in renewable energy. They can meet requirements by purchasing excess power generated by residential solar. Homeowners can sell this power directly to the utilities or on an open market.

The price for SREC credits varies, depending on where you live. Generally, they range from $200-$700. In fact, some states require utilities to purchase excess energy generated via net metering at the same rate as that charged for conventional grid-based power.

How can you install solar power and save money? The average home solar power system costs between $10-20,000 after credits and tax incentives. Homeowners can recoup the cost within a decade or less. After that, your entire SREC is money in your pocket.

Consider that solar PV power systems have a life of 20-30 years, and you will have 10-20 years of additional income generated by solar panels!

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