Solar ROI: How To Make Money with Solar Panels (6 Easy Ways)
With the rising awareness of renewable energies, solar is a rapidly developing industry, generating billions in the economy. The government also supports the industry, making it a lucrative area for you to venture into.
However, aside from installing solar panels and selling excess power for money, are there other options? How to make money with solar panels?
You can make money with solar panels in many ways, such as:
- Installing solar panels at home
- Becoming a solar panel installer
- Become a solar panel sales and consulting expert
- Rent out your solar panel installations to homes and businesses
- Use your land as solar panel farms
- Recycle solar panel systems
This article explores how you can make money from solar panels and profit from everyone’s desire to go green.
How To Make Money With Solar Panels
You can make money with solar panels by being part of the supply chain as the energy seller, solar installer and support, or recycler. The key is to pick the right area to enter, as you will need some expertise first.
The global solar energy market is worth $273 billion in 2022. It is going to reach over $373 billion in 2029. That is a lot of money.
If you are looking to get some of that money for yourself, here are some of the more creative ways you can use to profit from the solar market:
Residential Solar Panels
As the most basic, you can always install solar panels at your home and then generate electricity. You can then decide what to do with the energy generated.
You can use it yourself and make money from the savings in lower energy bills. If you have excess energy, you can even sell it to your local energy company.
You should be paid based on how many watts you can generate for them. However, this may not be available for everyone, as not all local governments or energy companies buy excess electricity.
Solar Panel Installer
Suppose you are technically inclined and are actually able to install a solar panel system on your own. If that is the case, you can always offer your service to your local community and become a solar panel installer for them.
However, there are some points you need to consider before doing this. You may need some certification before anyone will trust you to install their panels. You also may need to register a business since you may need to pay taxes by profiting from such a service.
You also may want to check with your local government for any tax breaks and incentives for being a solar installer. This is so that you can use these incentives to offer more competitive pricing to your client.
Solar Panel Sales And Consulting
Suppose you are not too keen on the installation work but are capable of getting technicians to do the job. In that case, you can always be a solar panel salesperson or a consultant.
You can organize a talk session in your local neighborhood and explain your experience with solar and how it has helped you save money. You then recommend your package and see if your neighbors want to try it.
You can also offer your expertise to help your clients. For example, you can calculate and estimate the type and size of solar panel systems they need.
You can also advise them on the optimization work on their systems, as well as the maintenance work.
Solar Panel Rental
In many places, energy companies must have a certain percentage of the power they sell as renewables. As a result, some of these energy companies may actively seek homes keen to host their solar panels and pay them rent. You can take up this offer.
Some homeowners and businesses may benefit from using renewable energy. Still, they may not have the funds to install their own solar panel systems.
You can take the opportunity to install your own solar panels and then offer to homes or businesses to rent your panels. They can then connect the panels from your place to their homes.
Solar Panel Farming
Suppose you have large tracts of land with a lot of sunshine, but you cannot farm on it or make any productive use out of the land. In this case, consider converting that piece of land into a solar panel farm.
You basically have a lot of solar panels on the patch of land, generate a lot of electricity, and then sell it to the higher bidder. These could be your neighbors, energy companies, local government, or anyone interested.
If your land is near the highway, you can even discuss setting up an EV charging station with the right company. The sky’s the limit here since you have excess energy to sell.
The key is to first study your local market and see if there will be enough interest to purchase the energy. You may need to invest some money upfront, so you want to make sure you will not lose money.
Solar Panel Recycler
Finally, you can always take the not-so-cool side of the industry, recycling. It is one of the biggest problems in the solar industry because it generates a lot of e-waste.
By taking part in this side of the industry, you may be seriously contributing to making the renewable energy transition work.
Want to know why solar power can be considered bad? This may interest you:
The Dark Side Of the Solar Industry
You may not be able to completely break down the solar panels and parts, but you can always repair and rebuild them. For example, suppose the battery is no longer holding charges well. You can always open them up and resolder the parts back.
These repaired parts can always be resold back into the market as a used solar panel system. They should sell well since they are cheaper than brand-new systems.
Plus, your profit margin should be quite large since you may not spend too much money to acquire these parts and only put in sweat equity.
Final Thoughts
Solar panels are a promising investment for anyone looking to make money while contributing to a sustainable future.
There are various ways to profit from solar panels, whether it’s through installing them at home, becoming a solar panel installer, or even renting out your panels to other homes and businesses.
