How to produce your own energy and make money while doing it
Looking for a solution that could save you some money?
What if you could not only save but earn as well?
Have you given any thought to cutting down on your monthly utility bills?
What if we told you that by producing your own energy, you could do both?
Sounds too good to be true! Well, it isn’t and here’s why. Investing in renewable energy is not just easy, it also comes with tax incentives. With scoop. Solar by your side to take care of solar operations and maintenance, all you’d need to do is invest in good quality solar panels, and you can start saving in no time!
Why solar panels?
Okay, so they might not be an investment in the same way as shares are or owning land is. However, they are a way of getting a steady income. In fact, by installing a couple of solar panels on your roof, you stand to save more than you would from a savings account. Production of energy via solar panels attracts savvy investors because it doesn’t involve any financial advisers or banks – just a roof!
When they were introduced, solar panels might not have been an efficient way of producing energy. Even with the sun shining outside brightly, the best you could expect was the absorption of 6% of solar energy. The amount of power generated this way wasn’t even enough to light an incandescent bulb of 60 watts!By 2012, the concept was improved upon, and the solar energy they absorbed was increased to 15%. Now you are looking at a method that is almost20% efficient.
Using solar panels can help you save money on your electricity bills. For every unit of electricity that you will generate, you can enjoy a tariff and various other advantages.It is better for the environment as well since solar energy is a renewable resource.It reduces carbon pollution and empowers whole communities by creating new job opportunities. Moreover, there is plenty of it to go around. According to the US National Renewable Energy Laboratory or NREL for short, the amount of solar energy striking the Earth’s surface in just one hour is more than the world uses in a whole year! The biggest advantage is that solar power productionis applicable almost everywhere. Whether you run a business or are thinking of your home, the roof and your solar panels are all you need.
How does solar power work?
So far so good. Now let us look at how solar panels work. Live Science describes solar power production as the generation of electricity made possible when light particles or photons knock electrons free from atoms. In laymen terms, a solar panel is a collection of photovoltaic cells. These cells use sunlight to produce electricity. The process results in the production of direct current (DC), which an inverter must first convert into alternating current (AC). AC is the kind of current that we use in our homes to run electrical appliances and devices.A solar power setup on your roof will thus capturesun’s energy, convert it into power, and then send it to your lights and appliances.
How can you earn by producing solar power?
Most countries have woken up to the destructive effect of non-renewable energy sources. It has increased carbon dioxide concentration around the world, creating more pollution. The devastation continues to get worse each year that we continue to use such ways to produce energy. Therefore, the governments of these countries have started offering incentives to citizens who are willing to use alternative ways of energy production.
Canada is one such nation! Different companies have designed net metering programs that reward citizens who generate their own electricity. But that isn’t all. Any surplus energy that you generate can also bring you more profit. You can sell that energy. BC Hydro is a crown corporation that provides you with bill credit when you sell the surplus to them. On the anniversary of your initiation with BC Hydro, you only have to pay 9.99 cents per kilowatt-hour (kWh) for the electricity that you have used.
Interested? Let us find out what makes you an eligible customer for such programs then. Satisfy the following criteria, and you would be considered eligible:
- Own or lease a clean energy production system
- Connect to the company’s distribution system
- Produce energy by using a renewable resource, such as solar, wind, or hydro
- Generate enough energy that is under the company’s set limit and is enough for your annual usage
How can you produce your own energy?
As mentioned, you can use one of the many ways to produce clean energy. We have chosen one of the easiest ways to get you started:
Rooftop solar panels
If you live in a house that has a roof that can house solar panels, then this method is perfect for you. Even if that isn’t the case, you can also install solar panels in your yard or on your window. Don’t have a roof or need a new one? Then consider replacing the old shingles with solar ones!You can also check out alternative methods through Solar Air Conditioning and Solar Water Heaters.
For an average household, a kilowatt of power is enough for their electricity needs. If you get the panels to orient in the correct manner, you stand to generate more than 10watts of power per square foot. Of course, when you begin using solar power, you shouldn’t stop using grid electricity completely. After all, when the sun goes down, you won’t be able to generate energy via sunlight. We’d recommend looking into other renewable energy sources that can be used during that time.Don’t fancy going solar? Then there are other ways through which you can generate clean energy!
According to Ernst & Young’s annual Renewable Energy Country Attractiveness Index, China earned the top spot for three consecutive years. This year, it is the U.S. that occupies the same position. Don’t you think it should be Canada’s turn next?