• April 17, 2024
  • Category

Do you know you can make money from solar panels? Yes, you read it right. By installing solar panels, you are entitled to earn money for every kWh that is injected back into the grid and can also claim a significant tax credit amount.

The world has undergone a significant transition to clean energy in the last few years. Solar energy has embraced its journey in India with a remarkable 39 megawatt capacity in 2009, geared up to 39000 megawatts in 2020.

How is it Possible to Earn Money From Solar?

Going solar is a great step you can take towards a more sustainable energy source and save on monthly utility bills. Moreover, installing solar power plants of different capacities will support you in earning an income of Rs. 30000 to 1 Lakh.

If you want to have a substantial profit with little investment, you must install solar panels. You don’t need to have a separate space or a ton of money to install it. Here are a few perspectives on solar panels and their role in the economy.

Reduces Your Electric Bills

Your electricity bills take up the largest part of your monthly expenses. However, you can generate free power for your systems with a solar panel system for years to come. This will enable you to reduce your utility bills, which in turn saves a lot of money.

Avoiding Rising Energy Costs

Every year, electricity bills continue to grow throughout the country. By installing a solar power system, you will be less prone to the rising electricity prices now and in the future, making this a perfect choice to multiply your money without any potential risks.

Little to No Maintenance Costs

Unlike other equipment, the solar panel will not charge you with high maintenance costs. In general, the lifespan of a solar panel is 25 years, and the best thing about installing it is that there will be no cost for its maintenance. You have to change the battery once every ten years.

Giving You a Greater Return on Investment

Solar energy is one of the best investments that will get you a higher rate of Return on Investment (ROI). Most solar panel systems tend to pay for themselves over time.

Boost Your Property Value

At the end of the day, this is one of the key benefits of purchasing a solar system. Residential or commercial properties with solar energy have more value when compared with others. Their primary benefit of reducing or eliminating the electricity bills will make your property stand apart from potential buyers.

Types of Solar Systems

Are you looking for the best solar PV modules but confused about which one to choose from the different types? Besides the benefits of solar systems, it is also crucial to understand the types of solar power plans and their competing facts. This is why partnering with well-known organisations like Waaree is necessary to ensure maximum solar harvest by eliminating the time-consuming process with its ready-to-use system.

If you are still not sure, let’s dive in and discover more about the major types of solar power plants to know what suits you the best.

Off-Grid System

The off-grid power plant system is independent of utility grids and collects unused extra electricity in battery banks. This type of solar power panel is generally installed in areas that experience frequent power outages or have low exposure to sunlight.

The solar inverter allows the conversion of Direct Current (DC) from the batteries to Alternating Current (AC), the standard form of electricity for regular household appliances. Hence, if you don’t have an electricity connection or a reliable grid and still want to save electricity, then off-grid solar power is your go-to option.

Benefits of Off-Grid Power Plant
  • Independent from the power delivered by the company.
  • Economical substitution in isolated areas.
  • Effective solution to frequent power cuts.
  • Buy a battery according to your specific requirements.

On-Grid system

The on-grid system is the most practical solar PV module, primarily used in residential and industrial areas, with a consistent power supply from the ultimate grid. They generate power when the utility power grid is available.

The on-grid system will help you earn a faster Return on Investment (ROI) and savings through net metering by automatically sending excess power to the grid whenever solar panels are overproducing. If you have a dependable grid, but have high electricity bills, then the best on-grid solar power plant is recommended.

Benefits of On-Grid Power Plant
  • Most economical solar power plants with a lower number of components for setup.
  • It can be upgraded to a hybrid solar power plant.
  • Ensures higher efficiency as it is grid-dependent when compared with off-grid systems.
  • Lower the high tariff on electricity bills.
  • Reduced maintenance costs.
  • Exchanging excess energy with the utility grid.

What is the Net Metering Process?

The power generated from the grid system is measured via net metering. A PV system will create a different amount of electricity throughout the year. These peak levels in energy production will directly influence your utility bill. Once the solar panel is installed, it will generate more electricity than you need, and the excess will get back into your utility’s grid, ultimately lowering the number on the meter.

On the other hand, whenever you are facing a power deficit, the energy from the grid can be utilised here. You won’t have to pay extra as long as it shows the same amount or less than that. This is known as net metering.

Read MoreWhat is Solar Net Metering and How Does it Work?

Final Thoughts

Solar energy has become more viable among consumers and businesses as technology has advanced while the cost has been reduced. At Waaree, we thrive on designing, developing, and implementing solar installations. We are equipped to create a utility-scale solar project that will give you a strategic advantage and enable you to earn money on solar.

We ensure to offer end-to-end solutions to meet all your energy needs, with numerous benefits such as increased solar energy yield, guaranteed period, and advanced technologies. Whatever your reason for going solar, we are proud to be a part of your sustainable journey!

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