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Ways to make money with your solar panels

Going solar is a serious investment in cash, making it difficult for some homeowners to consider. DIYers can cut costs by installing solar panels themselves, but it's a good idea to really evaluate if this is a project you want to deal with yourself, or if it makes more sense to leave solar installation to the professionals.

With more people changing, prices have finally gone down enough for homeowners to enter the market that had originally priced. However, connecting your system can be difficult, even dangerous, so it is a good idea for a certified professional to connect you to the power grid for safety and peace of mind. Definitely important if you live in an area where certification is required before you can reap the benefits of your new solar system

Lowering your energy bills by utilizing the sun's power helps offset the installation cost, making it a more desirable alternative to your energy needs . Here are some ways to help you do just that.

 tax savings with form and calculator

Tax subsidies

A tax subsidy or energy efficiency contribution is basically what the government pays you to convert to solar energy. These financial incentives encourage more people to go green by significantly lowering the final cost of the project, sometimes even below the sticker price.

Renewable energy credits have changed over the years, so consult your tax preparer and the current rules and regulations to help you decide. As of the disclosure, the IRS website shows that the tax relief for housing for energy-efficient property has been extended through 2021, so get it while it gets good.

Net Metering

Those who have converted to solar energy for off-gates have successfully done so for several years, but if you are planning to get some of the energy kick backs, you must connect. For those who start planning for their solar journey, you want to stay in touch so you can offset installation costs through net metering.

Net metering is an agreement between the energy company and the customer, which enables the customer to recover some of the costs of solar installation through credits that are returned for any surplus power generated during the billing cycle. Customers must be connected to the network and use a photovoltaic system to obtain these credits. Depending on the energy plant, the credit can be returned to the homeowner in the form of a check or instead of a check, provided as a way for the homeowner to offset energy costs.

 energy meter

Legislation and implementation of net metering are not consistent in every state, so the benefits can vary greatly depending on where you live. The goal, of course, is to lower the cost of your monthly invoice, so check local regulations and your installation company to get the best estimate of your potential savings. As the price of solar panels decreases and the number of systems increases, a profit from going in the sun is more achievable than ever.

Solar Investments

You may already have solar panels installed. Or maybe you are not ready to take the step, but still want to reap the benefits, especially since you are aware of the importance and effect of doing the deed. If you have a little financial knowledge and the tolerance for some risk starting the stock market, it may be more meaningful for you to spend some money in green investments. Contact your financial planner for companies and funds in the energy sector that focus on renewable green energy.

We all want to save money. That's why we're DIY! But it feels especially good to save money through a project that helps our environment. So fellow eco-warriors, regardless of your approach to solar energy, offset the high installation costs by letting the government pay you, connect to the grid and make earth-friendly investments.

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