Hence, the name “net metering.” A special meter will measure the net electricity generated, and the utility company will pay you. You can have an expert conduct an energy audit as well.Įnsure the solar panel system you have installed will generate more than ample power to cover your needs. Make sure you study your electricity bill daily to determine your average energy use and calculate the estimated surplus. More than 40 states allow some form of net metering with the simple clause that you must generate surplus energy through your solar system. How Can You Earn with Excess Generated Solar Energy In a few cases, depending on the type of production facility, your utility service provider might even opt to send a check. Per this agreement, the solar-generating business is to be charged for their net power usage with the precondition that if it generates excess power than is used, that will be duly credited. Does this mean your service provider sends you a check? No, it simply means your energy costs are offset.
Businesses that generate their solar power usually enter into a billing and metering agreement known as a net metering agreement with their local utility provider when they connect a photovoltaic system to the power grid. Still, the net metering agreement must be taken note of. If you are asking whether selling solar power to generate income is a viable option, the answer surely is a resounding yes. Study Net Metering Agreements With Your Utility Company Nonetheless, net metering can be a bonus to whatever you invest. There are several guidelines and other things to take care of, depending on where you live. The important thing to know is that it is not as simple as your utility company coming to your doorstep with hard cash or sending you a check at the end of each month. Depending on each month, the utility company will decide what the payback for solar power will look like. Inside the meter should be what is known as an ‘inverter.’ The inverter allows the company to measure how much power you are generating.” For the most part, companies will add a credit to your monthly bill if you generate more power than you are consuming. According to Residential Solar Panels, “Most existing homes and businesses will have a power meter attached to them with gauges that run forward and backward, tracking energy use. As per the US government’s mandate, each state is required to buy surplus energy from the residents, but the way it happens might differ from one state to the other.Ĭalculating the total generated energy to determine the estimated surplus requires energy measuring equipment. It allows customers to take the surplus solar energy and sell it back to utility companies, which in turn helps reduce their electricity bills if their electric bill is high. This is what the system of net metering is based on. Nearly 20 to 40% of collected solar energy regularly goes to the grid. It is common for your residential solar system to produce more energy than your house or office consumes. What are SRECs and How Can You Make Money With Them?
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