How to make money with solar energy solutions?
Pakistan is rising like the rest of the world in technological advancements. Solar energy has subsequently gained popularity and has become a viable option for the masses. Economic instability alongside load shedding and a constant rise in electricity prices makes solar energy solutions your best investment. But did you know that you can make money by simply installing a solar power system?
Net metering is the most basic and effective way to generate money from your solar panel installation. However, it’s connected to WAPDA (Water & Power Development Authority) and relevant DISCO. This tie is linked with the amount of solar energy electricity your residence consumes versus how much the system generates.
With net metering, the power generation company functioning in your domain puts a green net meter on your solar power plant. Think of the process as a spinning wheel where the forward spins in the meter reflect you are consuming the utility company’s electricity. Likewise, when it gyrates backward, you’re powering the same firm with the electricity your solar panel cells produce.
How does this process benefit you? If you consume more electricity than your system yields, you become liable for paying the disparity between those two amounts. That distinct amount can be viewed on your electricity bill for that month. However, if your system’s consumption is more than the production, WAPDA deposits a net metering credit on your monthly bill.
On average a solar panel covers you with product security for over 25 years. The payback period could start manifesting after 3-4.5 years. However, this depends on the size of your system and your energy needs and consumption.
Furthermore, incorporating a sustainable energy/renewable energy resource in your home directly elevates your property value, and that is an excellent investment for the future run.
As a homeowner, the best way to secure you from the inflating utility bills and still earn credits is via installing a solar energy system. Your monthly electric bills would highlight the in-use and metering distinctions. Even if it comes to you as a surprise, you may not have to pay for anything. In general, most households can accumulate considerable credit during the summer months. That’s when surplus electricity (energy produced through renewable energy) is elicited.