With the rate of growth of solar energy industry, there are many ways to make cool money from solar energy. One of the interesting aspects of these solar energy business ideas is that they generate long-term profits. Instead of just installing a solar PV system for personal use, you can take a further step to start generating income from your solar system. There are some other easier ways to earn money from solar energy businesses even without installing a solar PV system. All these business ideas are explained below. Check out these various money-making solar energy business ideas and choose the one that you can easily fit into.
Easy Ways to Make Money from Solar Power
Starting Solar PV System Installation and Maintenance Business
If you have a ground knowledge of solar PV system installation and maintenance, you can make money installing solar systems for domestic homes and even for industries. You can also make money troubleshooting and repairing faulty solar PV systems.
If you want to open an offline solar installation and repair office, you can create a blog where you can offer solar installation, troubleshooting and repair guides online. Additionally you can also be a solar system consultant, where you can help people carry out solar PV system installation quotes for a fee.
Buying and Selling of Solar PV System Components
Yes, you can make money by being a solar PV system vendor, buying and selling the different components of solar PV system, such as: solar panels, charge controllers, inverters, solar cables, deep cycle PV batteries, etc. both online and offline.
Even if you don’t have enough capital to buy these solar system components, you can start solar components dropshipping business, where you sell these components to consumers without actually buying them.
See:
- Best Free 10-in-1 Online Financial Calculator App
- 7 Steps to Help you Start Dropshipping Business Online Successfully.
Also, you can earn more money using affiliate marketing for solar system components by signing up with some popular online stores that offer affiliate services like Amazon, eBay, etc. When you refer customers to their online stores via your affiliate link and these customers buy any solar system component from their stores, you will be paid a certain percentage as commission.
Check out this book on How to make Money from Blogging and Affiliate Marketing on Amazon.
Selling Excess Solar Power to the Utility Companies via Net-metering
You can install a solar PV system in your home using the net-metering PV connection configuration, and then enter into a billing and metering agreement, called net-metering agreement with your local power utility or government. For this type of solar PV system configuration, your solar PV system is connected to the grid and you are being charged for a net power usage. You earn credits if the power outflow from your solar PV system to the grid is greater than the power inflow from the grid to your home.
Starting a Solar Farm Business
A solar farm is a photovoltaic power station, with a big decentralized solar array which supplies electricity to a power grid. Solar farms are part of the real estate businesses. Apart from supplying generated solar power to the National grid, you can also build your own solar farm, with solar grid and supply the generated power to domestic homes and industries around that area, and then charge them according to usage or periodically. It all depends on the electricity regulation in your country and locality.
But note that to make much profit from a solar farm, you need an effective business plan, a huge start-up capital, at least 1 million dollars, and a large acre of land. You can learn more about how to invest in, and start solar farm business here.
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Investing in Solar Energy Stocks
With the rate at which the solar energy industry is growing, you can make money by buying stocks of some renowned solar energy companies and then hold them for long term. These solar energy companies comprise of those companies that produce solar power equipment and products, companies that specialize on solar cell manufacturing, and companies that concentrate more on solar installation and maintenance. The invested funds on the solar energy sector in 2019 had a return of 65.65%.
If you are an investor looking for solar energy companies stocks to invest in, you can consider the following companies stocks:
- Tesla, Inc. (TSLA)
- Enphase Energy, Inc. (ENPH)
- Sunrun Inc. (RUN)
- SolarEdge Technologies, Inc. (SEDG)
- Sunnova Energy International Inc. (NOVA)
- Brookfield Renewable Partners L (BEP)
- Daqo New Energy (DQ)
- JinkoSolar (JKS)
- Vivint Solar (VSLR)
- Clearway Energy Inc. (CWEN)
- Sunpower Corp (SPWR)
- Hannon Armstrong Sustainable Infrastructure (HASI)
To learn the various ways to generate income from the solar energy sector and how to get started, check out this eBook on Amazon: Complete Solar PV System Installation Guide. It contains DIY guides for installing grid and off-grid solar PV systems, how to build solar-powered electric cars and the various ways to make money from the solar energy sector.
You can read more about solar energy businesses and solar stocks from investopedia and insidermonkey.
Other Ways to Make Money from Solar Power Sector
- Manufacturing of Solar Panels
- Production of Deep Cycle PV Batteries
- Manufacturing of Power Inverters
See:
- How to Install an Automatic Pump Controller using a Float Switch
- 25 Best Lucrative Online and Offline Business Ideas for Students
Conclusion
You have learnt the various ways you can make money from the solar energy industry. The options to choose depends on your capital, skills and the type of investment you wish to make. The offline solar energy money making business ideas are solar installation, maintenance and repair services, buying and selling solar PV system components, starting a solar farm business, etc. If you wish to earn money online from the solar energy sector, then you either invest in solar energy stocks or you create a blog where you offer solutions to some solar PV system challenges, affiliate marketing, etc.
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