Everyone is looking for an additional source of income, especially during this time when commodity prices continue to skyrocket. If you live in a suitable place where solar power could be installed on your roof, then you have a great opportunity to earn money from it. These panels will not only provide you with an alternative energy source to lower your electricity bills, but also rebates, incentives, and money from rental fees.

How to generate income with solar panels

The rebates offered to panel users can go a long way toward reducing or possibly eliminating electricity bills. Incentives are provided by the government in all states of America to those who install solar systems in their businesses or homes.

The bonuses obtained from solar energy can reach up to 50% of the installation cost. After you receive your rebate check for your solar system installation, the money is absolutely yours and you can do anything with it.

In addition to rebates, another government incentive program for solar panel use is the 30% federal tax credit for solar energy. This particular tax credit can be applied to the amount of tax you owe. It will not be deducted from your winnings. Instead, it’s a dollar-for-dollar credit for anything you owe in federal taxes.

One of the main reasons the government is providing all these incentives is to convince people to use an alternative energy source so that the world does not depend solely on the traditional source of electricity, which is fossil fuel.

Another reason is to encourage the price reduction of the panels. When a lot of people are buying solar panels, there will be additional production from different companies that will surely reduce the cost of each unit.

Rent your roof

Another possible source of income from solar panels is the leasing of your roof for the installation of units by various companies interested in generating energy using solar energy.

This method has already been implemented by many people in California. They are renting their roofs to companies without requiring upfront money for the installation of plots.

Home and building owners, especially those located in areas highly exposed to sunlight, have been making money or saving by not paying monthly electric bills because they can also use the solar panels on their roof. Even unemployed people with the ideal roof can make a living from solar energy.

Rooftop leasing to solar contractors has been gaining popularity due to the benefits it offers.

Home and building owners are renting available roof space to contractors for the operation of the solar system with a corresponding rent that serves as income.

The system operator will provide the solar energy to the utility company and will receive compensation from the power grid where the electricity is sold.

The solar contractor can provide the roof owner with different leasing options, depending on the qualities of the roof.

One option is that the solar contractor will provide the necessary materials for the solar system installations and the owner will spend nothing. In return, you can make use of the electricity generated by solar energy. However, the contractor will be the one who receives the reimbursement from the government, as well as the monthly rates granted by the local electricity grid for the electricity that is sold to them.

Another option is for the contractor to provide all materials and installation cost, receive reimbursement and incentives, but pay the owner a monthly rent for using the roof.

The homeowner can also choose the option where the solar contractors provide all the materials, but will pay a monthly fee for the use of solar electricity.