Investing in photovoltaics, or solar energy, can be a little tough for some people due to the high initial price of solar panels and similar technology. However, the environmental and financial benefits of this investment far outweigh the cost. If you are looking to invest in solar power, then check out these tips to make it easier for you.
Check Tax Incentives
There are many cities and states that are willing to give consumers and investors refunds or incentives for purchasing solar panels. This can drastically reduce the initial cost, and should be researched before investing in solar technology. This can be done by checking your state’s Department of Energy physically or online. You will still have to lay out some money for the solar investment, but this will greatly assist your investment.
Investing in Solar Stocks
While many people invest in solar panels, you can also invest in solar stocks. Much like any other stock, these are associated with businesses. You should check out the business’s yield and any risks presented by a particular business before investing in it. Strong balance sheets are good, especially since it can take a long time before solar stocks will net you any money.
Consider Maintenance Costs
When most people invest in solar technology they only consider the initial investment, but there are other costs as well. These are mostly maintenance costs to ensure the technology still works at optimum levels. Normally these costs are much less than the initial investment, but they should still be considered to ensure you can turn a profit on your investment.
Invest in Scalable Systems
The initial investment of solar technology is often very large because people want to instantly power their entire home or business with solar panels, but the system is actually scalable. This means you can start with a small system that just powers part of your home or business, and you can scale up later with more panels. This allows you to save up money and buy as you go, rather than having to save a huge amount for that one huge purchase.
Perform an Energy Audit
When you generate enough power you are able to sell it to the power company, but you should know how much power you use so you know how much power you can sell. Not only that, but an energy audit shows you how many panels you need to rely solely on solar power.