Solar energy is probably the fastest-growing industry of our decade. Renewable energy will soon be the primary source of energy to homes. Due to this gradual shift, people from different professionals are beginning to realize that solar is a new career. Money is among the first things you consider when thinking about a new career. Solar installation is the most newsworthy occupation in this sector.
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Solar installers can also integrate models and create possibilities for commercial solar power generation. Companies that sell solar-generated power can also make money in form of credits and savings. While this should not be the only reason to change your career, here is how solar installers make money.
- Job Overview. Solar installers have various roles in their career. These professionals assemble, install, and maintain solar panel systems on rooftops and other structures. Solar installers perform their duties in compliance with site assessment and schematics. The assessment includes measuring, cutting, assembling, and bolting structural framing and solar modules. Other duties may include minor electrical work, such as checking the current.
- Solar Installer Pay. A solar installer’s salary varies depending on factors such as education, experience, certification, and location. While most solar installers attend a community college or technical school, it is essential to take a solar training course. The minimum wages and benefits also vary by employer. In the US, the average salary of a solar installer is $16.87 per hour. As such, a solar installer makes about $30000 to $40000 per year.
- Exponential Growth. The Bureau of Labor and Statistics suggests that the job growth for solar installers stands at 24%. This rate marks a higher than average employment growth. The Bureau also expects other jobs associated with the solar industry to have a strong growth, thus making unexpected layoffs unlikely. As the client base expands, this growth will continue meaning that solar installers will have stable and paying jobs.
- Salary Increase. Like most jobs, more experience and skills gained translates to pay increase. The solar industry has well-paying jobs and consistent growth is common. For instance, the low-range salary of a solar installer is about $24,000. However, an experienced solar installer can make over $50,000.
- Commercial Solar. You can also start a solar installation company to sell excess power. However, you have to consider some things before opening a cost-effective solar-powered business. The size of your solar system is a primary determinant on whether you make profit. Ensure that your system is large enough to generate enough power to offset the cost of investment. Your company should also have an annual power generation of at least 1 million kilowatts to achieve any savings benefits. Your installation should also occupy at least 2.5 acres of land or 100,000 square feet of roof space.
- Renewable Energy Credits. The requirements of solar energy generation tend to favor large companies over smaller ones. However, small enterprises can also benefit by using renewable energy credits. A solar renewable energy credit (SREC) represents 1 megawatt of solar-generated power. In some states, this is a certain quota that utilities should buy under the Renewable Portfolio Standards. With your company, you can sell your SRECs to utilities and make money. However, the amount you make depends on the prevailing market prices.
- Agreements with Local Utilities. You can also enter into a billing and metering agreement with a local power utility. This agreement, also called a net metering agreement, often happens when connecting a photovoltaic system to the grid. Here, your company will pay for net power usage. If you generate excess power than you use, you get credited. However, instead of receiving a check from the utility, it offsets some energy costs. Gas and electricity company grids are Some of the utilities you can work with for this agreement.
- Selling to Utility. You can also receive credits if you sell electricity back to the grid. However, these credits are different from the SRECs. Selling power is beneficial to your company, especially when the utility rates are high.
The Return on Investment (RoI) off venturing into solar energy may vary depending on the cost of development and the market price. However, you can expect to make at least three times your investment for a flipped project. The current climate change mitigation goals and the high scales achieved by renewables favor the future of solar energy as a business. If you want to pursue renewable energy as a career, contact solar panel installers like Iowa Solar.