When it comes to owning solar panels, many people believe that the best way to utilize the excess energy they produce is to store it in batteries for later use or simply sell it back to the grid without making a profit. However, this isn’t always the case. While it’s true that some utility companies offer net metering programs, which allow homeowners to sell excess energy back to the grid at a low rate, there are electric companies that will actually pay you more for your solar power than the utilities that claim to compensate you.
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One such company is Arcadia Power, a renewable energy provider that offers a premium for excess energy produced by solar panels. Instead of paying the standard rate of 3-5 cents per kilowatt-hour (kWh), which is the typical compensation offered by utility companies, Arcadia Power pays up to 16 cents per kWh. This can add up to a significant amount of money for homeowners who produce a substantial amount of excess energy.
Another option is Sunrun, a leading provider of solar energy solutions. While Sunrun doesn’t offer a premium rate for excess energy, it does offer a program called Brightbox, which allows homeowners to store excess energy in a battery and use it when the sun isn’t shining. However, what’s unique about Brightbox is that it also allows homeowners to sell excess energy to the grid at a higher rate than what utility companies typically offer.
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In addition to Arcadia Power and Sunrun, there are other electric companies that offer premium rates for excess energy, including Community Solar programs, which allow people to invest in solar panels and receive a share of the energy produced. These programs often have a higher upfront cost, but they can provide a guaranteed return on investment for the next 20-25 years.
It’s worth noting that not all electric companies that buy back solar power offer premium rates, and the rates offered can vary depending on the location and type of solar panel system. However, for those who produce a significant amount of excess energy, shopping around and exploring different options can lead to a more lucrative deal.
Ultimately, the key to making money from your solar panels is to shop around and explore different options. While utility companies may provide some compensation for excess energy, electric companies that specialize in renewable energy can often offer higher rates. By doing your research and considering different providers, you can maximize your return on investment and make your solar panels work harder for you.
