Renewable energy may look fancy to business owners owing to a higher ROI in the future. But how about the common people? How is it going to help every resident? To be honest, it is a jackpot for them. Yes, not only can they save but they can also earn by producing renewable energy in their homes. In this blog post, let’s dive deep into how the citizens of the United Kingdom can reap the benefits of localized green energy production.
The United Kingdom ‘Feed in tariff’
According to the Renewable Energy Institute (REI) of the UK, FIT denotes ‘feed in tariff’. It is an incentive that the government provides to families producing green energy at home. And given below are the wide-range benefits.
#1 There is no need to pay for your electricity consumption
As soon as you think of installing a solar panel at home, what comes to mind is its huge upfront capital cost and the longer break-even period. Of course, solar panels are not cost-efficient in the initial few years. That is why the UK government has made efforts to reduce your financial burden as a family.
Under the FIT norms, if you’re a household that has installed the equipment for solar energy production or wind turbines, you need not pay for what you use until you break even. It means you need not pay for the energy consumed, as you’re contributing to the country’s green or renewable energy production.
#2 You can get paid for every unit of electricity or green energy produced
The UK energy supplier pays you for every unit of energy you generate at home. Hence, as mentioned above, apart from saving your energy consumption costs, you can earn money from producing electricity. Indeed, it is a big earning for homeowners who are producing more electricity or energy.
Hence, immediately, think of what you’re going to do with renewable energy business opportunities and how you’re going to source the financing, etc.
#3 Sell to the grid the excess green energy produced in your home
This benefit demonstrates why we call it a jackpot! Yes, families can earn a lot of money if they produce more energy than they consume. Whatever units of energy are in surplus, you get paid for them. This way, the commercial grid gets more renewable energy and as a household, you can earn more money. Above all, you get the positivity of contributing to the country’s renewable energy sector.
How do you earn with different types of renewable energy?
Solar is what most people know about. However, there are wind energy and hydropower that enable you to earn. With the help of a wind turbine, you can convert wind energy into electricity. On the other hand, if you’re living beside a river or water stream, selective companies are paying you to convert the water energy into electrical energy.
Earning more with renewable energy farm
Solar farms or wind farms are an excellent choice if you own a large piece of land. This way, you can earn more money without struggling to scout for new business ideas, check for a franchise, etc.
As an alternative, you can choose to trade commodities in the stock market. These are called non-tangible renewable energy certificates in the United States.
How about your country?
Drop in your comments about how your government is incentivizing or enabling you to earn from generating green or clean energy at home.
