Texas has the potential to truly become an energy powerhouse. Obviously, the state has a significant amount of oil and gas reserves, and many property owners sign leases with companies granting them mineral rights to the property.
However, with active wind patterns across the state and lots of sunshine, Texas is also in an excellent location to produce renewable electricity. Homeowners and businesses have started seriously considering solar energy generation systems as the cost to install such systems has decreased while their efficiency has increased.
Could solar electrical generation be a secondary source of passive income for your household?
Businesses are already making money off of solar in Texas
A company that mines Bitcoin, an electricity-intensive process involving powerful computers, has announced it made millions selling electricity back to the Texas power grid. Given how much power it takes to run the devices mining cryptocurrency, it makes sense for these companies to produce as much of that power for themselves as they can.
In Texas, solar electricity generation is a viable solution for those looking to cut costs or even make money. The company referenced above announced that it generated $9.5 million selling excess power back to the electrical company during the July heat wave. The income was almost what the company reported in income from mining Bitcoin in the same month the previous year.
With cryptocurrency prices down, the switch may have been profitable. It’s also a sign that there are opportunities for other companies in Texas, as well as individual homeowners and landowners.
While you may not be in a position to operate the facilities that can power thousands of homes like a business potentially could, you can potentially significantly reduce your electrical bill or produce enough electricity that you receive credits from the power company.
Going solar can be a complex process
From local ordinances to federal tax incentives, there are a lot of rules you will need to understand if you want to make the most of your investments in a small-scale solar electricity operation. Many small business owners and Texas property owners will discover that the simplest path to solar electricity production involves retaining a lawyer’s assistance.
Exploring whether solar energy is a viable option at your property could help you cut your costs or even generate some income.