Going solar for electricity might have seemed like a passing fad in the 1970s and 80s but in the 21st century, it pays to go solar. The commercial solar benefits for business include saving money, improved reputation and a potential new stream of income.
Six Solar Benefits
By moving your business to a renewable energy source like solar energy, your company benefits in six ways:
- reduced energy costs,
- preventing rising financial costs,
- government rebates and incentives,
- improved business reputation,
- improved employee engagement,
- potential energy sales.
Reduced Energy Costs
Switching to solar leaves power generation up to your own system. You no longer need to haggle for a competitive rate from the local electric provider.
Preventing Rising Financial Costs
Installing a solar system provides cost savings by eliminating price fluctuations. You pre-empt the effect of energy prices on your company.
Government Rebates And Incentives
While federal incentives ended in 2016, businesses can take advantage of many other sources of saving and rebates, including their state government, tax incentives at the federal and state levels and manufacturer rebates.
Improved Business Reputation
As the general public has moved toward a greener lifestyle, they’ve transitioned to supporting businesses that go green, too. Using a renewable energy source shows customers your commitment to helping the environment.
Improved Employee Engagement
Along with impressing customers, you’ll attract better employees. Many job seekers examine each firm’s carbon footprint and environmental protection commitment before applying to them.
Potential Energy Sales
Your business also creates a new potential income stream. Many electric companies will pay energy producers for the energy they make. Your installation needs to connect to the grid for this so you can feed energy to the grid.
How Much Can You Really Save?
How much your particular business saves you can calculate using an online solar calculator. You can gauge a ballpark idea from EnergySage marketplace data though. According to it, the monthly electric costs of the average commercial property owner paying an electric company for service is $1,950. The same owners reduced their monthly energy costs by 75 percent to about $500 after installing solar.
Installation does carry a one-time cost of purchase and installation of solar panels, but even that cost fell during the last five years. The initial cost varies depending on the size of the installation and the capability of its watts of power. Some manufacturers offer financing programs to make it easier for firms to go solar. Tax incentives also defray upfront costs. A business can deduct 85 percent of a solar asset’s value using the accelerated depreciation option. Some markets offer performance-based incentives (PBIs) like solar renewable energy certificates or the aforementioned payment for energy sales into the grid.
You’ll further benefit yourself and the local economy by supporting a local solar installer. Such local firms provide high quality, high paying jobs to local workers.
Going solar helps your business in many ways. Installing a solar energy system provides you with a capital investment with near immediate returns.