Being a cost-effective energy alternative, solar panels are gaining huge popularity among people. Solar power helps the home as well as business owners to save on their power expenses by reducing the use of non-renewable fuel. Installing solar panels not only helps businesses in reducing costs but provides numerous tax benefits as well.
Advantages of Solar Power
Numerous companies have the misconception that commercial solar solutions are attainable for big companies. However, it is worth noting that medium as well as small-sized businesses also benefit from solar power. Solar power helps reduce the power bills significantly. It is a sound financial investment and helps the brands present their environmental consciousness. Installing solar panels could benefit your business in several ways like
- Cost Saving
While companies make efforts to help the environment, reducing the energy bills is the primary reason most businesses use solar solutions. You could save a good amount by using solar power as numerous companies have seen a drop of 60% in energy costs.
Also, the business could pay off the solar investment within 3 to 5 years which means a complete profit after that. It is important to note that on average the solar systems could last for 25 to 32 years. Moreover, the savings could be substantial, in case the solar panels are used with another energy-saving tool like a commercial lighting control system.
- Good Return on Investment
With a positive return on investment, many businesses find solar panels an amazing financial decision. It is the investment that could be paid of past through incentives as well as accelerated depreciation. You could see a return of nearly 15 to 30% a year on your investment. In order to calculate the ROI of installing solar systems to businesses, you would need to consider numerous factors. First, the existing electricity rate as the electricity you use straight affects the savings over the solar system’s life.
The more energy you use, the more you stand to keep in long run. Along with this, financial incentives on local, state as well as federal levels would also influence the ROI. The reason behind this is that several states provide rebates for encouraging business owners for adopting renewable energy sources. Moreover, being able to sell the additional power to the local utility as well as tax incentives helps to set off the solar system’s cost.
- Easy Handling of Changing Electric Rates
The price of electricity could be unpredictable. There is a huge increase in demand for energy and the non-renewable power sources are also decreasing. It is important to understand that the increase in the price of energy could influence the bottom line as well as put stress on the operations as well. Opting for solar energy could guard your business against changing electric rates.
Apart from these, opting for solar energy would help to build goodwill. Using commercial solar solutions would help to show the commitment of the business towards renewable energy sources and attract more customers. This is because people are becoming environmentally conscious and they would prefer purchasing from an environmentally friendly company. This way the business would gain a competitive advantage and a good brand image.