The upside to investing in solar power has just as much to do with operational and financial benefits as it does with just being “green.” Commercial solar power can save businesses and building owners money each year. Before undertaking a large capital improvement, it is important to consider the outcomes immediately, in the short term, and longer down the line.
Take a look at these aspects of getting a solar installation and decide for yourself how much of a difference going solar will make.
Return on investment
Are you still waiting for unequivocal evidence that a solar installation is right for your business? The financial outcomes of going solar give you value in several different forms.
- Federal tax incentives currently allow you to claim up to 30% of your solar installation as a Tax Credit, offsetting tax liability dollar for dollar
- For commercial customers, Solar qualifies for accelerated depreciation generating significant additional tax savings
- Instant savings on utilities – many commercially-owned systems cover most or all power needs
- Net metering – get full credit for all electricity generated even if not used during sunlight hours
- Solar Renewable Energy Certificates – electricity supply companies must symbolically buy clean energy to meet their renewable portfolio standard, creating a lucrative market for producers to sell credits
- State and local grants, and reimbursement programs vary by region so do your research. Maryland and D.C. are two areas that show a strong commitment to solar energy.
- Increased property value – buyers recognize value of properties with low or no electricity bill. A business with lower operating expenses has higher net income and is therefore more valuable
Does your company have a mission statement that includes being a good neighbor? Ending your business’s dependence on fossil fuels is a meaningful way to make good on that commitment. Renewable energy (solar, wind, hydro) are energy sources created without destroying any land. This is in contrast to coal, petroleum, and natural gas fuels extracted via very disruptive mining practices.
Transporting non-renewables has a long history of persistent leaks and disastrous spills. Burning coal and oil creates greenhouse gasses at the consumption phase, unlike clean renewables. Solar energy offsets over 22 million metric tons of CO2 emissions annually – the equivalent of 4.7 million cars. Many studies correlate smog to respiratory illnesses and other chronic conditions. Knowing that your business contributes to a cleaner America represents your commitment to quality, health, and operational efficiency.
Right now, more than half of the fossil fuels purchased by US utility companies to create electricity come from non-renewables. Joining the effort to adopt clean energy reduces pollution while supporting clean energy affects the labor market which currently employs 300,000 workers in the renewable energy industry. Investing in a solar installation contributes to the clean energy boom. Programs like Solar ready Vets® connect workers with good jobs in a growing industry, reducing our energy insecurity at the same time!
Even if your climate is not particularly sunny, solar panels will still work for you. It’s true! Solar array owners in cloudy areas still generate ample wattage.
Business owners are not lacking in any options when it comes to taking action or making significant changes. All it takes is diligent research before deciding on the best solution for your company.
Commercial properties and businesses are quickly catching on that solar is a great way to boost net income; thanks to federal and state incentives as well as community solar programs, commercial solar PV installations are expected to see continued growth in 2017. Any commercial property owner with a solar array will tell you that their solar installation was a turning point in the life of their business. The more time you spend weighing your options, the more sunshine you are allowing to go uncollected. Take action to save on energy costs and see for yourself what a difference going solar makes!