Solar energy is a practical business owner’s dream come true. Installing a solar photovoltaic system is one of the few capital improvements that can put money back in your pocket. You can take a great business model like self-storage and take it to the next level by investing in solar energy.
The expansive footprint of a self-storage facility is an ideal situation for a solar array because the storage units are surrounded by flat, open space. This is good for users to access their units, and creates an environment clear of obstructions that create shadows.
Make The Most Efficient Use Of Your Space
Storage units make great installation sites for solar energy. The buildings are hardy, even, and uniform. Self-storage lots have ample room for photovoltaic panels both on top of storage units and on canopies.
Recoup Your Investment Quickly
Photovoltaic solar panels generate around 10-15 watts of electricity per square foot. Consult with your contractor for a recommended system size based on conditional factors; your facility’s energy usage and accessibility, how old the building is, and the type of climate the property experiences throughout the year, just to name a few. Measure the savings and credits against your investment to calculate your payoff period. Don’t forget to subtract tax incentives and local rebates.
Generate A Second Income
Energy costs for a storage facility are low compared to production-based operations with the same size footprint. If you’ve already changed to LED bulbs for your lighting, your electricity needs are relatively low. This is a prime situation for generating a surplus of electricity. The local power company meters your power both to credit you with solar renewable energy certificates and direct cash refunds for extra power fed back into the grid. The savings and revenue generated have an immediate positive impact on net operating income, which in turn has a direct upward impact on property value.
Establish A Responsible Corporate Identity
In addition to the financial rewards, your business has a great opportunity to leverage your green energy project as a public relations vehicle; sustainable buildings often make the local eco-headlines and many customers respect businesses that operate in an energy-efficient manner. You can even use your solar installation as a mean to engage your customers with your sustainability efforts, like this storage facility did.
The installation process will be relatively unobtrusive at a self-storage lot compared to higher traffic commercial properties like apartments or retail businesses. Every property has different conditions with regard to local energy prices, sun, shade, and individual power use, but most commercial solar systems are paid off within a few years. Cutting costs for a storage facility can add up quickly and improve cash flow to ownership.