Incorporating solar panels into your business infrastructure can help supplement your energy requirements, lessening your reliance on non-renewable energy.
Fortunately, the cost of solar panels has decreased over time, making them a viable option for small to medium enterprises. Cost concerns are now a thing of the past.
Are you curious about the benefits of solar panels for your business? Explore five key advantages of solar energy for businesses in the following guide.
Substantial Savings on Energy Bills
Running a business requires a steady energy supply, often resulting in high operational costs.
Solar energy can be a game-changer in this aspect. EnergySage data indicates that by harnessing solar power, commercial entities can witness a whopping 75% reduction in energy expenses.
Most businesses recover their solar installation investments within three to five years.
The subsequent savings directly contribute to the bottom line, providing significant financial relief.
Enhanced Energy Reliability and Independence
Adopting solar energy diminishes your dependence on the central grid, safeguarding your business against potential power disruptions and bolstering productivity.
Moreover, on-site energy storage acts as a contingency, ensuring operations continue seamlessly during main power supply failures.
Solar Tax Benefits
Governments at various levels champion eco-friendly energy alternatives, offering lucrative tax breaks and financial aid to businesses transitioning to solar.
Key benefits include:
Solar Renewable Energy Credits (SREC): Convert the energy your solar setup generates into credits. For every 1000 kilowatt-hours produced, you earn one SREC, with mandates in place for utility firms to reward solar users for their SREC contributions.
Accelerated Depreciation: Unlike the stretched-out deductions for standard equipment, the Modified Accelerated Cost Recovery System (MACRS) empowers solar adopters to claim their entire solar system cost in the initial year.
Federal Solar Tax Credit: In August 2022, Congress passed an extension of the ITC, raising it to 30% for the installation which was between 2022-2032.
Become a Green Business
Leveraging renewable energy underscores your dedication to a sustainable future, appealing to eco-aware clientele and setting you apart from competitors.
Embracing solar also sets your company on track to secure the esteemed LEED certification, a coveted sustainability benchmark in the business realm.
Optimized Space and Peaceful Operations
Solar systems, in contrast to alternatives like generators, are compact, optimizing space utilization.
They also operate noiselessly, ensuring you maintain harmonious relations with neighbors, especially if your business is situated in a residential zone.