How Commercial Businesses Benefit from Solar Panel Installation
Updated: May 4, 2020
Sometimes overlooked in the discussion of residential solar benefits is how beneficial renewable energy can be for commercial buildings as well. Solar energy provides the same energy and cost savings for businesses as it does for residential homes.
Here are several reasons to consider solar for your business:
Cost savings: one of the easiest ways to see the value of solar panels is in reduced monthly energy costs, especially for companies located where there is abundant sunshine to capture plenty of energy to power your entire building.
Tax credits and depreciation: you get an immediate financial boostfrom your solar panel installation with federal and state tax credits, plus solar panel installations are eligible for 100% bonus depreciation.
Return on investment: solar panels do have an up-front cost, but the money you save on energy bills, combined with tax incentives, can quickly pay back those costs. Solar panels are built to last 20 to 25 years, so once you hit a break-even point, the future energy savings are all money in your pocket.
Control over your energy costs: the cost of electricity is volatile and trying to project into the future to see how much your costs will be is impossible to do with any confidence. Solar energy, on the other hand, allows you to calculate your costs because you can easily budget for maintenance and depreciation, and don’t need to worry about what happens to the price of a kWh of electricity.
Create a “green” image:as climate change becomes more of an issue, especially for young consumers, many people want to do business with companies that are doing their part to reduce fossil fuel consumption. Installing solar panels on your building shows your commitment to reduce your carbon footprint and can provide you with an edge over your competition.
Increase property values: solar panels can significantly increase the value of your properties. If you have commercial space that you lease, it can also allow you to set higher rent prices because tenants will have lower energy costs. Evidence shows that commercial buildings with solar panels sell faster, and for more, than buildings without renewable energy resources.
Add a revenue stream: some power companies are willing to purchase excess energy that your solar panels generate which allows you to make money if your system generates more electricity than you use.
In the past commercial solar energy was something that was only affordable and feasible for the biggest corporations (such as Google, Walmart, Target, and Costco), but today it is within reach for any commercial business, and is a smart investment. With the high level of reliability, the low maintenance, and the tax incentives and savings you can achieve, it’s something every commercial building should be doing.
Talk to PRVL Energy today to learn more about the benefits of commercial solar panels and to find out how easy it is to get them installed on your building.