08 Nov How Businesses Benefit from Solar Panels
Solar power is now recognized as a sustainable and low-cost energy alternative for businesses. Many businesses are switching to solar power because of the increasing price of electricity provided by the utility companies. Due to these increases, it has become a popular business move for many companies to look for alternative sources of energy. Solar power is the most popular and viable alternative because of its many positive outcomes.
Here are just a few benefits that businesses experience when they opt to go solar:
- Savings in energy costs: The switch to solar power will significantly reduce, if not eliminate, the company’s electric bill. For a large or small business, the savings realized by switching to solar power can be used in other areas of investment that will generate more profit for the company. The switch to solar power makes economic sense, especially with the continuous decline in the cost of installing solar panels. Additionally, some states allow companies to sell back any power that they have generated but not used. This means that you could receive a paycheck from your energy provider instead of the other way around.
- Tax credit: Businesses and individuals that install a new solar system receive a federal tax credit that is equivalent to 30 percent of the cost of the installation. In addition to this tax credit, many states also offer additional tax incentives to businesses and individuals that switch to solar power. These combined savings largely offset the cost of the panels.
- Free electricity in the long-term: Initially, it will cost money to install solar panels, but the investment will pay for itself over the years. Studies show that businesses tend to pay off their solar panels within only a few years. Once the cost of installation of solar panels has been recouped, the business will essentially have free electricity for many years.
- Minimal maintenance: The solar panels require very little care due to their simplistic design and install. Other than the periodic cleaning and minor repairs in case of accidents, solar panels do not require much maintenance. Additionally, solar panels will last anywhere from 25 to 40 years, and most come with at least a 20-year warranty.
- Green label: Switching to solar power may earn the business the recognition of being a green business. Customers tend to respond favorably to companies who put forth effort to help the environment in any way that they can. The U.S. Green Building Council also gives out Leadership in Energy & Environment Design (LEED) Certifications to qualified companies that demonstrate corporate sustainability goals.
Switching to solar power offers businesses plenty of benefits that will result in better profits and a more significant contribution to environmental causes. At first, it may seem like a substantial investment of time and money, but between the tax credits, favorable customer regard, and energy cost savings, businesses often find their solar panels quickly paying for themselves.