Electricity is a fundamental tool in all regions of the world, even though it is expensive, however, there are always alternatives to conserve financial resources. This is why a significant number of CEOs in California are deciding to install solar panels for their business.
The transformation of sunlight into energy can bring countless benefits to your commerce and if you are seeking an energy solution that also offers a great return on investment, please continue reading our blog to get further insights on this topic.
Why is it worth investing in solar panels?
Solar panel installation offers multiple advantages for diverse business types and given the escalating costs of electricity, solar energy emerges as an economically viable alternative, but especially for businesses, paramount considerations should be given to the return on investment. Initially, it is imperative to take into account the overall cost of the project, as well as compare the expense of conventional electricity versus solar power. In addition, taxation elements can vary based on the state your business is located in.
For businesses operating in California, it is pertinent to be informed that the Net Energy Metering (NEM) 3.0 policy allows you to store all the excess energy generated during daylight hours in batteries and thereby use it during periods of heightened electricity demand or in cases of power outages.
Benefits of implementing solar energy in your business
Solar panels present a distinguished alternative for providing enterprises with electricity. In the last twenty years, CEOs have realized the benefits that solar energy brings to multiple dimensions of their business activities. Beyond reducing electricity bills, this technology facilitates long-term financial savings while harnessing an inexhaustible source of energy: the sun. Below, we outline some of the most important commercial solar benefits
Reduction of operating costs
It is well-known that conventional electricity prices can surpass the ones of solar panel installations and for further clarity, we will provide an illustrative comparison over 30 years. In this period, the average monetary resources destined to be wasted on ordinary electricity is $246,363, meanwhile, the budget for solar energy will be $81,558. You can save up money and resources when going solar, besides obtaining a return on investment.
Remember you must consider that these prices are only an estimate and they can vary depending on the state, as well as the tax incentives.
Energy independence
Every year, the prices of conventional electricity increase, posing challenges for business proprietors. Nevertheless, solar panel installations for businesses facilitate the production of clean energy and allow them to get the most out of the enterprises’ budget while mitigating concerns regarding unpredictable fluctuations in electricity costs.
Your business becomes green
At present, the planet Earth is facing several challenges and it is imperative for businesses to actively participate in mitigating the adverse environmental effects, product of their operations. Choosing to go solar is the first step in fighting climate change and contributes to the percentage of businesses that do not depend on foreign energy sources.
Furthermore, your customers will appreciate supporting an enterprise that harnesses sunlight to operate without damaging the environment for solar energy conversion.
The importance of solar panels to obtain a return on investment
Solar panels not only provide the advantages mentioned above but also offer a return on investment since incremental savings will become evident on each electricity bill. That is why it is an excellent alternative to gaining financial resources later in time.
Rewards of clean solar energy
Business owners should expand their vision, because a great number of benefits come along with the decision to invest in solar panels, given that you can protect your business from electricity inflation, reduce operating costs, capture tax incentives, and receive income from Solar Renewable Energy (SRECs) for producing your own power.
In addition, your property may qualify for tax incentives due to the integration of solar panels since the government grants this benefit to businesses that adopt environmentally responsible practices, such as the use of clean energy being a prime example. The Investment Tax Credit (ITC) grants a 30% tax credit to owners who install solar panels in their residences. This advantage facilitates a swifter return on investment than initially expected. On the other hand, Power Purchase Agreements (PPAs) impact positively the profitability of the properties and create a backup against the constant increase of energy costs.
