Thinking of putting a solar panel system on your commercial building, but not sure that it’ll be the right fit for your business (or worth the effort to switch)?
There are a lot of benefits when it comes to commercial solar panel installation, even if you’re running a small business or nonprofit. If you’re on the fence when it comes to making the switch from fossil fuels, consider these commercial solar benefits!
What Are the Main Benefits of Commercial Solar Power?
You may be hesitant because of the upfront costs of solar installation, but in the long-run, solar power is good for your bottom line. Plus, there are tax breaks that can help you lower the initial cost and maximize your return on investment. Here are the top six benefits of solar energy.
1. Provides Tax Credits and Incentives
There are two tax credits available to businesses and nonprofits for the installation of solar panels: the federal investment tax credit (ITC) and the production tax credit (PTC).
The ITC reduces federal income tax liability for a percentage of the cost of a solar system installed during that tax year, whereas the PTC is a per kilowatt-hour tax credit for electricity generated by photovoltaic technology during the first ten years after installation.
Typically you can’t claim both of these tax credits for one solar equipment system, so you’ll want to speak to solar experts on which would be best for your property. Generally speaking, if you have a larger commercial solar system that generates a lot of clean energy, the PTC can be an attractive option for long-term cash flow.
2. Cuts Down on Operating Costs
You’ll be replacing your electricity bills with this new solar energy system, and it will quickly reduce your monthly energy costs. With electricity costs steadily increasing, eliminating your energy bills is a great way to protect your bottom line.
In fact, depending on what financing option you choose to fund the installation of your solar power system, you can see a return on investment in as little as three years.
3. It Is a Low Maintenance Option
Solar panels require very little maintenance. In fact, newer models are designed to last 40 to 50 years as long as they are properly installed and professionally inspected from time to time. Extreme weather and debris can increase their depreciation rate, but overall, commercial solar energy requires minimal effort when it comes to upkeep.
4. Protects Against Power Outages
When you generate your own renewable energy, you’re protected from any electric outages in your area. You’ll still be up and operational when the lights go out around your commercial property!
5. Increases Property Value
Solar panels don’t just give you a financial boost by eliminating your utility bills – they also increase the property value of your commercial buildings. Renewable energy sources are becoming more and more desirable, and installing solar panels on your property makes it worth more overall. In fact, properties with a solar system see a 4% increase in their property value.
6. Better for Everyone
We’re all looking for solutions to climate change and reducing environmental impact. By switching to renewable energy, you’ll reduce your emissions and carbon footprint, which benefits everyone in the long run. It’ll also be better for your brand. Consumers favor brands that are invested in sustainability – meaning when you switch to a solar energy system, you’re increasing not only your property value but also your brand’s value.
Putting Solar Panels On Your Commercial Building
So, you’ve decided to make the switch to solar power. Now what?
The process can take a few months, depending on how long it takes to get approval from your local government. To prepare for the switch, you need to have your commercial roof assessed by professionals and determine your budget. Also, be sure to ask about any financing options.
Afterward, your contractors develop the design of your solar project and submit the plans along with the necessary permits. There are a lot of moving parts when it comes to having the permits approved, but the actual installation process is quick and painless with the right company.
Team Up With Trustworthy Contractors
To make your switch as smooth as possible and to start reaping commercial solar benefits, you need professionals who are experts in the field.
TEMA is here to help. We’re invested in the success of all our clients – from design and installation to the maintenance of your solar power system, and we’ll be there to assist every step of the way. Give us a call and get ready to say goodbye to fossil fuels and hello to renewable energy.