As a business owner, many expenses affect your bottom line, including the cost of your electricity. As the cost of electricity is subject to rate fluctuations and price increases, calculating the impact of that cost can vary. If you’re looking to get a grip on your electrical expenses, it might be time to consider a more reliable and cost-effective source to power your business in solar!
Solar panel installations have become a go-to option for many Fortune 500 companies like Walmart and Amazon. Fortunately, you don’t have to be a Fortune 500 company to benefit from the rapidly growing, clean-energy source, as companies of all sizes are capitalizing on the financial opportunities of installing solar. We’ll share some key benefits that make solar energy a great choice for any business:
1. Excellent Financial Returns Over Time
- According to marketplace data, the average commercial property owner pays around $557 in monthly electric bills before making the switch to solar. Post-installation, their electric bill was reduced by approximately 89%.
- The switch to solar protects your business from electricity price volatility and inflation. Electricity prices can fluctuate significantly due to demand, making it hard to manage cash flow. By installing solar, you are able to reduce reliance on your utility provider and better budget/plan for the future.
2. The cost of solar equipment is becoming increasingly affordable.
- Studies from the Solar Energy Industries Association (SEIA) have shown that solar energy prices have dropped dramatically over the past couple of decades. For some perspective, the cost of installed solar dropped about 30% from 1998 to 2009. Since then, the price has dropped another 70%! This is the result of many different factors including:
- Better technology and panel design
- Lower manufacturing costs
Increases in corporate efficiency.
- Lower installation cost due to panels being more lightweight and more compact, better mounting systems that are easier to use and install, and installers having much more experience now than they did in the late ‘90s.
- Government Investments and financial incentives
3. Many tax credits and incentives are Available
- Federal Investment Tax Credit
- Accelerated Depreciation: Businesses can deduct 85 percent of the value of the solar assets from their taxes, providing another significant offset to the upfront cost of a system array.
- Solar owners in some markets are eligible to receive payment from their utility companies via “Performance-Based Incentives” or PBIs. These incentives can be significant and greatly enhance financial returns for system owners over the life of the system.
If you’re interested in solar installations and would like to know more about your available options, contact the team at SolarConnect, the new solar division of RoofConnect, the largest commercial roofing services provider in America. SolarConnect is capable of managing all aspects of a commercial solar project from conception to commissioning. Whether it relates to evaluating your roof and system needs, managing your system layout and design, assistance with solar financing, product procurement, construction and installation, or maintenance and monitoring, SolarConnect can help you address all aspects of your portfolio. Call SolarConnect today! You can reach us by phone at (870) 942-3490 or through a contact form on our website at solarconnectgroup.com!