The rising cost of non-renewable sources of energy and increasing demand for solar energy are making more businesses adopt solar power. Many more reasons are rapidly increasing solar system popularity in commercial sectors. Firstly, rooftop solar systems contribute to reduced electricity bills. Secondly, it helps businesses become more energy-efficient and eco-friendly. Thirdly, solar power provides financial stability through constant and secure returns.
Are you interested in learning how rooftop solar systems can help you with cost savings? Keep reading this post as here you’ll find how solar installation can be beneficial for businesses in terms of cost savings and other ways.
Why It’s Time to Switch to Rooftop Solar Installation for Businesses?
India is recognized as the most prominent renewable energy producer globally. The national government has launched the objective of achieving advanced sustainable development. When businesses depend on the power grid, they tend to deal with sudden power price increments and electric rate fluctuations. Solar panel installation, on the other hand, is a more cost-effective, beneficial, and reliable energy source to power a business or a company.
The adoption of rooftop solar panels for home and businesses has reiterated the potential of the country. Moreover, the advancement of solar power has made more organizations, industries, and businesses more comfortable in transitioning to solar rooftops. Commercial solar panels are an affordable alternative for small and medium-sized businesses, and large organizations and corporations. Additionally, solar systems offer an excellent financial ROI over time. Moreover, businesses can offset their installation costs through tax credits and incentives.
Financial Benefits of Rooftop Solar Installation for Businesses
Solar power systems provide significant financial benefits to businesses in numerous forms including –
Lower power costs
Firstly, solar power systems benefit businesses in India by reducing their electric costs. In India, the energy demand is constantly growing, and the cost of non-renewable energy sources is also rising. Solar system installation allows businesses to produce their electricity using sunlight, which is a free and abundant source. This one-time investment reduces their power bills and provides long-term returns by increasing cost saving through solar power systems.
Reduce overhead cost
Saving overhead costs is a priority for business owners. Luckily, you can cut one of the biggest overhead costs with a single investment. It can be possible by adopting solar power for your business. A consistent power supply is significant for effective business operations. Electricity is needed for various daily operations. For example, running electrical machinery, cooling systems, heating systems, etc.
Reducing the cost of this important resource can be easier with solar energy. Rooftop solar systems contribute to reduced dependence on conventional energy sources by making businesses more self-sufficient in electricity production. Based on the solar panel size, efficiency, and power usage, even partial self-sufficiency can result in significant savings on electricity bills.
Financial security
Alongside saving hard-earned money in the long run, the transition to solar energy can provide substantial financial security. It protects businesses against increasing power costs. By generating your own electricity, you are not liable to the billing spike and inflation that comes with dependence on the commercial electric grid. Furthermore, you will get immense peace of mind regarding price protection for the long term.
Government incentives and tax benefits
To let more households and businesses adopt solar power, the Indian government offers different solar schemes, tax credits, and incentives. According to the Ministry of New and Renewable Energy (MNRE), the government offers 30% of the solar installation cost as a subsidy. Remember, some subsidies or schemes are available primarily for residential users while others are designed for commercial users. Therefore, consult your installers before investing in solar systems.
Businesses can claim enhanced depreciation on solar systems, which can greatly reduce their tax liability. The government of India also offers net metering policies for good earning through solar power. It allows businesses to send excess power produced from their solar systems back to the grid.
How Much Businesses Can Save With Solar Systems?
On average, rooftop solar systems contribute to cost savings that can be as high as 30% of the electric costs. Even some business owners noticed a 75% decrease in their electric costs after switching to solar energy. Additionally, the initial solar investment can usually be recovered in about 5 years. However, it can take a maximum of 8 years.
Once you recover the investment, the solar system installation will provide plenty of advantages for about 2 decades with no further investment. Most importantly, the amount of savings on solar systems makes great business sense for several kinds of businesses running in different geographies.
The savings from rooftop solar panels can easily pay for monthly loan installments secured for affordable installations. Consequently, businesses can pay for the asset without experiencing extra spending before installation. Furthermore, the solar system is conveniently free for the owners after 4-8 years of loan payment.
Other Benefits of Solar Panel Installation for Businesses
Alongside financial benefits, solar power systems can be beneficial to businesses in numerous ways. First, it reduces reliance on non-renewable sources of energy. This eventually helps drop the energy import bill of the nation. Also, it reduces their dependence on the power grid and helps them continue their operations in every situation. Moreover, rooftop solar panels provide a sustainable solution to protect your roof by acting like a shade element over the roof.
Secondly, it improves their energy security by facilitating the constant supply of reliable electricity even during blackouts and power outages. The uninterrupted power supply helps businesses operate efficiently and smoothly without any interruption.
Next, installing solar panels can assist them in contributing to the nation’s effort to fight against climate change. Businesses and organizations can decrease their environmental impact and support sustainable development. Lastly, solar power investment helps businesses improve their brand image by showing their commitment and contribution to sustainable development.
Conclusion
To maximize the benefits of solar installation investment, first, weigh the pros and cons of switching to solar energy. Next, make a confident and research-based decision that perfectly aligns with the energy needs and future goals of your company. Rooftop solar systems contribute in terms of long-term sustainability benefits, reduced overhead costs on the first day, and making your business energy-independent.
Various incentives and tax benefits are available for commercial solar projects. In conclusion, the solar system is a safe investment that offers constant environmental and financial returns.
Megamax Solar helps make an informed solar decision and get the correct solar installation that benefits your bottom line and the environment. So, contact us to learn more about solar solutions and their benefits, and invest in high-quality solar panels for commercial buildings.