Commercial solar energy systems with regular rooftop solar system maintenance makes great business sense. Since many companies are shifting towards renewable energy, you have likely heard about the positive environmental impact of clean solar power. From small businesses to large organizations, the commercial solar rooftop is significantly addressing the ever-increasing energy power demand.
Do you know that investment in solar energy is a good financial decision for small businesses? Want to understand how solar power can have a great impact on the business economy? We’ll help you get its answer here.
Economic benefits of rooftop solar installations
Reduce electricity bills
Paying the high electricity bills for running different electrical machinery or equipment is a major challenge for businesses, especially small business owners. With each day passing, the cost of conventional electricity is increasing rapidly.
Investing in solar energy provides the best solution to this problem by reducing the amount you pay each month for your electricity bills. Once you install rooftop solar panels on your commercial property, you can produce your own solar power using the ultraviolet (UV) rays of the sun. This theoretically brings down the cost to zero. It will help you end up paying less amount over time and recover your money for investment. The amount you save can vary based on the location you’re running your business.
Solar incentives and tax benefits
Using solar power also helps businesses with solar incentives and amazing tax benefits. Many states provide their own solar investment tax credits and incentives for rooftop solar installations. These incentives greatly reduce the purchasing and installation costs of solar systems, which significantly improves the economy.
The local, state and federal government has launched several financial assistance programs to support the installation and adoption of efficient solar power. Some of the great tax benefits include accelerated depreciation tax benefits and renewable energy certificates (RECs), net metering incentives, and more.
Good return on investment
Producing your own solar energy will keep the utility bills less. Even you can calculate the electricity production cost for the next 10 years or till the time your system is running. You will keep earning some money via the solar incentive program until 10 years of your rooftop solar purchase. You can also add a storage system to save solar power for future use with or without sunlight. You can sell the unused or remaining solar energy back to the main grid. Solar energy can be used and controlled through a microgrid.
Purchasing a solar system
Just like an education loan or a car loan, you can finance your rooftop solar panels with the appropriate loan. You would have to pay a monthly payment until you clear the complete loan amount for the solar system. There are so many financial institutions that are providing reasonable interest loans for residential and commercial property owners with a secure online credit application.
Solar system lease
Alongside the purchase option, you can also opt for the lease option for your solar system. The solar panel system lease needs a fixed monthly rent or payment of the system. You will have to pay the amount in exchange for the right to use your solar panel. By paying a specified amount on monthly basis, you can keep the solar power your solar panel generates. It will help you in saving approximately 10-30% of energy costs but you wouldn’t earn any financial incentives as provided to the solar panel owners.
Lower maintenance cost
Most businesses depend on diesel generators that not only produce harmful greenhouse gases but also need regular maintenance costs. In terms of maintenance, solar power is a lifesaver. Whether you’re using solar rooftop panels or solar street lights, you don’t need to stress about their maintenance.
With once or twice solar street light maintenance each year, you can keep them working efficiently with optimal performance throughout their life cycle. As rooftop solar systems can be installed on any kind of roof, you don’t need to invest in purchasing additional land or vacate the existing one to install them. Moreover, these systems protect the area you’re installing them.
Protect against fluctuating utility rates
Since the demand for electricity rises and non-renewable resources constantly depleting, the utility rates are constantly going up. Utilities often rise their rates for customers when the temperature drops. The changing oil prices fluctuate the utility rates. Moreover, situations beyond your control can lead to abrupt short-term spikes in power costs. This eventually increases business stress.
The solar system installation protects you from rising electricity rates. Since solar rooftop systems produce energy using sunlight without requiring any fuel to operate, their energy prices remain the same. The portion of solar power usage produced using solar rooftop systems is not subjected to any (short-term or long-term) rise in electricity rates. However, whenever prices increase, it will benefit you in terms of great savings.
Prevent time-of-use charges
In some regions, you will incur increased charges in peak hours mainly at the night. This rises the electricity bills. You have to use conventional electricity early during the day or in the morning to pay less. Investing in solar power systems will help you in running your electrical machinery whenever you require it. Storing the solar power in a solar energy storage system will allow you to use it at your convenience without paying additional charges.
Increase property value
Getting a quality rooftop solar system installed on your commercial building will increase the property value and add immediate desirability. Whenever you wish to sell your commercial building, you will get a comparatively increased rate for it as the installation of several photovoltaic modules will seem more attractive to the savvy property buyer.
Your potential buyer will get a solid reason to consider your solar-equipped commercial building over other non-solar-equipped properties. According to a study report, rooftop solar panel installation improves the building value by around 4.1%.
Conclusion
This is all about how rooftop solar installations can benefit your business economically. At the bottom line, installing a solar system is a safe, affordable, and steady investment that bring electricity to remote places even during emergencies without affecting the environment. Investing in solar power can significantly reduce utility costs, and maintenance costs, and help you contribute towards a sustainable and green environment while increasing your return on investment with no productivity loss due to power outages.