Going solar has a wide range of benefits for small and medium-sized businesses. Solar drastically reduces energy costs, protects against rising energy prices and reduces our environmental footprint.
Solar Can Increase Your Cash Flow
While a typical business or even home will always rely on the traditional electricity grid, transitioning to a solar mix can ease budgeting for the future. According to EnergySage marketplace data, an average commercial property owner in the U.S. spent $1,950/month for electricity, according to data from EnergySage, but after installing solar panels, these firms experienced a 75 percent reduction in their electricity bill.
But besides the immediate cost-savings, installing solar panels can protect you against electricity price volatility. Because of electricity demand, in some states electricity prices fluctuate significantly which can be a stress for business owners balancing overhead costs.
Solar Is Subsidized, Saving You on Cost of Installation
In some markets, Performance-Based Incentives (PBIs) allow solar owners to be paid for excess electricity they sell back into the grid. How about that; make money from the electric company for a change. And while it expires at the end of 2016, current Federal Investment Tax Credits (ITC) can provide up to 30 percent of your solar system’s costs in the form of a tax credit – combined with depreciation benefits these incentives could cut the total installation cost up to 60 percent.
Prevent Those Unnecessary Utilities Bill Surprises
Though solar conversion won’t “lock-in your electricity bill,” they can certainly prevent monthly surprises. For example, California electric rates, on average, have increased 5.5 percent every year since 1971 and the Pacific Gas and Electric Company was approved rate increases over the next three years of more than 20 percent. The short story is electricity is not getting cheaper, if anything it’s becoming more expensive, so generating your own-source power with solar is a wise investment.
Solar Panels Will Enhance Your Business’s Image
Still need more incentive to make the solar conversion? Consider the marketing and public relations potential. People and businesses who invest in green energy are considered environmental and community leaders by the wider public and often consumers make choices based on environmental considerations. Drawing your electricity from solar power reduces fossil fuel consumption, coal burning and decreases greenhouse gas emissions. Now your business can market its corporate responsibility in the fight against global warming while simultaneously lowering America’s dependence on foreign energy. It’s quite possible that in addition to saving money, you will attract new customers by installing solar panels. How about that for a win-win.
Stay Ahead of the Curve
Technologies are changing and improving all the time. For traditionalists, taking the solar panel plunge might seem daunting, but making the move sets you up to take advantage of future innovations like enhanced battery technology. American inventor and entrepreneur Elon Musk’s Tesla Company is famous for its sleek electric cars and is revolutionizing the battery, making it possible to store your solar power. The possibilities are virtually endless and it all starts with taking the first step.
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