If you’ve been wary about the financial impact of going solar, you’ll be glad to know that it’s never been more affordable. In fact, there are some real financial benefits to commercial solar.
An EnergySage article debunks the notion that you need to have deep pockets to invest in solar energy while calling it a “key strategic decision that virtually guarantees a solid financial return for your business.”
More from the article:
“So let’s take a look at the numbers—this is a financial decision, after all. According to EnergySage marketplace data, the average commercial property owner paid $1,950 in monthly electricity bills before going solar. After their installation, their electricity bill was reduced to approximately $500—a 75% reduction.”
Not only does solar energy protect your operating budget against fluctuating electricity costs, it makes sound financial sense. The cost of buying and installing panels has dropped, and there are many different financing options for commercial solar panel systems. Incentives have dropped overall costs even further. Businesses may be able to qualify for a federal investment tax credit of up to 30% (the “ITC”) or accelerated depreciation (which allows them to deduct a significant amount of the cost from their taxes). Some local utilities and states offer additional incentives. This list of resources is a good starting point for further investigation.
Adopting commercial solar energy also provides secondary benefits that are just as important, such as attracting new customers and improving employee satisfaction.
And according to EnergySage, businesses generally pay off their solar panel systems within three to seven years and then enjoy virtually free electricity for the life of the system—sometimes up to 35 years.