The future of solar energy is bright. As the U.S. passes 2 million solar energy installations, the business community is leading the investment in solar energy. The Solar Energy Industries Association’s Solar Means Business 2017 report found that the top corporate solar users generated enough energy to power 402,000 homes – approximately 325 megawatts of capacity. Since then, industry giants like Walmart Stores, Costco, and Walgreen Co are leading the way in solar energy capacity as a way of saving money, raising their corporate responsibility image, and contributing to the economy.
How Your Business Can Benefit From Switching To Solar Energy
One of the most beneficial perks of switching to solar energy for your business is the continuously reduced energy costs – and reduced overhead costs for your business. Some companies claim that corporate solar energy cuts cost by 90 percent. Energy Sage says the cost of power bills for commercial business owners averages $1,950. After installing solar panels, those bills dropped to $500 per month. While the costs of installation are still an investment for most businesses, there are also more financing options than ever before, which have improved accessibility dramatically.
Another reason to switch your business to solar energy is to boost your public relations image. In recent years, consumers have been calling on businesses to act more sustainability. Consumers no longer just want eco-friendly products; they want eco-friendly brands. Also, it raises your profile as an employer brand. An increasing amount of employees want to work for sustainable companies – even if they end up earning less. So with an increasing number of reasons to switch to solar energy, the time has never been better to explore whether it is the right move for your business.
Do You Have The Initial Financing For Solar Installation?
Installing solar panels for your business still requires some capital investment. For instance,installing a solar panel for Texas-based businesses can cost as much as $15,812 for 5 kilowatts. If you find that the initial cost is beyond your business’ budget, financing options are being offered by both the US government and by solar panel companies. A solar loan can carry an interest rate as low as 6 per cent. However, similar to any other loan, the interest offered will be dependent on your credit score, so keep this in mind when browsing potential finance options.
Have You Checked The Price Difference In Costs For Your Location?
Solar energy prices have dropped dramatically in the last decade. Solar power is now the cheapest it has been in history, says the International Energy Agency. However, there are still disparities across the country in the costs to both consumers and businesses. For instance, the solar panels Houston business owners invest in are falling in price, but they may cost more when compared to those purchased in California. This is due to the widespread adoption rate and increased availability. California generates 37 percent of solar energy in the US, with North Carolina generating 7.4 percent in a distant second place.
What Tax Incentives Can Your Business Access?
As a push to encourage businesses to embrace solar energy and other sustainability initiatives, the government has launched several schemes like the investment tax credit, also known as the solar energy tax credit. Estimates from Energy Sage put the average savings at $9,000 for businesses that use the Investment Tax Credit incentive. In December 2020, Congress voted to extend the scheme for another two years, and for 2021, businesses that adopt solar energy can deduct 26 percent of the initial cost from their taxes. There is also a long list of state incentives offered to those who switch to renewable energy, which can be found in the Database of State Incentives for Renewables & Efficiency.
While the costs may be steep in the beginning, investing in solar energy for your business has benefits that will impact your business’ bottom line, brand image, and operational efficiency. The best part is, these changes will continue to return positive results for many years to come.
The future of solar energy is bright. As the U.S. passes 2 million solar energy installations, the business community is leading the investment in solar energy. The Solar Energy Industries Association’s Solar Means Business 2017 report found that the top corporate solar users generated enough energy to power 402,000 homes – approximately 325 megawatts of capacity. Since then, industry giants like Walmart Stores, Costco, and Walgreen Co are leading the way in solar energy capacity as a way of saving money, raising their corporate responsibility image, and contributing to the economy.
How Your Business Can Benefit From Switching To Solar Energy
One of the most beneficial perks of switching to solar energy for your business is the continuously reduced energy costs – and reduced overhead costs for your business. Some companies claim that corporate solar energy cuts cost by 90 percent. Energy Sage says the cost of power bills for commercial business owners averages $1,950. After installing solar panels, those bills dropped to $500 per month. While the costs of installation are still an investment for most businesses, there are also more financing options than ever before, which have improved accessibility dramatically.
Another reason to switch your business to solar energy is to boost your public relations image. In recent years, consumers have been calling on businesses to act more sustainability. Consumers no longer just want eco-friendly products; they want eco-friendly brands. Also, it raises your profile as an employer brand. An increasing amount of employees want to work for sustainable companies – even if they end up earning less. So with an increasing number of reasons to switch to solar energy, the time has never been better to explore whether it is the right move for your business.
Do You Have The Initial Financing For Solar Installation?
Installing solar panels for your business still requires some capital investment. For instance, installing a 5 kilowatts solar panel system can cost as much as $15,812 for Texas-based businesses. If you find that the initial cost is beyond your business’ budget, financing options are being offered by both the US government and by solar panel companies. A solar loan can carry an interest rate as low as 6 percent. However, similar to any other loan, the interest offered will be dependent on your credit score, so keep this in mind when browsing potential finance options.
Have You Checked The Price Difference In Costs For Your Location?
Solar energy prices have dropped dramatically in the last decade. Solar power is now the cheapest it has been in history, says the International Energy Agency. However, there are still disparities across the country in the costs to both consumers and businesses. For instance, the solar panels Houston business owners invest in are falling in price, but they may cost more when compared to those purchased in California. This is due to the widespread adoption rate and increased availability. California generates 37 percent of solar energy in the US, with North Carolina generating 7.4 percent in a distant second place.
What Tax Incentives Can Your Business Access?
As a push to encourage businesses to embrace solar energy and other sustainability initiatives, the government has launched several schemes like the investment tax credit, also known as the solar energy tax credit. Estimates from Energy Sage put the average savings at $9,000 for businesses that use the Investment Tax Credit incentive. In December 2020, Congress voted to extend the scheme for another two years, and for 2021, businesses that adopt solar energy can deduct 26 percent of the initial cost from their taxes. There is also a long list of state incentives offered to those who switch to renewable energy, which can be found in the Database of State Incentives for Renewables & Efficiency.
While the costs may be steep in the beginning, investing in solar energy for your business has benefits that will impact your business’ bottom line, brand image, and operational efficiency. The best part is, these changes will continue to return positive results for many years to come.
